[February 22, 2006] Entercom Communications Announces Quarterly Cash Dividend of $0.38 Per Share Tweet BALA CYNWYD, Pa. --(Business Wire)-- Feb. 22, 2006 -- Entercom Communications Corp. (NYSE:ETM) today announced that its Board of Directors has authorized a regular quarterly cash dividend of $0.38 per share for its Class A and Class B common shares. The first quarterly dividend is payable on March 30, 2006 to Entercom shareholders of record as of March 14, 2006. David Field, President & CEO of Entercom commented, "We are pleased to announce the initiation of regular quarterly dividends. Based on the closing price of Entercom's Class A common stock on February, 21, 2006, the dividend represents an annualized yield of over 5%. The outstanding free cash flow characteristics of our business model, combined with our strong balance sheet, enable us to reward our shareholders by paying significant cash dividends while we continue to buy back our stock. In December 2005, the Board of Directors authorized our fourth $100 million share buyback and we now have $59 million remaining under this current authorization. Since the inception of the first share repurchase program in 2004, we have repurchased 10.0 million of common stock for $340.7 million. Entercom has now retired 19% of its outstanding common stock since the commencement of the repurchase programs. In addition, we will continue to pursue meaningful radio station acquisitions where we believe we can generate value for our shareholders." Entercom is one the nation's five largest radio broadcasters, with operations in Boston, Seattle, Denver, Sacramento, Portland, Kansas City, Indianapolis, Milwaukee, New Orleans, Norfolk, Buffalo, Memphis, Providence, Greensboro, Rochester, Greenville/Spartanburg, Madison, Wichita, Wilkes- Barre/Scranton and Gainesville/Ocala. The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission's Regulation FD. This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company's filings on Forms 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company's actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements. [ Back To TMCnet.com's Homepage ]