In Q4 2007, radio group Entercom was able to increase net revenues 2% to $120.6M and increase station operating 6% to $52.1M. On a same station basis, increases in those categories came in at under 1%, but they were still increases in a difficult economic environment. Adjusted income from continuing operations per share increased from 37 cents to 40 cents, considered the highlight of the report by President/CEO David J. Field. However, a pre-tax impairment charge of $38.7M, tied to operations in New Orleans LA, Norfolk VA and Greensboro NC, took income per share from 17 cents to a loss of 25 cents.
The performance beat expectations of Wall Streeters like Marci Ryvicker at Wachovia, who instead of 120.6M was expecting 117.5M; and Mark Wienkes at Goldman Sachs, who was looking for 118.7M.
The group is looking for a weak Q1 in 2008. Last year it pulled in net revenues of 99.1M, and is expecting a mid-single digit decline this time around.