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Entercom Q3 Revs Up 1%, Board Declares Dividend
RADIO ONLINE | Thursday, November 2, 2017 |
Entercom Communications reported third quarter net revenues increased 1% to $122.3 million from $121.6 million in 2016. Operating income was $13.5 million, after $8.8 million of merger and acquisition costs (CBS Radio), compared to $25.7 million. Same station net revenues decreased by 1%, excluding political while adjusted EBITDA decreased 12% to $26.7 million. The company posted a net income of $8.1 million (9 cents per diluted share) as compared to $6.4 million (28 cents) in the year-ago period.
President/CEO David J. Field stated, "These are exciting times at Entercom as we count down the days before closing our game changing merger with CBS Radio. Entercom will be one of the radio industry's two largest companies with an extraordinary lineup of highly rated, award winning radio stations, digital platforms and live events and a robust set of meaningful scale-driven value-creation opportunities. We are looking forward to deploying our extensive plans to drive growth in the business through a significant series of enhancements and investments across the organization."
On November 1, the company announced a settlement with the Antitrust Division of the U.S. Department of Justice that will allow it to move forward with its proposed merger with CBS Radio. Entercom now expects the transaction to close as early as November 17, pending approval from the FCC.
In anticipation of the completion of its merger with CBS Radio and consistent with its policy of balancing debt repayment with returns to shareholders, the Entercom announced today that it has increased its dividend to an annual amount of $0.36 per share, beginning with the dividend to be paid in the fourth quarter of 2017. A quarterly dividend of $0.09 per share will paid on December 15, 2017 to shareholders of record on November 28.
The company also announced that its board of directors authorized a $100 million share repurchase program. The company expects repurchasing approximately $30 million in Class A common stock by the end of 2018, subject to market conditions.
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