Radio station operator Entercom Communications Corp. reported today that its fourth-quarter net loss widened to $429.8 million, or $11.91 per share, including a non-cash $395.2 million impairment charge on intangible assets due to poor market conditions.
The company said adjusted quarterly net income fell to 33 cents per share, from 41 cents per share in the fourth quarter of 2007.
Revenues for the quarter that ended Dec. 31 were $104.1 million. The latest figures compare to a net loss of $9.4 million, or 25 cents per share, on revenues of $120.6 million for the same quarter a year earlier.
For the year, the Bala Cynwyd-based company posted a net loss of $516.7 million, or $14.05 per share, on revenues of $438.8 million.
The 2008 loss compares with a net loss of $8.4 million, or 22 cents per share, in the previous year, on revenues of $468.4 million.
Entercom, which owns 110 radio stations in 23 markets, said it reduced its outstanding debt by $41.5 million for the quarter, including the repurchase of $8.5 million of its senior subordinated notes at a discount. For the year, the company reduced its outstanding debt by $140 million, including the repurchase of $66.5 million of senior subordinated notes at a discount.
The company also completed transactions that hedged the interest rate on approximately 70 percent of the company's floating rate debt.
The company, which is the radio broadcast partner of the Boston Red Sox, Boston Celtics, Kansas City Royals, New Orleans Saints and Buffalo Sabres, said it would no longer provide revenue or expense guidance.