The numbers weren’t particularly good for radio group Entercom as it watched most important metrics decrease comparing YOY Q3 results. But President/CEO David Fields says issues hindering success are steadily being resolved.
Entercom highlighted these facts:
* Net revenues for the quarter decreased 4% to $98.4 million
* Station expenses increased 5% to $66.9 million due to a large prior year expense credit
* Station operating income decreased 19% to $31.5 million
* Adjusted EBITDA decreased 22% to $26.2 million
* Adjusted net income per share decreased 26% to $0.20
* Free cash flow decreased 26% to $15.1 million
Field stated: “Sales execution issues hindered our third quarter performance causing a 4% decline in revenues. We are steadily putting these issues behind us and working to capitalize on our excellent competitive position featuring highly-rated brands and strong customer marketing capabilities. Core pacings for the fourth quarter have improved significantly over the past couple months and we are well positioned for solid top line and free cash flow performance in 2014.”
Like many radio companies, Entercom had a dent put inits comps due to the one-time discount they received in Q3 2012 tracing to the BMI agreement – Entercom said that it its case, it amounted to a $2M hurdle to break even on the bottom line.
The group has over 100 stations strong and operates in 23 markets.