Entercom reports fourth quarter net revenue increased 7% to $102.1 million compared to the year-ago period. Station operating income increased 16% to $40.4 million, while station expenses increased 2% to $61.7 million. Free cash flow increased 6% to $22.0 million. Adjusted net income per share increased 7% to $0.31. For the full year, Entercom reports a 2% increase in net revenue taking in $388.9 million. Operating income for 2012 was down 14% to $136.6 million, and free cash flow decreased to $63.1 million. Says Entercom CEO David Field, "Entercom finished 2012 with a solid fourth quarter as Revenues grew by 7% and Adjusted EBITDA increased by 17%. For the year, prudent cost management drove expenses down by 4% and enabled a 15% increase in Adjusted EBITDA on 2% Revenue growth. We enter 2013 with a strong balance sheet, an outstanding lineup of great brands and content, and a powerful array of emerging digital platforms. We are also highly enthused by a number of positive industry developments over the past few months which bolster the industry’s future prospects. Industry research continues to show robust radio listening levels and strong advertiser effectiveness, while recent announcements by Sprint, Nielsen and others reaffirm radio’s importance in today’s media landscape."
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