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CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Commitments And Contingencies Guarantor Disclosure [Abstract]  
Scehdule of Rent Expense
Years Ended December 31,
201620152014
(amounts in thousands)
Rent Expense$17,892$16,116$14,556
Schedule of Contracts and Commitments
Future Minimum Annual Commitments
Sale
Rent UnderLeasebackProgramming
OperatingOperating And Related
LeasesLeasesContractsTotal
(amounts in thousands)
Years ending December 31,
2017$17,594$868$70,119$88,581
201814,76789440,71856,379
201913,02492022,62236,566
202010,09594817,33928,382
20217,16997612,68820,833
Thereafter23,1858,73923,00054,924
$85,834$13,345$186,486$285,665
Schedule of Condensed Parent Company Balance Sheet
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY BALANCE SHEETS
(amounts in thousands)
20162015
ASSETS
Current Assets$7,228$7,289
Property And Equipment - Net2,866472
Deferred Charges And
Other Assets - Net1,8133,807
Investment In Subsidiaries / Intercompany456,161424,493
TOTAL ASSETS$468,068$436,061
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities$20,042$19,631
Long Term Liabilities26,92027,361
Total Liabilities46,96246,992
Perpetual Cumulative Convertible Preferred Stock27,73227,619
Shareholders' Equity:
Class A, B and C Common Stock407397
Additional Paid-In Capital 605,603611,754
Accumulated Deficit(212,636)(250,701)
Total shareholders' equity393,374361,450
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY$468,068$436,061
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Income Statement
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)
YEARS ENDED DECEMBER 31,
201620152014
NET REVENUES$2,131$1,536$1,309
OPERATING (INCOME) EXPENSE:
Depreciation and amortization expense1,2351,1231,217
Corporate general and administrative expenses33,21826,39526,463
Merger and acquisition costs and restructuring charges7086,8361,042
Other expenses related to financing565--
Net (gain) loss on sale or disposal of assets(601)(601)(601)
Total operating expense 35,12533,75328,121
OPERATING INCOME (LOSS)(32,994)(32,217)(26,812)
Net interest expense, including amortization
of deferred financing expense24-15
Net recovery of a claim100--
Income from equity investment in subsidiaries(85,977)(79,838)(73,561)
TOTAL OTHER (INCOME) EXPENSE(85,853)(79,838)(73,546)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)52,85947,62146,734
INCOME TAXES (BENEFIT)14,79418,43719,911
NET INCOME (LOSS) AVAILABLE TO THE COMPANY38,06529,18426,823
Preferred stock dividend(1,901)(752)-
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS$36,164$28,432$26,823
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Shareholder's Equity
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
(amounts in thousands, except share data)
Retained
Common StockAdditionalEarnings
Class AClass BPaid-in(Accumulated
SharesAmountSharesAmountCapitalDeficit)Total
Balance, December 31, 201331,308,194$3137,197,532$72$604,721$(306,713)$298,393
Net income (loss) available to the Company-----26,82326,823
Compensation expense related to granting
of stock awards638,1027--5,225-5,232
Exercise of stock options57,500---82-82
Purchase of vested employee restricted
stock units(141,502)(1)--(1,513)-(1,514)
Forfeitures of dividend equivalents-----55
Balance, December 31, 201431,862,2943197,197,53272608,515(279,885)329,021
Net income (loss) available to the Company-----29,18429,184
Compensation expense related to granting
of stock awards738,1957--5,517-5,524
Exercise of stock options11,750---35-35
Purchase of vested employee restricted
stock units(131,688)(1)--(1,561)-(1,562)
Preferred stock dividend----(752)-(752)
Balance, December 31, 201532,480,5513257,197,53272611,754(250,701)361,450
Net income (loss) available to the Company-----38,06538,065
Compensation expense related to granting
of stock awards1,095,75911--6,528-6,539
Issuance of common stock related to the Employee
Share Purchase Plan ("ESPP")31,933---379-379
Exercise of stock options134,2381--264-265
Purchase of vested employee restricted
stock units (232,297)(2)--(2,266)-(2,268)
Payment of dividends on common stock----(8,666)-(8,666)
Dividend equivalents, net of forfeitures----(602)-(602)
Payment of dividends on preferred stock----(1,788)-(1,788)
Balance, December 31, 201633,510,184$3357,197,532$72$605,603$(212,636)$393,374
See notes to Parent Company financial statements.
Schedule of Condensed Parent Company Cash flow
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)
YEARS ENDED DECEMBER 31,
201620152014
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$(24,344)$(25,355)$(21,652)
INVESTING ACTIVITIES:
Additions to property and equipment(1,849)(304)(213)
Additions to intangible assets(182)(1,142)(481)
Proceeds (distributions) from investments in subsidiaries44,52729,03023,610
Net cash provided by (used in) investing activities42,49627,58422,916
FINANCING ACTIVITIES:
Proceeds from issuance of employee stock plan379--
Payment of fees associated with the issuance of preferred stock-(220)-
Payment of call premium and other fees(5,977)--
Proceeds from the exercise of stock options2653582
Purchase of vested employee restricted stock units(2,268)(1,562)(1,514)
Payment of dividends on common stock(8,666)--
Payment of dividend equivalents on vested restricted stock units(94)(7)-
Net cash provided by (used in) financing activities(18,149)(2,167)(1,432)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS362(168)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR195133301
CASH AND CASH EQUIVALENTS, END OF YEAR$198$195$133
See notes to condensed Parent Company financial statements.
Schedule Of Pending Purchase Price Allocation [Table Text Block]
January 6, Useful Lives In Years
Description2017FromTo
(amounts in
thousands)
Assets
Land$2,539non-depreciating
Buildings2171525
Equipment4,569340
Total property plant and equipment7,325
Deferred tax asset287life of underlying asset
Radio broadcasting licenses and goodwill17,384non-amortizing
Total assets24,996
Liabilities
Unfavorable lease liabilities735over remaining lease life
Deferred tax liability261life of underlying liability
Total liabilities996
Net assets$24,000
ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Charlotte Trust
DescriptionDecember 31, 2016
(amounts in
in thousands)
Cash$302
Accounts receivable, net of allowance for doubtful accounts2,143
Prepaid expenses, deposits and other244
Total current assets2,689
Net property and equipment6,346
Radio broadcasting licenses15,738
Deferred charges and other assets, net of accumulated amortization366
Total assets$25,139
Accrued expenses$(1,180)
Non-controlling interest - variable interest entity(23,959)
$(25,139)