Entercom Q2 Net Revenues Climb 3.2% to $380.7 Million
|RADIO ONLINE | Wednesday, August 7, 2019|
Entercom Communications reported second quarter net revenues grew 3.2% to $380.7 million from $372.1 million in 2018. Total operating expense was down to $315.9 million from $344.6 million, while operating income was $64.8 million as compared to $27.6 million. Adjusted EBITDA climbed 7% to $87.6 million from $82.1 million. The company posted a net income of $25.9 million (19 cents per diluted share) as compared to $2.4 million (1 cent) in the year-ago period.
President/CEO David J. Field stated, "Second quarter revenues and EBITDA were up 2.3% and 7%, respectively, driven by strong growth in national, network and digital, partially offset by declines in political and events. This morning, we announced the acquisition of Pineapple Street Media, and an agreement in principle to acquire Cadence13, which combined will make Entercom one of the country's three largest podcast enterprises."
He continued, "We also announced the launch of the RADIO.COM Sports Digital Network, which will debut later this month with a compelling lineup of daily radio shows and weekly podcasts available exclusively on RADIO.COM. These moves highlight a series of strategic investments that are positioning Entercom to capitalize on the exciting growth opportunities in the audio space fueled by rapidly emerging catalysts, including podcasting, smart speakers, audio search, enhanced analytics and attribution."
As of June 30, Entercom had $1.7 billion in outstanding debt on its balance sheet and $30 million in cash.