Posted by Bad Santa on February 24, 2009 at 14:01:39:
Entercom Reports Q4 Revs Down 14%
By Mike Boyle
Updated 0 Hour(s) 19 Minute(s) ago
Entercom Communications Tuesday morning (Feb. 24) reported Q4 net revenues decreased 14% to $104.1 million and adjusted net income per share decreased 20% from $0.41 to $0.33.
For the full year, net revenues decreased 6% to $438.8 million and adjusted net income per share increased 2% from $1.25 to $1.27
In a prepared statement, Entercom president and CEO David Field, said, "In the face of difficult general economic conditions that are adversely impacting advertising revenues, Entercom has taken significant measures to improve our short-term performance and enhance our long term prospects. We have materially reduced expenses, while at the same time increased our investment in various digital and new revenue initiatives. We also are pleased to note that in 2008, Entercom posted a 3% increase in free cash flow and reduced long term debt by $140 million. Finally, as we look to the future, we note that the fundamentals of the radio business remain strong. At a time of unprecedented change in media usage that is severely impairing a number of other media, radio posted an all-time record number of listeners in 2008 and remains the most cost effective major advertising medium in the nation."
This was the lead story on Radio and Records.
What kind of fallout will there be?