Entercom Q1 Net Revenues Triple Following Merger

RADIO ONLINE | Wednesday, May 9, 2018

Entercom

Entercom Communications reported first quarter net revenues of $300.6 million, compared to $99 million in 2017. This is the first full quarter including revenues from stations acquired in its merger with CBS Radio. On a same-station basis, net revenues for the quarter were $300.6 million compared to $324.9 million in 2017. Operating income was $5.7 million, up from an operating loss of $15 million. The company posted a net loss of $13.8 million (10 cents per diluted share) as compared to a loss of $9.8 million (25 cents) in the year-ago period.

President/CEO David J. Field stated, "Since closing on our merger in November, we have moved quickly to implement rapid change and have made good progress on our various integration, synergy and transformation goals. We have built a terrific leadership team and are driving strong ratings growth and launching a number of revenue-driving initiatives to capitalize on our scale and compete far more effectively against other media for a larger share of ad spending."

He continued, "Our first quarter financial results were adversely affected by soft general local advertising conditions and a number of temporary factors, most notably the exclusion of $12 million in revenue due to financial issues at USTN. As these temporary factors abate and our growth initiatives take hold, we look forward to driving meaningful sustainable growth as we capitalize on the compelling brands, assets and capabilities of this exciting, emerging company."