Entercom Communications (ETM) Misses Q1 EPS by 1c

Entercom Communications (NYSE: ETM) reported Q1 EPS of $0.07, $0.01 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $97.5 million versus the consensus estimate of $96.08 million.

• Net revenues for the quarter increased 1.4% to $97.5 million
• Station expenses increased 5% to $75.4 million
• Station operating income decreased 10% to $22.0 million
• Adjusted EBITDA decreased 23% to $14.1 million
• Adjusted net income per share was $0.07, down $0.02

David J. Field, President and Chief Executive Officer, stated: “I am very pleased with our progress on all fronts as we continue to plan and prepare for our transformational merger with CBS Radio. This will truly be a game-changing event for Entercom as we will achieve a number of scale-related benefits, including the ability to compete far more effectively against other media for a larger share of advertising spending. First quarter revenues increased 1.4%, down about 1% on a same-station basis ex-political. We experienced a highly unusual degree of large one-time only expenses during the quarter (including the return of a station license in Sacramento, CBS transaction costs and our CFO transition), that drove expenses significantly higher. Looking ahead to the completion of the merger with CBS, we expect synergies that will drive margin expansion.”

For earnings history and earnings-related data on Entercom Communications (ETM) click here.

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