Entercom Communications (NYSE: ETM) reported Q2 EPS of $0.24, $0.01 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $372.1 million versus the consensus estimate of $379.87 million.

• Net revenues for the quarter were $372.1 million, compared to $125.0 million in the second quarter of 2017. On a same-station basis, net revenues for the quarter were $372.1 million compared to $405.7 million in the second quarter of 2017
• Operating income for the quarter was $27.6 million, after a non-cash impairment charge of $29 million that is primarily due to our pending divestitures, compared to $16.4 million in the second quarter of 2017
• Net income per diluted share for the quarter was $0.01, compared to $0.15 in the second quarter of 2017
• Pro Forma Adjusted EBITDA for the quarter was $82.1 million, compared to $101.7 million in the second quarter of 2017

David J. Field, President and Chief Executive Officer, 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. 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.”

Given the benefit of the expected asset sales and the Company’s improving revenue outlook, we expect to remain compliant with our senior secured net leverage covenant as of September 30, 2018 whether or not the Bonneville divestitures close in the third quarter or the fourth quarter. In addition, we expect to be able to reduce our leverage from our as reported leverage as of June 30, 2018 by about ½ turn by the end of this year.

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