Entercom revenue back on track
Philadelphia Business Journal
Entercom Communications Corp. said late Wednesday that the financial impact on its operations from Hurricane Katrina would not be as bad as originally feared.
Entercom (NYSE: ETM) expects to report a 3 percent gain in same-station net revenue for the third quarter ending Sept. 30, despite the loss of revenue from New Orleans radio stations it owns.
On Aug. 9, it expected net revenue to increase by 3 percent to 4 percent. Post-Katrina, on Sept. 7, Entercom withdrew that guidance, but refrained from offering a new direction.
On Wednesday, Entercom reaffirmed the lower end of the original guidance.
It did say it expects to record a "significant operating expense" as a reserve against lost revenue in New Orleans.
Entercom owns six New Orleans radio stations: WWL-AM, WSMB-AM, WTKL-FM, WKBU-FM, WLMG-FM and WEZB-FM.
WWL-AM has remained a source of news in the hurricane-ravaged area, and five of the six stations are simulcasting news feeds through a shortwave radio frequency.
Entercom, which is based in Bala Cynwyd, Pa., owns 104 radio stations nationwide and is the nation's fourth-largest radio broadcaster.
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