EXHIBIT (a)(1)(xiv)
ENTERCOM COMMUNICATIONS CORP.
SUPPLEMENT TO OFFER TO EXCHANGE CERTAIN OUTSTANDING
OPTIONS FOR SHARES OF RESTRICTED CLASS A COMMON STOCK
THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT
5:00 P.M., EASTERN DAYLIGHT TIME
ON THURSDAY, JULY 6, 2006, UNLESS THE OFFER IS EXTENDED
Entercom Communications Corp. (the "Company") hereby supplements the Offer to Exchange, dated June 5, 2006, to provide the following summary financial information for your reference:
Statement of Operations Data
(in thousands, except per share and ratio data)
| |
Year Ended |
Three Months Ended |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
December 31, |
March 31, |
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| |
2005 |
2004 |
2006 |
2005 |
||||||||
| Net Revenues | $ | 432,520 | $ | 423,455 | $ | 91,135 | $ | 94,307 | ||||
| Total Operating Expense | $ | 279,552 | $ | 278,259 | $ | 69,325 | $ | 61,967 | ||||
| Operating Income | $ | 152,968 | $ | 145,196 | $ | 21,810 | $ | 32,340 | ||||
| Total Other Expense | $ | 25,383 | $ | 21,673 | $ | 9,229 | $ | 5,811 | ||||
| Net Income | $ | 78,361 | $ | 75,634 | $ | 7,755 | $ | 16,237 | ||||
Net Income Per ShareBasic |
$ |
1.70 |
$ |
1.51 |
$ |
0.19 |
$ |
0.34 |
||||
| Net Income Per shareDiluted | $ | 1.70 | $ | 1.50 | $ | 0.19 | $ | 0.34 | ||||
Weighted Average SharesBasic |
46,045 |
50,215 |
41,344 |
47,638 |
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| Weighted Average SharesDiluted | 46,221 | 50,534 | 41,468 | 47,917 | ||||||||
Ratio of Earnings (Less Fixed Charges) To Fixed Charges |
5.18 |
6.58 |
2.28 |
4.92 |
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Balance Sheet Data
(in thousands, except per share data)
| |
As Of December 31, |
As Of March 31, |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2005 |
2004 |
2006 |
2005 |
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| Current Assets | $ | 108,883 | $ | 105,460 | $ | 104,555 | $ | 98,677 | ||||
| Non Current Assets | $ | 1,588,875 | $ | 1,562,501 | $ | 1,587,275 | $ | 1,563,670 | ||||
| Current Liabilities | $ | 34,957 | $ | 25,783 | $ | 26,189 | $ | 21,993 | ||||
| Non Current Liabilities | $ | 777,086 | $ | 646,105 | $ | 864,560 | $ | 716,508 | ||||
| Book Value Per Share | $ | 19.24 | $ | 19.84 | $ | 19.38 | $ | 19.39 | ||||
| Shares Used In Computing Book Value Per Share | 46,045 | 50,215 | 41,344 | 47,638 | ||||||||