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Entercom Communications Q2 Profit Declines

Entercom Communications (ETM) Friday reported a sharp decline in second quarter net income available to the company to $6.414 million from $10.414 million last year. On a per share basis, earnings were $0.15, down from $0.26 last year. The quarterly results include $5.8 million in merger and acquisition costs related to its pending acquisition of CBS Radio. Adjusted net income per share was $0.26.

Revenue for the quarter was $124.97 million, up 3 percent from $121.57 million in the previous year.

The company said as permitted under its merger agreement with CBS Radio, it would pay an additional special one-time dividend of $0.20 on August 30th to shareholders of record on August 15th. Regular quarterly dividend of $0.075 per share will be paid on September 15th to shareholders of record on August 15th.

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