Entercom Revenue Falls…

Entercom said its net revenue fell 3% to $116.5 million in the second quarter.
President/CEO David Field called it a “challenging quarter as business conditions remained sluggish for traditional media.” He said he is encouraged by “outstanding” spring ratings, improving business conditions in Boston and New Orleans and the growth potential of its business development and Internet initiatives.
The company expects third quarter same-station net revenues to decline by low single digits.
Analyst Marci L. Ryvicker of Wachovia Capital Markets called the Entercom results better than expected. She also believes the company will resume aggressive repurchasing of its shares.