CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2014

		Future Minimum Annual Commitments
			Sale
		Rent Under	Leaseback		Programming
	Operating		Operating		And Related
	Leases		Leases		Contracts		Total
	(amounts in thousands)
Years ending December 31,
2015	$	13,398	$	817	$	73,466	$	87,681
2016		13,195		840		61,684		75,719
2017		12,282		865		20,882		34,029
2018		10,222		891		4,238		15,351
2019		8,892		918		915		10,725
Thereafter		25,019		10,637		516		36,172
	$	83,008	$	14,968	$	161,701	$	259,677

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY BALANCE SHEETS
(amounts in thousands)

	2014		2013
ASSETS

Current Assets	$	6,446	$	4,330
Property And Equipment - Net		495		727
Deferred Charges And
Other Assets - Net		2,233		2,564
Investment In Subsidiaries / Intercompany		360,091		328,116
TOTAL ASSETS	$	369,265	$	335,737

LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities	$	14,041	$	11,317
Long Term Liabilities		26,203		26,027
Total Liabilities		40,244		37,344
Shareholders' Equity:
Class A, B and C Common Stock		391		385
Additional Paid-In Capital		608,515		604,721
Accumulated Deficit		(279,885)		(306,713)
Total shareholders' equity		329,021		298,393
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY	$	369,265	$	335,737

See notes to condensed Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)

	YEARS ENDED DECEMBER 31,
	2014		2013		2012

NET REVENUES	$	1,309	$	615	$	659

OPERATING (INCOME) EXPENSE:
Depreciation and amortization expense		1,217		1,122		920
Corporate general and administrative expenses		26,463		24,229		25,717
Merger and acquisition costs		1,042		-		-
Net (gain) loss on sale or disposal of assets		(601)		(1,954)		-
Total operating expense		28,121		23,397		26,637
OPERATING INCOME (LOSS)		(26,812)		(22,782)		(25,978)

Net interest expense, including amortization
of deferred financing expense		15		1		(46)
Other expense (income)		-		(165)		(118)
Income from equity investment in subsidiaries		(73,561)		(71,118)		(49,556)
TOTAL OTHER (INCOME) EXPENSE		(73,546)		(71,282)		(49,720)

INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)		46,734		48,500		23,742

INCOME TAXES (BENEFIT)		19,911		22,476		12,474
NET INCOME (LOSS)	$	26,823	$	26,024	$	11,268

See notes to condensed Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
(amounts in thousands, except share data)

									Retained
	Common Stock						Additional		Earnings
	Class A			Class B			Paid-in		(Accumulated
	Shares	Amount		Shares	Amount		Capital		Deficit)		Total
Balance, December 31, 2011	31,044,001	$	310	7,197,532	$	72	$	597,327	$	(344,021)	$	253,688
Net income (loss)	-		-	-		-		-		11,268		11,268
Compensation expense related to granting
of stock awards	280,072		3	-		-		5,751		-		5,754
Exercise of stock options	101,350		1	-		-		134		-		135
Purchase of vested employee restricted
stock units	(199,376)		(2)	-		-		(1,365)		-		(1,367)
Forfeitures of dividend equivalents	-		-	-		-		-		16		16
Balance, December 31, 2012	31,226,047		312	7,197,532		72		601,847		(332,737)		269,494
Net income (loss)	-		-	-		-		-		26,024		26,024
Compensation expense related to granting
of stock awards	96,560		1	-		-		4,269		-		4,270
Exercise of stock options	171,625		2	-		-		243		-		245
Purchase of vested employee restricted
stock units	(186,038)		(2)	-		-		(1,638)		-		(1,640)
Balance, December 31, 2013	31,308,194		313	7,197,532		72		604,721		(306,713)		298,393
Net income (loss)	-		-	-		-		-		26,823		26,823
Compensation expense related to granting
of stock awards	638,102		7	-		-		5,225		-		5,232
Exercise of stock options	57,500		-	-		-		82		-		82
Purchase of vested employee restricted
stock units	(141,502)		(1)	-		-		(1,513)		-		(1,514)
Forfeitures of dividend equivalents	-		-	-		-		-		5		5
Balance, December 31, 2014	31,862,294	$	319	7,197,532	$	72	$	608,515	$	(279,885)	$	329,021

See notes to Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)

	YEARS ENDED DECEMBER 31,
	2014		2013⁽¹⁾		2012

OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(21,652)	$	(18,167)	$	(16,074)

INVESTING ACTIVITIES:
Additions to property and equipment		(213)		(146)		(500)
Deferred charges and other assets		(481)		(468)		(842)
Proceeds (distributions) from investments in subsidiaries		23,610		20,208		18,712
Net cash provided by (used in) investing activities		22,916		19,594		17,370

FINANCING ACTIVITIES:
Proceeds from the exercise of stock options		82		245		135
Purchase of vested employee restricted stock units		(1,514)		(1,640)		(1,367)
Payment of dividend equivalents on vested restricted stock units		-		-		(43)
Net cash provided by (used in) financing activities		(1,432)		(1,395)		(1,275)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(168)		32		21
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		301		269		248
CASH AND CASH EQUIVALENTS, END OF YEAR	$	133	$	301	$	269

See notes to condensed Parent Company financial statements.