Entercom Communications posted a fourth-quarter revenue increase of 5% and a station operating income rise of 3%, amid earnings released early Wednesday morning (Feb. 22).
For the quarter ending Dec. 31, Entercom reported that net revenues were up to $1232 million, while its station expenses increased to $81.1 million. Station operating income increased 3% to $42.1 million, adjusted EBITDA was flat at $35.2 million and adjusted net income per share was $0.34, down $0.02.
For the full year 2016, net revenues increased 12% to $460.2 million, station expenses were up 11% to $317.4 million and station operating income rose 14% to $1429 million. Year-over-year, adjusted EBITDA increased 12% to $114.7 million and adjusted net income per share increased 13% to $0.98.
In advance of Wednesday’s investor earnings call, company president and CEO David Field commented in a release, “Entercom posted another solid quarter of organic growth, completing an excellent year. And since the start of Q4, we have acquired a great new cluster of stations in Charlotte and successfully refinanced our credit facility to drive our interest expense down.”
Addressing its plans to purchase CBS Radio, announced Feb. 2, Field called it “a transformational event that will create scale-driven opportunities to compete more effectively with other media to accelerate growth. The combined company will be exceedingly well positioned to serve its listeners, advertisers, communities, shareholders and employees and we are very excited about the opportunities that lie ahead.”