Entercom's David Field: "We Should See a Meaningful Recovery in Local Ad Spending"
February 8, 2011 - Entercom reported yesterday that net revenues for the quarter increased 6% to $102.1 million, station expenses increased 2% to $62.9 million and station operating income increased 14% to $39.2 million.
Same station net revenues increased 7%, same station expenses increased 2% and same station operating income increased 14%. Net revenues for the year increased 5% to $391.4 million, station expenses increased 2% to $257.5 million and station operating income increased 11% to $133.9 million. Same station net revenues increased 5%, same station expenses increased 2% and same station operating income increased 12%.
Entercom CEO David Field said “I am pleased to report that Entercom finished 2010 on a very positive note, delivering fourth quarter growth of 7% in same station net revenues, 16% in Adjusted EBITDA and 22% in Free Cash Flow. We are very well positioned for 2011 with our excellent and improving ratings, our strong and rapidly de-levering balance sheet, and our enhanced and expanding lineup of new products and capabilities to bolster sales. Furthermore, we are optimistic that after a year of growth led by national and digital revenues, we should see a meaningful recovery in local ad spending as the economic recovery accelerates.”
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