ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) Files An 8-K Results of Operations and Financial Condition
Item2.02.
Results of Operations and Financial
Condition
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On February22, 2017, Entercom Communications Corp. (the
Company) issued a press release (the
Press Release) announcing fourth quarter 2016
results. Specifically, for the fourth quarter of 2016 the Company
announced:
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net revenues of $123.2million;
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station operating expenses of $81.5million;
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corporate general and administrative expenses of $8.4million;
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operating income of $30.0million; and
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net income available to common shareholders of $10.8million.
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net income available to common shareholders per share basic
of $0.28 and diluted of $0.27.
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In addition, the Company announced that for the year ended
December31, 2016:
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net revenues of $460.2million;
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station operating expenses of $318.7million;
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corporate general and administrative expenses of
$33.3million;
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operating income of $98.1million; and
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net income available to common shareholders of $36.2million.
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net income available to common shareholders per share basic
of $0.94 and diluted of $0.91.
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A copy of the Press Release is attached as Exhibit 99.1 to this
Current Report on Form 8-K. The information in Item 2.02 of this
Current Report on Form 8-K and Exhibit 99.1 attached hereto,
shall not be deemed to be filed for the purposes of Section18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall such
information be deemed to be incorporated by reference in any
filing of the Company, whether made before or after the date
hereof, regardless of any general incorporation language in such
filing.
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Exhibit No.
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Title
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99.1
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Entercom Communications Corp.s Press Release, issued
February22, 2017.
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About ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM)
Entercom Communications Corp. is a radio broadcasting company. The Company has a portfolio of approximately 130 radio stations in over 30 markets across the United States. The Company operates through the radio broadcasting segment. The Company sells advertising time to local, regional and national advertisers and national network advertisers, engaged in purchasing spot commercials in varying lengths. The Company has both frequency modulation (FM) and amplitude modulation (AM) radio stations. The Company focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated digital advertising solutions. The Company’s stations are typically classified by their format, such as news, sports, talk, classic rock, adult contemporary, alternative and country. The Company’s radio stations include KSWD FM, KOSI FM, KYGO FM, KEPN AM, KKFN FM, KQKS FM, KRWZ AM, WSTR FM, WQXI AM, WLYF FM, WMXJ FM, KBZT FM and KIFM FM. ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) Recent Trading Information
ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) closed its last trading session up +0.30 at 15.75 with 176,758 shares trading hands.