Shares of broadcasting and entertainment company Entercom Communications Corp. (NYSE: ETM) fell on Monday after the firm reported a slight first quarter loss, hurt by a weaker March.
The Bala, Cynwyd, Pa.-based firm reported a net loss of $0.564 million, or 1 cent earnings per share, compared with a profit of $7.76 million, or 19 cents EPS share a year ago. Entercom net revenue was $100 million, compared with $91.1 million a year ago.
The result came in below Reuters Estimates profit expectations of 2 cents. Analysts polled by Thomson Financial had expected a profit of 7 cents per share.
In early trading on the New York Stock Exchange, shares of Entercom fell 74 cents, or $2.62 to $27.46
Looking forward to the second quarter, the firm said said same-station revenue would be flat. Operating expenses in the second and third quarters were expected to rise 5 percent, due to an increase in rights fees for Boston Redsox broadcasts as part of a new contract.
Same station operating expenses growth in the fourth quarter should be minimal, the firm said.
First quarter results were mixed as strong January and February operating results were offset by a weaker March, said David J. Field, President and CEO in a statement Monday morning.
Same station operating expenses for the quarter were $67.9 million, compared with $59.5 million a year ago.
Last month the company was ordered to pay $4 million in fines by the Federal Communications Commission and ordered to stop the practice of payoloa - a practice where radio stations play songs in exchange for money from record companies.
Clear Channel Communications Inc., CBS Radio, and Citadel Broadcasting Corp. were also fined.
Shares of Entercom fell 5 cents, or .18 percent at the opening bell on the New York Stock Exchange.