Entercom Communications Posts 1Q 2011 Results.(Financial report)

Entercom Communications Corp. has reported financial results for the quarter ended March 31.

In a release on May 9, the Company noted first quarter highlights:

-Net revenues for the quarter increased 2 percent to $82.5 million

-Station expenses increased 4 percent to $61.8 million

-Station operating income decreased 4 percent to $20.7 million

-Adjusted EBITDA decreased 13 percent to $15.1 million

-Net income per share was $0.03

-Adjusted net income per share was $0.09

-Free cash flow decreased 12 percent to $8.9 million

David J. Field, President and CEO said: "Same-station revenue growth, excluding political and the impact of last year's New Orleans Saints Super Bowl run, increased 4 percent in the first quarter. In addition, we gained significant revenue share during the quarter, outpacing our peers in 16 of our 22 reporting markets. We bolstered our competitive position by reformatting five of our stations in San Francisco, Kansas City and Buffalo and continued to enhance our digital capabilities, driving strong growth in our key digital metrics. Finally, we are pleased to note that radio listening trends remain outstanding as the total number of local radio listeners continues to grow and is now at an all-time record level. In addition, local radio holds well over a 90 percent share of total radio listening vs. satellite and internet."

Additional Information

During the quarter, the Company completed its previously announced acquisition of 98.5 K-FOX in San Jose, California for $9.0 million in cash. The Company has created a new "superstation" in the Bay Area by simulcasting "The Fox" classic rock format on this station in San Jose and also on 102.1 in San Francisco, formerly the home of classical music KDFC.

Station operating expenses for the year are expected to be up in the mid-single digit range reflecting continued investment in digital initiatives, the reformatting of several stations, a restoration of the employee 401(K) match, as well as certain contractual increases.

During the quarter, the Company incurred $1.5 million of merger and acquisition expenses. This included the costs associated with the Company's unsuccessful proposal to acquire a radio group operator and a write-down of a long-term lease associated with the acquisition of the San Jose station.

Non-cash compensation was $3.1 million in the first quarter which included over $1 million in expense related to this quarter.

During the quarter, the Company reduced its outstanding net senior debt by $9.6 million. As of March 31, the Company had $1.3 million in cash and $638.2 million of senior debt.

Earnings Conference Call and Company Information

Entercom held a conference call regarding the quarterly earnings release on May 9. A replay of the conference call will be available and can be accessed either by dialing 888-662-6649 or by visiting the Company's website: entercom.com. Additional information and reconciliation of same station results are available on the Company's website at entercom.com.

Entercom Communications Corp. is a radio broadcasting company. Entercom focuses on creating effective integrated marketing solutions for its customers that incorporate the Company's audio, digital and experiential assets.

More Information:

www.entercom.com

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