Company Quick10K Filing
Quick10K
Entercom Communications
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$6.72 138 $930
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-04-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-22 Earnings, Regulation FD
8-K 2019-04-08 Regulation FD
8-K 2019-02-22 Earnings, Exhibits
8-K 2018-12-18 Officers, Code of Ethics, Exhibits
8-K 2018-12-03 Officers, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-11 Officers
8-K 2018-09-21 M&A, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-08 Earnings, Exhibits
CSWI CSW Industrials 929
NX Quanex Building Products 551
AVRO Avrobio 472
KE Kimball Electronics 398
ITI Iteris 160
CYBE Cyberoptics 123
GNCA Genocea Biosciences 83
SGOC SGOCO Group 79
TKOI Telkonet 0
CAW CCA Industries 0
ETM 2019-06-30
Part I
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-10.1 d742843dex101htm.htm
EX-31.1 d742843dex311.htm
EX-31.2 d742843dex312.htm
EX-32.1 d742843dex321.htm
EX-32.2 d742843dex322.htm

Entercom Communications Earnings 2019-06-30

ETM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

 

or

 

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________to ___________

 

Commission File Number:001-14461

 

Entercom Communications Corp.

(Exact name of registrant as specified in its charter)

 

Pennsylvania

23-1701044

(State or other jurisdiction of incorporation or organization)

(I.R.S. employer identification no.)

 

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania 19103

(Address of principal executive offices and zip code)

 

(610)660-5610

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [Ö ] No [ ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [Ö] No [ ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [Ö] Accelerated filer [ ]Emerging growth company [ ]

Non-accelerated filer [ ] Smaller reporting 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 7(a)(2)(B) of the Securities Act and Section 13(a) of the Exchange Act. [ ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [Ö ]

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

i


 

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

 

ETM

 

New York Stock Exchange

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class A common stock, $0.01 par value – 138,455,684 Shares Outstanding as of July 31, 2019

(Class A Shares Outstanding include 3,664,588 unvested and vested but deferred restricted stock units)

Class B common stock, $0.01 par value – 4,045,199 Shares Outstanding as of July 31, 2019.

ii


 

ENTERCOM COMMUNICATIONS CORP.

 

INDEX

 

Table of Contents

Page

 

Part I – Financial Information

 

Item 1

Financial Statements

2

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

Item 3

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4

Controls and Procedures

61

 

 

 

 

Part II – Other Information

 

Item 1

Legal Proceedings

63

Item 1A

Risk Factors

63

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3

Defaults Upon Senior Securities

63

Item 4

Mine Safety Disclosures

63

Item 5

Other Information

63

Item 6

Exhibits

64

 

 

 

 

Signatures

66

 

Private Securities Litigation Reform Act Safe Harbor Statement

 

In addition to historical information, this report contains statements by us with regard to our expectations as to financial results and other aspects of our business that involve risks and uncertainties and may constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

 

Forward-looking statements are presented for illustrative purposes only and reflect our current expectations concerning future results and events. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, without limitation, any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

 

You can identify forward-looking statements by our use of words such as “anticipates,” “believes,” “continues,” “expects,” “intends,” “likely,” “may,” “opportunity,” “plans,” “potential,” “project,” “will,” “could,” “would,” “should,” “seeks,” “estimates,” “predicts” and similar expressions which identify forward-looking statements, whether in the negative or the affirmative. We cannot guarantee that we actually will achieve these plans, intentions or expectations. These forward-looking statements are subject to risks, uncertainties and other factors, some of which are beyond our control, which could cause actual results to differ materially from those forecasted or anticipated in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect our view only as of the date of this report. We undertake no obligation to update these statements or publicly release the result of any revision(s) to these statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

 

Key risks to our company are described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2019, and as may be supplemented by the risks described under Part II, Item 1A, of our quarterly reports on Form 10-Q and in our Current Reports on Form 8-K.

iii


 

PART I

FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

JUNE 30,

 

DECEMBER 31,

 

 

2019

 

2018

 

ASSETS:

 

 

 

 

 

 

Cash

$

30,331

 

$

122,893

 

Restricted cash

 

 

 

69,365

 

Accounts receivable, net of allowance for doubtful accounts

 

325,495

 

 

342,766

 

Prepaid expenses, deposits and other

 

32,771

 

 

25,205

 

Total current assets

 

388,597

 

 

560,229

 

Investments

 

12,705

 

 

11,205

 

Net property and equipment

 

344,951

 

 

317,030

 

Operating lease right-of-use assets

 

284,400

 

 

-

 

Radio broadcasting licenses

 

2,518,261

 

 

2,516,625

 

Goodwill

 

536,687

 

 

539,469

 

Assets held for sale

 

3,307

 

 

19,603

 

Other assets, net of accumulated amortization

 

35,716

 

 

56,197

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

4,124,624

 

$

4,020,358

 

 

LIABILITIES:

 

 

 

 

 

 

Accounts payable

$

8,891

 

$

1,858

 

Accrued expenses

 

62,439

 

 

58,449

 

Other current liabilities

 

98,714

 

 

118,438

 

Operating lease liabilities

 

37,979

 

 

-

 

Total current liabilities

 

208,023

 

 

178,745

 

Long-term debt, net of current portion

 

1,698,894

 

 

1,872,203

 

Operating lease liabilities, net of current portion

 

271,263

 

 

-

 

Deferred tax liabilities

 

545,808

 

 

545,982

 

Other long-term liabilities

 

52,994

 

 

89,168

 

Total long-term liabilities

 

2,568,959

 

 

2,507,353

 

Total liabilities

 

2,776,982

 

 

2,686,098

 

 

 

 

 

 

 

 

CONTINGENCIES AND COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

Class A, B and C common stock

 

1,426

 

 

1,412

 

Additional paid-in capital

 

1,673,268

 

 

1,693,512

 

Accumulated deficit

 

(326,828)

 

 

(360,664)

 

Accumulated other comprehensive income (loss)

 

(224)

 

 

-

 

Total shareholders' equity

 

1,347,642

 

 

1,334,260

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

4,124,624

 

$

4,020,358

 

 

 

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

2

 


 

ENTERCOM COMMUNICATIONS CORP.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

(amounts in thousands, except share and per share data)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED

 

 

SIX MONTHS ENDED

 

 

JUNE 30,

 

 

2019

 

2018

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET REVENUES

$

380,665

 

$

372,124

 

 

$

689,670

 

$

672,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

Station operating expenses

 

279,170

 

 

275,839

 

 

 

528,155

 

 

531,563

 

Depreciation and amortization expense

 

10,964

 

 

10,666

 

 

 

22,069

 

 

19,137

 

Corporate general and administrative expenses

 

17,315

 

 

19,032

 

 

 

38,250

 

 

37,701

 

Integration costs

 

1,456

 

 

9,494

 

 

 

2,591

 

 

19,223

 

Restructuring charges

 

3,362

 

 

686

 

 

 

4,376

 

 

2,167

 

Impairment loss

 

-

 

 

28,988

 

 

 

-

 

 

28,988

 

Merger and acquisition costs

 

33

 

 

687

 

 

 

42

 

 

2,071

 

Other expenses related to financing

 

1,864

 

 

-

 

 

 

1,864

 

 

-

 

Net time brokerage agreement (income) fees

 

53

 

 

(666)

 

 

 

93

 

 

(1,092)

 

Net (gain) loss on sale or disposal of assets

 

1,686

 

 

(154)

 

 

 

(2,914)

 

 

(315)

 

Total operating expense

 

315,903

 

 

344,572

 

 

 

594,526

 

 

639,443

 

OPERATING INCOME (LOSS)

 

64,762

 

 

27,552

 

 

 

95,144

 

 

33,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

24,944

 

 

25,706

 

 

 

50,164

 

 

49,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

1,781

 

 

-

 

 

 

1,781

 

 

-

 

OTHER (INCOME) EXPENSE

 

1,781

 

 

-

 

 

 

1,781

 

 

-

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)

 

38,037

 

 

1,846

 

 

 

43,199

 

 

(15,869)

 

INCOME TAXES (BENEFIT)

 

12,045

 

 

249

 

 

 

14,083

 

 

(3,260)

 

NET INCOME (LOSS) AVAILABLE TO THE COMPANY - CONTINUING OPERATIONS

 

25,992

 

 

1,597

 

 

 

29,116

 

 

(12,609)

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS - CONTINUING OPERATIONS

 

25,992

 

 

1,597

 

 

 

29,116

 

 

(12,609)

 

Income from discontinued operations, net of income taxes (benefit)

 

-

 

 

844

 

 

 

-

 

 

1,172

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

$

25,992

 

$

2,441

 

 

$

29,116

 

$

(11,437)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - BASIC

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations per share available to common shareholders - Basic

$

0.19

 

$

0.01

 

 

$

0.21

 

$

(0.09)

 

Net income (loss) from discontinued operations per share available to common shareholders - Basic

$

-

 

$

0.01

 

 

$

-

 

$

0.01

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - BASIC

$

0.19

 

$

0.02

 

 

$

0.21

 

$

(0.08)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


 

Net income (loss) from continuing operations per share available to common shareholders - Diluted

$

0.19

 

$

0.01

 

 

$

0.21

 

$

(0.09)

 

Net income (loss) from discontinued operations per share available to common shareholders - Diluted

$

-

 

$

0.01

 

 

$

-

 

$

0.01

 

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED

$

0.19

 

$

0.02

 

 

$

0.21

 

$

(0.08)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

138,760,483

 

138,638,554

 

 

138,684,845

 

138,961,728

 

Diluted

139,074,229

 

139,263,363

 

 

139,221,904

 

138,961,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

4

 


 

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED

 

SIX MONTHS ENDED

 

June 30,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

$

25,992

 

$

2,441

 

$

29,116

 

$

(11,437)

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS),

 

 

 

 

 

 

 

 

 

 

 

NET OF TAXES (BENEFIT):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on derivatives,

 

 

 

 

 

 

 

 

 

 

 

net of taxes (benefit)

 

(224)

 

 

-

 

 

(224)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

$

25,768

 

$

2,441

 

$

28,892

 

$

(11,437)

 

 

 

 

 

 

 

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

5

 


 

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

Common Stock

 

Additional

 

Earnings

 

 

Other

 

 

 

 

Class A

 

Class B

 

Paid-in

 

(Accumulated

 

Comprehensive

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit)

 

 

Income (Loss)

 

Total

Balance, December 31, 2017

139,675,781

 

$

1,397

 

4,045,199

 

$

40

 

$

1,737,132

 

$

25,791

 

 

$

-

 

$

1,764,360

Net income (loss) available to the Company

-

 

 

-

 

-

 

 

-

 

 

-

 

 

(13,878)

 

 

 

-

 

 

(13,878)

Compensation expense related to granting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of stock awards

(157,680)

 

 

(2)

 

-

 

 

-

 

 

3,915

 

 

-

 

 

 

-

 

 

3,913

Issuance of common stock related to the Employee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan ("ESPP")

39,196

 

 

-

 

-

 

 

-

 

 

321

 

 

-

 

 

 

-

 

 

321

Exercise of stock options

10,000

 

 

-

 

-

 

 

-

 

 

13

 

 

-

 

 

 

-

 

 

13

Common stock repurchase

(1,833,200)

 

 

(18)

 

-

 

 

-

 

 

(19,361)

 

 

-

 

 

 

-

 

 

(19,379)

Purchase of vested employee restricted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock units

(328,196)

 

 

(3)

 

-

 

 

-

 

 

(3,460)

 

 

-

 

 

 

-

 

 

(3,463)

Payment of dividends on common stock

-

 

 

-

 

-

 

 

-

 

 

(13,036)

 

 

-

 

 

 

-

 

 

(13,036)

Dividend equivalents, net of forfeitures

-

 

 

-

 

-

 

 

-

 

 

342

 

 

-

 

 

 

-

 

 

342

Balance, March 31, 2018

137,405,901

 

$

1,374

 

4,045,199

 

$

40

 

 

1,705,866

 

$

11,913

 

 

$

-

 

$

1,719,193

Net income (loss) available to the Company

-

 

 

-

 

-

 

 

-

 

 

-

 

 

2,441

 

 

 

-

 

 

2,441

Compensation expense related to granting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of stock awards

1,198,734

 

 

12

 

-

 

 

-

 

 

3,728

 

 

-

 

 

 

-

 

 

3,740

Issuance of common stock related to the Employee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan ("ESPP")

60,386

 

 

1

 

-

 

 

-

 

 

387

 

 

-

 

 

 

-

 

 

388

Exercise of stock options

38,500

 

 

-

 

-

 

 

-

 

 

52

 

 

-

 

 

 

-

 

 

52

Purchase of vested employee restricted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock units

(176,275)

 

 

(2)

 

-

 

 

-

 

 

(1,707)

 

 

-

 

 

 

-

 

 

(1,709)

Payment of dividends on common stock

-

 

 

-

 

-

 

 

-

 

 

(12,746)

 

 

-

 

 

 

-

 

 

(12,746)

Dividend equivalents, net of forfeitures

-

 

 

-

 

-

 

 

-

 

 

127

 

 

-

 

 

 

-

 

 

127

Balance, June 30, 2018

138,527,246

 

$

1,385

 

4,045,199

 

$

40

 

$

1,695,707

 

$

14,354

 

 

$

-

 

$

1,711,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

Balance, December 31, 2018

137,180,213

 

 

1,372

 

4,045,199

 

 

40

 

 

1,693,512

 

 

(360,664)

 

 

 

-

 

 

1,334,260

Net income (loss) available to the Company

-

 

 

-

 

-

 

 

-

 

 

-

 

 

3,125

 

 

 

-

 

 

3,125

Compensation expense related to granting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of stock awards

1,406,722

 

 

14

 

-

 

 

-

 

 

3,559

 

 

-

 

 

 

-

 

 

3,573

Issuance of common stock related to the Employee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan ("ESPP")

84,958

 

 

1

 

-

 

 

-

 

 

378

 

 

-

 

 

 

-

 

 

379

Exercise of stock options

180,300

 

 

2

 

-

 

 

-

 

 

242

 

 

-

 

 

 

-

 

 

244

Purchase of vested employee restricted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock units

(204,499)

 

 

(2)

 

-

 

 

-

 

 

(1,424)

 

 

-

 

 

 

-

 

 

(1,426)

Payment of dividends on common stock

-

 

 

-

 

-

 

 

-

 

 

(12,913)

 

 

-

 

 

 

-

 

 

(12,913)

Dividend equivalents, net of forfeitures

-

 

 

-

 

-

 

 

-

 

 

(463)

 

 

-

 

 

 

-

 

 

(463)

Application of amended leasing guidance

-

 

 

-

 

-

 

 

-

 

 

-

 

 

4,719

 

 

 

-

 

 

4,719

Balance, March 31, 2019

138,647,694

 

$

1,387

 

4,045,199

 

$

40

 

$

1,682,891

 

$

(352,820)

 

 

$

-

 

$

1,331,498

Net income (loss) available to the Company

-

 

 

-

 

-

 

 

-

 

 

-

 

 

25,992

 

 

 

-

 

 

25,992

Compensation expense related to granting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of stock awards

(38,774)

 

 

-

 

-

 

 

-

 

 

3,393

 

 

-

 

 

 

-

 

 

3,393

Issuance of common stock related to the Employee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan ("ESPP")

73,791

 

 

1

 

-

 

 

-

 

 

363

 

 

-

 

 

 

-

 

 

364

Purchase of vested employee restricted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock units

(216,828)

 

 

(2)

 

-

 

 

-

 

 

(1,298)

 

 

-

 

 

 

-

 

 

(1,300)

Payment of dividends on common stock

-

 

 

-

 

-

 

 

-

 

 

(13,140)

 

 

-

 

 

 

-

 

 

(13,140)

Dividend equivalents, net of forfeitures

-

 

 

-

 

-

 

 

-

 

 

1,059

 

 

-

 

 

 

-

 

 

1,059

Net unrealized gain (loss) on derivatives

-

 

 

-

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(224)

 

 

(224)

Balance, June 30, 2019

138,465,883

 

$

1,386

 

4,045,199

 

$

40

 

$

1,673,268

 

$

(326,828)

 

 

$

(224)

 

$

1,347,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 


 

 

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

 

SIX MONTHS ENDED

 

JUNE 30,

 

2019

 

2018

OPERATING ACTIVITIES:

 

 

 

 

 

Net income (loss) available to common shareholders

$

29,116

 

$

(11,437)

 

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cash provided by

 

 

 

 

 

(used in) operating activities:

 

 

 

 

 

Depreciation and amortization

 

22,069

 

 

19,137

Net amortization of deferred financing costs

 

 

 

 

 

(net of original issue discount and debt premium)

 

(97)

 

 

159

Net deferred taxes (benefit) and other

 

(3,752)

 

 

(2,055)

Provision for bad debts

 

1,819

 

 

5,713

Net (gain) loss on sale or disposal of assets

 

(2,914)