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Entercom Q4 Same Station Net Revenues Rise 4%, Posts Loss
RADIO ONLINE | Friday, February 22, 2019 |
Entercom reported fourth quarter 2108 net revenues of $411.4 million, up from $246.6 million in 2017. On a same-station basis, Q4 net revenues increased 4% to $411.4 million compared to $395.1 million. Total operating expenses wer $789 million. Pro Forma Adjusted EBITDA for the quarter was up 27% to $111.1 million from $87.5 million. The company posted a net loss of $386.9 million ($2.80 per diluted share), including the non-cash impairment charge of $3.07 per diluted share, compared to $232 million ($2.62) in the year-ago period.
President/CEO David J. Field stated, "I am pleased to report that Entercom delivered strong organic revenue and EBITDA growth in Q4 as our performance continues to accelerate across the organization and we gain traction on our various scale-driven growth initiatives. 2018 was a year of transformational enhancements on many fronts and we begin 2019 as a much stronger organization than we were a year ago."
He continued, "We are making excellent progress across our strategic focus areas, including Radio.com which is now the fastest growing digital audio app in the U.S., Entercom Analytics which has grown to exceed 5,000 connected customers and the Entercom Audio Network which is gaining significant momentum. 2019 is off to a good start with solid pacing growth in the first and second quarters and we are excited about the year ahead."
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