Entercom sails through choppy seas

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Radio group Entercom navigated a difficult Q3 on more or less an even keel; net revcenue was up 8%, to 123.1M, but same station operating income was down 5% to 51.7M. At least one analyst found all of this to be within the realm of reasonable expectation. President/CEO David Field was happy with results, particularly given the lack of political thus far in 2007. Calling market conditions "choppy," he noted that some of Entercom’s markets were down nearly 10%, offset however by others approaching that benchmark on the plus side. He was pleased to report that his groups was only down -1% in September, while the rest of the industry was taking a -7% plunge. He attributed the abrupt downturn to general skittishness, resulting in some cancellations, and a small degree of advertiser paralysis due to subprime losses. As conditions settled and people began to cope with adverse economic news, business came back.


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