BALA CYNWYD, Pa.--(BUSINESS WIRE)--Entercom Communications (NYSE:ETM) today reported financial results for the quarter ended June 30, 2016.

Second Quarter Highlights

• Net revenues for the quarter increased 20% to $120.5 million
• Station expenses increased 18% to $82.3 million
• Station operating income increased 23% to $38.2 million
• Adjusted EBITDA increased 21% to $30.9 million
• Adjusted net income per share increased 27% to $0.28
• Free cash flow increased 47% to $20.9 million

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom had another outstanding quarter as pro forma Revenue grew 5%, Adjusted EBITDA increased 21% and Free Cash Flow grew 47%. Entercom continues to deliver strong and consistent organic top line and bottom line growth driven by the great work of our talented programming and sales teams and our strategic investments in building powerful local brands and content and excellent customer marketing capabilities. Looking forward, we expect a strong second half of the year as we benefit from our excellent ratings performance, enhanced sales execution, multiple growth initiatives and election year political revenue.”

Second quarter operating results include the impact of the transaction with Lincoln Financial Media and the station exchange with Bonneville International Corporation which started in July 2015.

Additional Information

The Company’s Board of Directors has declared a dividend of $0.075 per share which will be payable on September 15, 2016 to shareholders of record as of the close of business on August 15, 2016.

As of June 30, 2016 the Company had $465.5 million of senior debt, capital leases and senior notes and $11.1 million in cash. In addition, the Company had $27.6 million in perpetual cumulative convertible preferred stock.

About Entercom

Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its 124 highly rated stations in 27 top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities. Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite. Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@entercom).