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| Entercom Communications Corp. |
| 401 City Avenue, Suite 409, Cynwyd, PA 19004 * (610) 660-5610 |
| Business Description | The company is the eighth largest radio broadcasting company in the United States. The company owns and operates 41 stations, 25 FM and 16 AM, in eight markets, including five of the country's top 30 radio advertising markets. |
| Offering Information Company has | |||
| Trading As | ETM (NYSE) | Industry | Telecommunications (SIC 4832) |
| Type of Stock Offered | Class A Common Shares | Filing Date | 08/13/1998 |
| Domestic Shares Offered | 13,267,000 | Offer Date | 01/28/1999 |
| Foreign Shares Offered | 0 | Filing Range | $18.00 - $21.00 |
| Company Shares | 13,267,000 | Offer Price | $22.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.350 |
| Gross Proceeds | $298,507,500 | Selling | $0.810 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 37,234,384 | Employees | 934 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Morgan Stanley Dean Witter Discover & Co. | Co-manager | (212) 761-5900 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 09/30/1995 | 09/30/1996 | 09/30/1997 | 03/31/1997 | 03/31/1998 | ||
| Revenues | - | - | 35.893 | 48.675 | 93.862 | 36.145 | 53.377 |
| Income from Oper. | - | - | - | - | 22.124 | 10.095 | 7.722 |
| Net Income | - | - | 4.805 | 7.053 | 206.329 | 96.628 | 2.244 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 35.61 | 92.834 | 47.67 | ||
| Net Income Growth (%) | - | - | 46.78 | 2,825.41 | -97.68 | ||
| Oper. Profit Margin (%) | - | - | - | - | 23.57 | 14.47 | 27.93 |
| Net Profit Margin (%) | - | - | 13.39 | 14.49 | 219.82 | 4.20 | 267.33 |
| Cash Flow - Oper. | 8.86 | 3.37 | 13.84 | ||||
| Cash Flow - Inv. | -13.70 | -8.22 | -21.68 | ||||
| Cash Flow - Fin. | 3.17 | 2.89 | 9.86 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 376.92 | Current Assets | - | Current Ratio | - |
| Total Liab. | 170.48 | Current Liab. | - | Debt Ratio | 45.23% |
| Total Equity | 206.43 | Working Cap. | - | Debt to Equity Ratio | 0.83 |
| Cash | 5.65 | Return on Assets | 0.60% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay debt. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Morgan, Lewis & Bockius |
| Bank's Law Firm | Weil, Gotshal & Manges |
| Auditor | Deloitte & Touche |
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