Home Login RADIO ONLINE RSS Facebook
Advertisement

Entercom Q2 Net Revenues Drop 54% to $175.8 Million


Entercom
Entercom

Entercom reported second quarter net revenues dropped 54% to $175.8 million from $380.7 million in 2019, mainly due to the impact of the COVID-19 pandemic. Spot revenue declined 65%, while digital revenue rose 19%. Operating loss was $45.3 million, which included a non-cash impairment charge of $4.2 million, compared to operating income of $64.8 million. Adjusted EBITDA swung to loss of $20 million from an income of $87.6 million. The company posted a net loss of $53.8 million (40 cents per diluted share) as compared to a net income of $25.9 million (19 cents) in the year-ago period.

President/CEO David J. Field stated, "While Entercom generated significant revenue and EBITDA growth prior to the pandemic, second quarter results reflect the impact of the national economic challenges that quickly emerged as many advertisers closed businesses and significantly reduced their ad spend. Given our national leadership position in sports, second quarter top-line results were also significantly impacted by the cancellation of virtually all scheduled sporting events during the quarter. Excluding the impact of cancelled sports play-by-play, second quarter revenues declined 47%. However, after bottoming out in April, we have achieved significant sequential improvement every month through the Summer with third quarter business on books already 30% greater than where the second quarter finished."

He added, "The pandemic challenges accelerated our on-going transformation initiatives with a heightened focus on enhancing our business model, accelerating our growth opportunities, more fully integrating our powerful product offerings, and improving our service to both listeners and customers. In this regard, we implemented a range of company-wide initiatives, which lowered second quarter total cash operating expense by approximately $97 million, which exceeded our budget. In addition, we secured our strong liquidity position through an amendment to our credit facility and ended the second quarter with $208 million of cash, up from $189 million at the end of March."

Advertisement

Latest Radio Stories

Pollstar & VenuesNow Release State of Industry Survey
Pollstar has announced the results of The Pollstar and VenuesNow 2020 State of the Industry Survey. The largest live industry study of its kind, more than 1,350 live industry professionals, including venue management, promoters/talent buyers, More

MJ Returns to Tampa Bay as Host of Q105 Morning Show
MJ (aka Todd Schnitt)
MJ (aka Todd Schnitt)
Beasley Media Group returns MJ (Todd Schnitt) as host of the "New MJ Morning Show" on Classic Hits WRBQ-FM (Q105)/Tampa. In addition, current longtime morning personality Mason Dixon will take over afternoon drive and Geno Knight will shift to More

Rock 98.9/Fresno Welcomes ''Valentine In The Morning''
Jillian Escoto, Sean Valentine and Kevin Manno
Jillian Escoto, Sean Valentine and Kevin Manno
KSOF-FM (Soft Rock 98.9)/Fresno welcomes "Valentine In The Morning" to the iHeartMedia AC's morning lineup, effective immediately. The syndicated show featuring Valentine, along with his co-hosts Jillian Escoto, Kevin Mannowill make the move to the More
Advertisement

Christmas Cheer Comes to the Mahoning Valley Extra Early
Christmas 104
Christmas 104
Cumulus Media launches "Christmas 104" on WWIZ-FM/Youngstown. The Valley's Christmas Station debuted Friday at 12:25pm on WWIZ, previously programmed as "Z104, The Valley's Goodtime Oldies" station. "We Need a Little Christmas" by Percy Faith and More

KKFR (Power 98.3)/Phoenix's Crisco Kidd to Run for Mayor
Crisco Kidd
Crisco Kidd
KKFR-FM (Power 98.3)/Phoenix afternoon personality Joshua Carmona ("Crisco Kidd") resigns from the Riviera Broadcasting Rhythmic CHR outlet to make a run for mayor of Phoenix. Carmona, who hosts the "Crisco Kidd Block Party," also airs on SiriusXM's More

Year-Long Cox/Tulsa-St. Jude Partnership Culminates with Walk
Cox Media Group Tulsa will wrap up its 2020 fundraising partnership with St. Jude Children's Research Hospital this Saturday, September 26th at the virtual St. Jude 5K Walk/Run. On-air personalities from K95.5 (KWEN-FM) and FOX23 (KOKI-TV) are More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement