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Entercom Q2 Net Revenues Up 3%, Declares Dividend
RADIO ONLINE | Friday, July 28, 2017 |
Entercom Communications reported second quarter net revenues increased 3% to $125 million from $121.6 million in 2016. Operating income fell to $16.4 million from $27.6 million while same station net revenues grew 1% excluding political. Adjusted EBITDA decreased 13% to $26.7 million. Net income per diluted share was 15 cents as compared to a net income 26 cents in the year-ago period. As permitted under its merger agreement with CBS Radio, the company will pay a special one-time dividend of 20 cents per share on August 30 to shareholders of record on August 15. This in addition to a regular quarterly dividend of 75 cents per share to be paid on September 15.
President/CEO David J. Field stated, "We continue to make great progress in our planning for our transformational merger with CBS Radio that will make us the #1 provider of original, local audio content in the U.S. and create the scale to compete with other media for a larger share of ad spending. As we meet with clients, agencies, and strategic partners, we are more confident than ever about the value-creating opportunities ahead."
He continued, "Second quarter revenues increased 3% as reported, and up 1% on a same-station basis ex-political. Expenses were up more than usual due to our acquisition in Charlotte, some significant one time only expenses and additional costs related to building the organization in anticipation of the merger. We expect expense growth to recede in the 3rd quarter and look for meaningful margin expansion post-closing."
Second quarter results also include $5.8 million in merger and acquisition costs related to the company's pending acquisition of CBS Radio, which were primarily for legal and consulting services.
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