Entercom Communications (NYSE:ETM) today reported financial results for the quarter ended June 30, 2016.
Second Quarter Highlights
- Net revenues for the quarter increased 20% to $120.5 million
- Station expenses increased 18% to $82.3 million
- Station operating income increased 23% to $38.2 million
- Adjusted EBITDA increased 21% to $30.9 million
- Adjusted net income per share increased 27% to $0.28
- Free cash flow increased 47% to $20.9 million
David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom had another outstanding quarter as pro forma Revenue grew 5%, Adjusted EBITDA increased 21% and Free Cash Flow grew 47%. Entercom continues to deliver strong and consistent organic top line and bottom line growth driven by the great work of our talented programming and sales teams and our strategic investments in building powerful local brands and content and excellent customer marketing capabilities. Looking forward, we expect a strong second half of the year as we benefit from our excellent ratings performance, enhanced sales execution, multiple growth initiatives and election year political revenue.”
Second quarter operating results include the impact of the transaction with Lincoln Financial Media and the station exchange with Bonneville International Corporation which started in July 2015.