Home Login RADIO ONLINE
Advertisement

Entercom Q1 Net Revs Down 4%, Earnings Swing to Loss


Entercom
Entercom

Entercom Communications reported first quarter net revenues declined 4% to $297 million from $309 million in 2019. Adjusted EBITDA was down 19% to $34.5 million from $42.7 million, while operating income fell to $11.4 million from $30.4 million. OI included a non-cash impairment charge of $1.1 million. The company posted a net loss of $9.13 million (7 cents per diluted share) as compared to net earnings of $3.12 million (2 cents) in the year-ago period.

After being up over 7% in February YTD, net revenues for the quarter were down 4% to $297 million due to the impact of COVID-19. Digital revenues were grew 41% YoY for the quarter, propelled by audience and revenue growth in podcasting and digital audio advertising.

To mitigate the impact of the downturn in revenues and to preserve liquidity, the company reduced fixed costs by $150 million during the remainder of 2020. It also cut planned capital expenditures by over 40% to a revised range of between $25-$30 million for 2020. Due to benefits provided by the CARES Act, cash income tax payments are now expected to be less than $10 million for 2020.

President/CEO David J. Field stated, "Entercom began the year on a strong note driving revenues up over 7% through February before facing the impact of the COVID-19 pandemic. We have taken important actions to mitigate the impact of the pandemic and are well positioned financially to operate effectively through the crisis. Strategically, we are well positioned to fully participate in the recovery and the attractive growth opportunities in the audio space, with strong leadership positions in broadcast radio and podcasting, the fastest growing digital audio platform."

Advertisement

Latest Radio Stories

Radio One Launches "We Are One: Feeding the Community"
Radio One has announced the launch of its "We Are One: Feeding the Community Campaign." It is partnering with the music community to feed hundreds of families as many are feeling the significant financial strain as a result of these tough economic More

WTOP Debuts New Sonic Identity
WTOP News/Washington DC has officially rolled out a new sonic identity. Beginning today, June 1, 2020, listeners will notice a bold new imaging package integrated with WTOP's news reports, traffic, weather and more. Anchored by a vibrant and More

iHeartMedia Celebrates Black Music Month
iHeartMedia plans to celebrate Black Music Month with exclusive audio vignettes from some of today's top Urban artists. The celebration will honor the incredible achievements of Black musicians and their influential contribution to the world of More
Advertisement

Digital Alert Systems Introduces Version 4 Price Relief Program
Digital Alert Systems has introduced an all-new Price Relief Program for its family of Emergency Alert System (EAS) devices. To help ensure that critical emergency communications are as robust and reliable as possible during the current COVID-19 More

Cox Media Group Appoints Daniel York as President/CEO
Daniel York
Daniel York
Cox Media Group appoints Daniel York as President and Chief Executive Officer, effective immediately. He most recently served as Senior Executive Vice President and Chief Content Officer of AT&T and its subsidiary, DIRECTV. As President and CEO of More

IBA Making Its Pitch To Independent Owners and Operators
Independent Broadcasters Association
Independent Broadcasters Association
Adams Radio Group CEO Ron Stone has announced in an email to over 4,000 broadcasters that the Independent Broadcasters Association can and will become a reality if it's something they want and will support. Stone first brought up the idea of the IBA More

Return to Menu