Radio group Entercom was able to significantly reduce its expenses in Q2 2013 compared to a year earlier, but it also brought in less net revenue, and the red ink leaked into a couple of other reporting categories. But there was some use for the black inkwell.
David J. Field, President and Chief Executive Officer stated: “Strong expense management and reduced interest expense enabled Entercom to grow Adjusted Earnings per Share despite a decline in Revenues for the quarter. Notwithstanding our disappointing Revenues, we believe that we are well positioned to accelerate our performance later in the year based on our excellent ratings and our strong competitive position that has been further bolstered by a number of recent operational and strategic enhancements.”
On the disappointing side, net revenue dropped 3% to $101.2M. Expenses were also down 3% however, to $65.7M. But this translated into a 4% decrease in station operating income to $35.5M, and a 2% decrease in free cash flow to $18.9M.
On the plus side, income per diluted share was up nicely, picking up 8% to $0.26.