5-10-2012
Never a banner quarter for radio, the first quarter of 2012 was a weak performer at Entercom as it has been for most radio companies reporting to Wall Street. It's still a game of cutting expenses and hoping the economy takes a big bounce, which it clearly has not. Entercom CEO David Field says seven format changes in 2011, including 3 in Boston and San Francisco, continue to be a drag as Q1 revenue at Entercom was down 3%.
For the second consecutive quarter Entercom cut expenses by 4%. Field says after a slow April (-5%), May and June are pacing better. He also expects the format changes to turn positive in Q2 and moving forward. And, he added Q3 looks very healthy. "I'm optimistic about the second half of the year with political advertising and our new brands."
Field told investors that Indianapolis, Greensboro and Memphis were his top performing markets. And, Casinos and Health Care were top performing categories. Political revenue in the first quarter was immaterial at Entercom, although expectations are high that the rest of the year will result in much more political money.
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