Radio earnings season is underway and Entercom reported its Q1 revenue Monday morning and got radio off to an incredible start. Entercom CEO David Field said Entercom started the year off on a great note, delivering an outstanding first quarter. Same-station revenue was up 6% for the quarter.
Entercom revenue was $96.1 million for the quarter, which includes the Lincoln stations that the company did not yet own one year ago. The top-performing categories for Entercom in the quarter were Automotive, Health and Medical, and Restaurants. Local revenue was up in the high single-digits while national was down in the single-digits. The top performing markets were Miami, San Francisco, Seattle, and Indianapolis.
The Company also announced that its Board of Directors approved a quarterly cash dividend of $0.075 per share.
Well done, Entercom. It’s all relative.
Not long ago, a 6% increase would have been cause for concern. But, with inflation at 1-2% (so they say) and the RAB holding it’s breath with financials reporting, hoping for a ” no change” report, 6% gets attention in the industry.
Note that you didn’t see a dopey report listing digital and on-air, “political-year skews” the weather compared to last year, or any of those common dodges we see today.
All businesses must grow every year to survive, including radio. If your executives try to explain away stagnation or decreased revenues, fire them.
Good for Entercom, and David! In the World of I Hearts, and even worse, Cumulus, It’s cool to see a broadcaster who can manage their business, while keeping a solid reputation for eager and happy employees.