Entercom’s Field Encouraged by Electronic Invoicing, Limited Inventory Policies

Entercom, which earlier this week committed to transitioning most of its stations to HD Radio, reported a record high for second quarter financial results. Net revenues increased 6% to $113.7 million compared to the same period a year ago. Station operating income increased 3% to $61.3 million and cash flow increased 5% to $35.9 million compared to Q2 2003.
In a statement, Entercom President/CEO David Field said he’s encouraged by recent industry developments. “The industry is rapidly implementing electronic invoicing to improve and simplify the purchasing process for our customers and the industry’s sales marketing arm (the Radio Advertising Bureau) has dramatically enhanced their business development capabilities over the past 60 days.”
“We also enthusiastically support Clear Channel’s recently announced initiative to significantly reduce commercial inventories. Entercom has always maintained a disciplined, limited inventory policy and we remain committed to this advertiser and listener-friendly approach.”
As of June 30, the company had $12 million in cash and cash equivalents.