0001193125-19-287878.txt : 20191108 0001193125-19-287878.hdr.sgml : 20191108 20191108083140 ACCESSION NUMBER: 0001193125-19-287878 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191108 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191108 DATE AS OF CHANGE: 20191108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERCOM COMMUNICATIONS CORP CENTRAL INDEX KEY: 0001067837 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 231701044 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14461 FILM NUMBER: 191202199 BUSINESS ADDRESS: STREET 1: 401 E. CITY AVENUE STREET 2: SUITE 809 CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: 610-660-5610 MAIL ADDRESS: STREET 1: 401 E. CITY AVENUE STREET 2: SUITE 809 CITY: BALA CYNWYD STATE: PA ZIP: 19004 8-K 1 d830675d8k.htm 8-K 8-K
ENTERCOM COMMUNICATIONS CORP false 0001067837 0001067837 2019-11-08 2019-11-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 8, 2019

 

ENTERCOM COMMUNICATIONS CORP.

(Exact Name of Registrant as Specified in Charter)

 

Pennsylvania

  

001-14461

 

23-1701044

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

     

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania

  

19103

(Address of Principal Executive Offices)

  

(Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

(Former Address of Principal Executive Offices)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  

Trading
Symbols

  

Name of each exchange
on which registered

Class A Common Stock,
par value $.01 per share

  

ETM

  

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

Item 2.02. Results of Operations and Financial Condition

On November 8, 2019, Entercom Communications Corp. (the “Company”) issued a press release (the “Press Release”) announcing third quarter 2019 results. 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 Section 18 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.

Item 9.01. Exhibits

  (d) Exhibits

Exhibit No.

   

Title

         
 

99.1

   

Entercom Communications Corp.’s Press Release, issued November 8, 2019.

         
 

104

   

Cover Page Interactive Data File (embedded within the XBRL file)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entercom Communications Corp.

     

By:

 

/s/ Andrew P. Sutor, IV

 

Andrew P. Sutor, IV

 

Executive Vice President

Dated: November 8, 2019

EX-99.1 2 d830675dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

For Immediate Release

November 8, 2019

     

Contacts:

Joseph Jaffoni, Jennifer

Neuman, Norberto Aja

JCIR

(212) 835-8500

etm@jcir.com

ENTERCOM COMMUNICATIONS THIRD QUARTER

NET REVENUES INCREASE 2%

ADJUSTED EBITDA INCREASES 13% AND ADJUSTED NET INCOME PER SHARE

INCREASES 23%

Philadelphia, PA—Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended September 30, 2019.

Third Quarter Highlights

 

  •  

Net revenues for the quarter were $386.1 million, up 2.0% compared to $378.5 million in the third quarter of 2018

 

  •  

Operating income for the quarter was $79.5 million, compared to $78.7 million in the third quarter of 2018

 

  •  

Adjusted EBITDA for the quarter was $98.0 million, up 13% compared to $86.7 million in the third quarter of 2018

 

  •  

Net income per diluted share for the quarter was $0.28, compared to $0.26 per diluted share in the third quarter of 2018

 

  •  

Adjusted net income per diluted share for the quarter was $0.32, up 23% compared to $0.26 per diluted share in the third quarter of 2018

“I am pleased to report that Entercom delivered strong organic growth in the third quarter with Adjusted EBITDA up 13% and Adjusted Net Income Per Share up 23%. Revenues increased 2% (just under 3% ex-political) driven by digital, national and network,” stated David Field, Chairman, President and Chief Executive Officer, Entercom. “In October, we announced the launch of DVR-like functionality for live radio on our RADIO.COM app, becoming the first company to offer that important product feature. This new feature and our recent acquisitions of podcasters Cadence 13 and Pineapple Street Studios highlight the multiple ways we are working to enhance our product line and grow our relationships with our listeners and customers.”

Additional Information

In October, the Company completed its acquisition of leading podcaster Cadence 13, Inc. (“Cadence 13”) by purchasing the remaining shares in Cadence 13 that it did not already own for $24.3 million in cash. The Company initially acquired a 45% interest in Cadence 13 in July 2017 for $9.7 million. The total investment by Entercom to acquire Cadence 13, including both its initial investment and the October 2019 transaction, was $34 million.

As of September 30, 2019, the Company had outstanding $1.0 billion of senior debt under its credit facilities, $325 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). In addition, the Company had $45 million in cash on hand.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Friday November 8, 2019 at 10:00 AM Eastern Time. The public may access the conference call by dialing Toll Free: (888) 889-0278 and Toll: (773) 799-3659, passcode: Entercom (domestic and international callers). Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at www.entercom.com. A replay of the conference call will be available for one week by dialing (800) 685-0912. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com.

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing; non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, preferred stock dividends; non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, loss on early extinguishment of debt, and gain or loss on sale or disposition of assets.

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), Adjusted Income Taxes Paid, capital expenditures and amortizable intangibles.

Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.

Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) impairment loss; (v) merger and acquisition costs, and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; (vi) other expenses related to refinancing and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% without discrete items of tax.

Adjusted Net Income (Loss) Per Share—Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share—Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income (Loss) Per Share – Diluted, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations’ performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share—Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes are reflected at the expected federal and state income tax rate of 30%, without adjustment for discrete tax adjustments.

Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 170 million people monthly through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom). For further information, or to receive future Entercom Communications news announcements via e-mail, please contact JCIR at 212/835-8500 or etm@jcir.com.

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2019      2018     2019     2018  

STATEMENTS OF OPERATIONS

          

Net Revenues

    $ 386,141      $ 378,508     $ 1,075,811     $ 1,051,192  
  

 

 

     

 

 

    

 

 

    

 

 

  

Station Expenses

      272,005        277,998       797,502       805,919  

Station Expense—Non-Cash Compensation

      1,107        1,653       3,765       5,295  

Corporate Expenses

      17,178        13,781       51,141       47,472  

Corporate Expenses—Non-Cash Compensation

      2,234        2,116       6,521       6,126  

Depreciation And Amortization

      11,183        10,608       33,252       29,745  

Time Brokerage Agreement Expense (Income)

      13        (150 )      106       (1,242 ) 

Merger And Acquisition Costs

      434        697       476       2,768  

Impairment Loss

      —          —         —         28,988  

Restructuring Charges

      1,577        852       5,953       3,019  

Integration Costs

      689        2,761       3,280       21,984  

Other Expenses Related To Refinancing

      —          —         1,864       —    

Net (Gain) Loss On Sale Or Disposition of Assets

      231        (10,541 )      (2,683 )      (10,856 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Total Operating Expenses

      306,651        299,775       901,177       939,218  
  

 

 

     

 

 

    

 

 

    

 

 

  

Operating Income

      79,490        78,733       174,634       111,974  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net Interest Expense

      25,256        25,923       75,420       75,033  

Loss On Early Extinguishment Of Debt

      —          —         1,781       —    
  

 

 

     

 

 

    

 

 

    

 

 

  

Income (Loss) Before Income Taxes

      54,234        52,810       97,433       36,941  

Income Taxes (Benefit)

      16,026        16,220       30,110       12,960  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net Income (Loss) Available To The Company—Continuing Operations

      38,208        36,590       67,323       23,981  

Income From Discontinued Operations, Net Of Income Taxes

      —          358       —         1,530  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net Income (Loss) Available To Common Shareholders

    $ 38,208      $ 36,948     $ 67,323     $ 25,511  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net Income (Loss) From Continuing Operations Available To Common Shareholders – Basic

    $ 0.28      $ 0.26     $ 0.49     $ 0.17  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net Income (Loss) From Continuing Operations Available To Common Shareholders – Diluted

    $ 0.28      $ 0.26     $ 0.49     $ 0.17  
  

 

 

     

 

 

    

 

 

    

 

 

  

Dividends Declared And Paid Per Common Share

    $ 0.02      $ 0.09     $ 0.20     $ 0.27  
  

 

 

     

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding – Basic

      136,449        138,740       137,944       138,901  
  

 

 

     

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding – Diluted

      136,453        139,103       138,295       139,685  
  

 

 

     

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

          

Net Capital Expenditures

    $ 20,658      $ 5,680     $ 58,067     $ 23,621  

Adjusted Income Taxes Paid

    $ —        $ —       $ 8,461     $ 18,187  

Cash Dividends On Common Stock Declared And Paid

    $ 2,677      $ 12,487     $ 27,594     $ 37,403  

SELECTED BALANCE SHEET DATA

         
     September 30,
2019		     December 31,
2018		              

Cash and Cash Equivalents

    $ 45,335     $ 122,893      

Restricted Cash

    $ —       $ 69,365      

Senior Debt—Term B-1 Loan (Includes Current Portion)

    $ 866,700     $ 1,291,700      

Senior Debt— Revolver (Includes Current Portion)

    $ 134,000     $ 180,000      

Senior Secured Notes

    $ 325,000     $ —        

Senior Notes

    $ 400,000     $ 400,000      

Total Shareholders’ Equity

    $ 1,367,870     $ 1,334,260      
OTHER FINANCIAL DATA         
     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2019     2018     2019     2018  

Reconciliation Of GAAP Operating Income To Station Operating Income

         

Operating Income

    $ 79,490     $ 78,733     $ 174,634     $ 111,974  

Corporate Expenses

      17,178       13,781       51,141       47,472  

Corporate Expenses—Non-Cash Compensation

      2,234       2,116       6,521       6,126  

Station Expenses—Non-Cash Compensation

      1,107       1,653       3,765       5,295  

Depreciation And Amortization

      11,183       10,608       33,252       29,745  

Merger And Acquisition Costs

      434       697       476       2,768  

Restructuring Charges

      1,577       852       5,953       3,019  

Impairment Loss

      —         —         —         28,988  

Other Expenses Related To Refinancing

      —         —         1,864       —    

Integration Costs

      689       2,761       3,280       21,984  

Net Time Brokerage Agreement Expense (Income)

      13       (150 )      106       (1,242 ) 

Net Gain (Loss) On Sale Or Disposition of Assets

      231       (10,541 )      (2,683 )      (10,856 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Station Operating Income

    $ 114,136     $ 100,510     $ 278,309     $ 245,273  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted EBITDA

         

Net (Income) Loss Available To Common Shareholders

    $ 38,208     $ 36,948     $ 67,323     $ 25,511  

Income Taxes (Benefit)

      16,026       16,220       30,110       12,960  

Income From Discontinued Operations, Net Of Income Taxes

      —         (358 )      —         (1,530 ) 

Net Interest Expense

      25,256       25,923       75,420       75,033  

Corporate Expenses—Non-Cash Compensation

      2,234       2,116       6,521       6,126  

Station Expenses—Non-Cash Compensation

      1,107       1,653       3,765       5,295  

Depreciation And Amortization

      11,183       10,608       33,252       29,745  

Time Brokerage Agreement Expense (Income)

      13       (150 )      106       (1,242 ) 

Merger And Acquisition Costs

      434       697       476       2,768  

Restructuring Charges

      1,577       852       5,953       3,019  

Integration Costs

      689       2,761       3,280       21,984  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

      1,000       —         1,000       1,100  

Impairment Loss

      —         —         —         28,988  

Other Expenses Related To Refinancing

      —         —         1,864       —    

Loss On Early Extinguishment Of Debt

      —         —         1,781       —    

Net Gain (Loss) On Sale Or Disposition of Assets

      231       (10,541 )      (2,683 )      (10,856 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 97,958     $ 86,729     $ 228,168     $ 198,901  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Free Cash Flow

         

Net Income (Loss) Available To Common Shareholders

    $ 38,208     $ 36,948     $ 67,323     $ 25,511  

Depreciation And Amortization

      11,183       10,608       33,252       29,745  

Deferred Financing Costs Included In Interest Expense

      755       798       2,227       2,389  

Amortization Debt Premium Included In Interest Expense

      (678 )      (715 )      (2,248 )      (2,147 ) 

Non-Cash Compensation Expense

      3,341       3,769       10,286       11,421  

Merger And Acquisition Costs

      434       697       476       2,768  

Integration Costs

      689       2,761       3,280       21,984  

Restructuring Charges

      1,577       852       5,953       3,019  

Included In Corporate Expenses

      1,000       —         1,000       1,100  

Impairment Loss

      —         —         —         28,988  

Net (Gain) Loss On Sale Or Disposition of Assets

      231       (10,541 )      (2,683 )      (10,856 ) 

Other Expenses Related To Refinancing

      —         —         1,864       —    

Loss On Early Extinguishment Of Debt

      —         —         1,781       —    

Income Taxes (Benefit)

      16,026       16,220       30,110       12,960  

Income Taxes Otherwise Included In Income From Discontinued Operations

      —         286       —         709  

Net Capital Expenditures, Including Amortizable Intangibles

      (20,658 )      (5,680 )      (58,067 )      (23,621 ) 

Adjusted Income Taxes Paid

      —         —         (8,461 )      (18,187 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Free Cash Flow

    $ 52,108     $ 56,003     $ 86,093     $ 85,783  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of Capital Expenditures, Including Amortizable Intangibles, To Net Capital Expenditures

         

Capital Expenditures, Including Amortizable Intangibles

    $ (22,862 )    $ (6,969 )    $ (63,575 )    $ (25,955 ) 

Reimbursed Tenant Improvement Allowance

      2,204       1,289       5,508       2,334  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Capital Expenditures

    $ (20,658 )    $ (5,680 )    $ (58,067 )    $ (23,621 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of Income Taxes Paid To Adjusted Income Taxes Paid

         

Income Taxes Paid

    $ (3,935 )    $ —       $ (18,481 )    $ (18,836 ) 

Income Taxes Paid Related to Gain/Loss On Sale Or Exchange Of Radio Station Assets

      —         —         894       649  

Income Taxes Paid Related to Gain/Loss On Sale Of Redundant Properties

      3,935       —         9,126       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Income Taxes Paid

    $ —       $ —       $ (8,461 )    $ (18,187 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Net Income

         

Net Income (Loss) Available To Common Shareholders

    $ 38,208     $ 36,948     $ 67,323     $ 25,511  

Income Taxes (Benefit)

      16,026       16,220       30,110       12,960  

Income Taxes Otherwise Included In Income From Discontinued Operations

      —         286       —         709  

Merger And Acquisition Costs

      434       697       476       2,768  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

      1,000       —         1,000       1,100  

Other Expenses Related To Refinancing

      —         —         1,864       —    

Impairment Loss

      —         —         —         28,988  

Integration Costs

      689       2,761       3,280       21,984  

Restructuring Charges

      1,577       852       5,953       3,019  

Loss On Early Extinguishment Of Debt

      —         —         1,781       —    

Net (Gain) Loss On Sale Or Disposition of Assets

      231       (10,541 )      (2,683 )      (10,856 ) 

Non-Cash Compensation Expense

      3,341       3,769       10,286       11,421  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Income Before Income Taxes

      61,506       50,992       119,390       97,604  

Income Taxes

      18,452       15,298       35,817       29,281  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income

    $ 43,054     $ 35,694     $ 83,573     $ 68,323  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Average Diluted Shares Outstanding For Purposes Of Computing Adjusted Net Income Per Share – Diluted

         

Weighted Common Shares Outstanding—Diluted As Reported

      136,453       139,103       138,295       139,685  

Diluted Shares Excluded When Reporting A Net Loss

      —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

  
     136,453       139,103       138,295       139,685  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss) Per Share – Diluted

    $ 0.32     $ 0.26     $ 0.60     $ 0.49  
  

 

 

    

 

 

    

 

 

    

 

 

  
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Document and Entity Information
Nov. 08, 2019
Cover [Abstract]  
Entity Registrant Name ENTERCOM COMMUNICATIONS CORP
Amendment Flag false
Entity Central Index Key 0001067837
Document Type 8-K
Document Period End Date Nov. 08, 2019
Entity Incorporation State Country Code PA
Entity File Number 001-14461
Entity Tax Identification Number 23-1701044
Entity Address, Address Line One 2400 Market Street
Entity Address, Address Line Two 4th Floor
Entity Address, City or Town Philadelphia
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19103
City Area Code (610)
Local Phone Number 660-5610
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A Common Stock,par value $.01 per share
Trading Symbol ETM
Security Exchange Name NYSE
Entity Emerging Growth Company false
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