Entercom Q2 Same Station Net Revenues Decline to $372M
|RADIO ONLINE | Thursday, August 9, 2018 | 2:14am CT|
Entercom reported second quarter net revenues grew to $372.1 million following the CBS Radio merger, almost tripling from $125 million in 2017. On a same-station basis, net revenues were $372.1 million down from $405.7 million. Operating income grew to $27.6 million, after a non-cash impairment charge of $29 million primarily due to pending divestitures, compared to $16.4 million. The company posted a net income of $2.44 million (1 cent per diluted share) as compared to $5.8 million (15 cents) in the year-ago period.
President/CEO David J. Field stated, "I am pleased to report that we have made great progress across multiple fronts as we continue our work to capitalize on our transformational merger. We have signed a definitive agreement with Bonneville to complete our last required station divestitures, successfully launched the new Entercom Audio Network with strong early revenues, terminated our painful relationship with United States Traffic Network, achieved rapid growth on our burgeoning Radio.com platform, and delivered a 5% reduction in Q2 expenses as we realize our merger-related synergies."
He continued, "Second quarter revenues were soft, down 8% exacerbated by the loss of $12 million in revenues from USTN. But revenue performance is improving and we are currently pacing down 2% in the third quarter excluding the impact of USTN. For the fourth quarter, we are pacing up 3% on an unadjusted basis. I am proud of the outstanding team we have built and the terrific work they are doing to capitalize on our abundant scale-driven opportunities."