Entercom Communications today reported financial results for the quarter ended December 31, 2019.
Fourth Quarter Highlights
– Net revenues for the quarter were $414.1 million, up 1% compared to $411.4 million in the fourth quarter of 2018
– Operating loss for the quarter was $455.5 million, which included a non-cash impairment charge of $545 million ($520 million net of taxes), compared to an operating loss of $377.6 million in the fourth quarter of 2018
– Adjusted EBITDA for the quarter was $113.0 million, up 2% compared to $111.1 million in the fourth quarter of 2018
– Net loss per diluted share for the quarter was $3.64 compared to a net loss of $2.80 per diluted share in the fourth quarter of 2018
– Adjusted net income per diluted share for the quarter was $0.40 compared to $0.35 per diluted share in the fourth quarter of 2018
“I am pleased to report that Entercom achieved its fifth consecutive quarter of growth, completing a year in which the Company delivered strong financial performance as Net Revenue, Adjusted EBITDA, and Adjusted Net Income Per Share grew 2% (3% ex-political), 10%, and 19%, respectively”, stated David J. Field, Entercom’s Chairman, President and Chief Executive Officer. “Our significant investments in podcasting, digital, and data and analytics, along with the expansion of our sports, networks and events businesses, are beginning to reshape our Company and position us for sustained growth as we enhance our integrated, multi-platform offerings to advertisers increasingly interested in the undervalued and emerging audio space.”
