January was the strongest month for Entercom in Q1, February was the weakest. Atlanta, Miami, and Milwaukee were the company’s best-performing markets. Home furnishings, Telecom, and TV and Cable were the top-performing categories. Total revenue for the quarter came in at $97.5 million, which included $300,000 in political revenue, compared to $1 million in political revenue in Q1 of 2016.
Q2 is pacing down 2% on a same-station basis. Field says the advertising environment is “somewhat choppy.” The $97.5 million in revenue is actually an increase of 1.4% for the quarter over 2016, however that revenue includes four stations Entercom purchased from Beasley (for $24 million) that were not part of the Entercom family in Q1 of 2016.
First-quarter results also included a non-cash $13.5 million write-down related to the relinquishment of the license of KDND-FM in Sacramento to the FCC in order to facilitate the CBS transaction, and $10.3 million in merger and acquisition costs related to the CBS transaction, which were for legal and financial advisory services.
