ETM - Entercom tumbles 14% as profit miss mars fourth quarter

Entercom Communications (ETM) is off 14.2%, to its lowest point in nearly a month, after a narrow miss on profits in its fourth-quarter earnings. Revenues slipped 23% to $319.5M, though they rose 19% from the third quarter. The company notes its events business is still "significantly disrupted" by COVID-19, with event revenues down 98% year-over-year. And digital revenues rose 23% Y/Y to $58.8M. Operating loss was significantly improved, to $204.9M vs. a year-ago loss of $455.5M. The current-quarter figure also included a noncash impairment charge of $247.4M. “While the pandemic continues to hobble a large number of our advertisers, particularly locally, we are optimistic about a strong recovery in our local ad sales later this year driven by vaccinations, fiscal stimulus and pent-up consumer demand in heavily impacted categories,” says CEO David Field. Liquidity at year-end was $160.2M ($129.2M in available revolver capacity, $31M cash on hand). Press release

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Entercom tumbles 14% as profit miss mars fourth quarter