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Entercom Q3 Net Revs Increase 2%, Adjusted EPS Up 23%
RADIO ONLINE | Friday, November 8, 2019 |
Entercom Communications reported third quarter net revenues rose 2% to $386.1 million from $378.5 million in 2018. Operating income grew to $79.5 million from $78.7 million, while adjusted EBITDA was up 13% to $98 million from $86.7 million. The company posted a net income of $38.2 million (28 cents per diluted share) as compared to earnings of $36.9 million (26 cents) in the year-ago period. Adjusted EPS was 32 cents, up 23% compared to 26 cents in 2018.
"I am pleased to report that Entercom delivered strong organic growth in the third quarter with Adjusted EBITDA up 13% and Adjusted Net Income Per Share up 23%. Revenues increased 2% (just under 3% ex-political) driven by digital, national and network," stated Chairman, President and CEO David Field. "In October, we announced the launch of DVR-like functionality for live radio on our RADIO.COM app, becoming the first company to offer that important product feature. This new feature and our recent acquisitions of podcasters Cadence 13 and Pineapple Street Studios highlight the multiple ways we are working to enhance our product line and grow our relationships with our listeners and customers."
In October, the company completed its acquisition of podcaster Cadence 13 Inc. by purchasing the remaining shares in Cadence 13 that it did not already own for $24.3 million in cash. Entercom initially acquired a 45% interest in Cadence 13 in July, 2017 for $9.7 million. The total investment by Entercom to acquire Cadence 13, including both its initial investment and the October 2019 transaction, was $34 million.
As of September 30, the company had outstanding $1 billion of senior debt under its credit facilities, $325 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). In addition, the Entercom had $45 million in cash on hand.
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