v2.4.0.6

CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended
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Dec. 31, 2012
Commitments And Contingencies Guarantor Disclosure [Abstract] |
Scehdule of Rent Expense |
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
|  | (amounts in thousands)
Rent Expense |  | $ | 12,748 |  | $ | 12,719 |  | $ | 12,072
Schedule of Contracts and Commitments |
|  |  |  | Programming |  |  |
| Operating |  | And Related |  |  |
| Leases |  | Contracts |  | Total
| (amounts in thousands)
Years ending December 31, |  |  |  |  |  |  |  |
2013 | $ | 12,717 |  | $ | 67,902 |  | $ | 80,619
2014 |  | 11,594 |  |  | 43,989 |  |  | 55,583
2015 |  | 10,365 |  |  | 28,129 |  |  | 38,494
2016 |  | 8,938 |  |  | 24,238 |  |  | 33,176
2017 |  | 7,643 |  |  | 2,228 |  |  | 9,871
Thereafter |  | 21,125 |  |  | 1,210 |  |  | 22,335
| $ | 72,382 |  | $ | 167,696 |  | $ | 240,078
Schedule of Condensed Parent Company Balance Sheet |
| ENTERCOM COMMUNICATIONS CORP.
| CONDENSED PARENT COMPANY BALANCE SHEETS
| (amounts in thousands)
|  |  | 2012 |  | 2011
| ASSETS |  |  |  |  |  |
| Current Assets |  | $ | 1,968 |  | $ | 2,580
| Property And Equipment - Net |  |  | 895 |  |  | 647
| Deferred Charges And |  |  |  |  |  |
| Other Assets - Net |  |  | 1,991 |  |  | 2,473
| Investment In Subsidiaries / Intercompany |  |  | 284,584 |  |  | 266,502
| TOTAL ASSETS |  | $ | 289,438 |  | $ | 272,202
| LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Current Liabilities |  | $ | 9,697 |  | $ | 10,031
| Long Term Liabilities |  |  | 15,024 |  |  | 13,260
| Total Liabilities |  |  | 24,721 |  |  | 23,291
| Shareholders' Equity: |  |  |  |  |  |
| Class A, B and C Common Stock |  |  | 384 |  |  | 382
| Additional Paid-In Capital |  |  | 601,847 |  |  | 597,327
| Accumulated Deficit |  |  | (337,514) |  |  | (348,798)
| Total shareholders' equity |  |  | 264,717 |  |  | 248,911
| TOTAL LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  | $ | 289,438 |  | $ | 272,202
| See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Income Statement |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2012 |  | 2011 |  | 2010
NET REVENUES |  | $ | 659 |  | $ | 652 |  | $ | 626
OPERATING (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 920 |  |  | 852 |  |  | 1,287
Corporate general and administrative expenses |  |  | 25,717 |  |  | 26,464 |  |  | 21,811
Merger and acquisition costs |  |  | - |  |  | 1,542 |  |  | -
Net (gain) loss on sale or disposal of assets |  |  | - |  |  | (28) |  |  | (63)
Total operating expense |  |  | 26,637 |  |  | 28,830 |  |  | 23,035
OPERATING INCOME (LOSS) |  |  | (25,978) |  |  | (28,178) |  |  | (22,409)
Net interest expense, including amortization |  |  |  |  |  |  |  |  |
of deferred financing expense |  |  | (46) |  |  | 58 |  |  | 1
Other income |  |  | (118) |  |  | (32) |  |  | (49)
Income from equity investment in subsidiaries |  |  | (49,556) |  |  | (80,270) |  |  | (89,392)
TOTAL OTHER (INCOME) EXPENSE |  |  | (49,720) |  |  | (80,244) |  |  | (89,440)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) |  |  | 23,742 |  |  | 52,066 |  |  | 67,031
INCOME TAXES (BENEFIT) |  |  | 12,474 |  |  | (14,211) |  |  | 20,595
NET INCOME (LOSS) |  | $ | 11,268 |  | $ | 66,277 |  | $ | 46,436
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Comprehensive Income |
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in thousands)
| YEARS ENDED DECEMBER 31,
| 2012 |  | 2011 |  | 2010
NET INCOME (LOSS) | $ | 11,268 |  | $ | 66,277 |  | $ | 46,436
OTHER COMPREHENSIVE INCOME (LOSS), |  |  |  |  |  |  |  |
NET OF TAXES (BENEFIT): |  |  |  |  |  |  |  |
Net unrealized gain (loss) on derivatives, |  |  |  |  |  |  |  |
net of taxes (benefit) |  | 0 |  |  | 7,277 |  |  | 6,155
COMPREHENSIVE INCOME (LOSS) | $ | 11,268 |  | $ | 73,554 |  | $ | 52,591
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Shareholder's Equity |
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(amounts in thousands, except share data)
|  |  |  |  |  |  |  |  |  |  |  |  | Retained |  | Accumulated |  |  |
| Common Stock |  | Additional |  | Earnings |  | Other |  |  |
| Class A |  | Class B |  | Paid-in |  | (Accumulated | Comprehensive |  |
| Shares |  | Amount |  | Shares |  | Amount |  | Capital |  | Deficit) |  | Income (Loss) |  | Total
Balance, December 31, 2009 | 29,755,161 |  | $ | 297 |  | 7,457,532 |  | $ | 75 |  | $ | 588,622 |  | $ | (461,610) |  | $ | (13,432) |  | $ | 113,952
Net income (loss) | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 46,436 |  |  | - |  |  | 46,436
Conversion of Class B common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to Class A common stock | 90,000 |  |  | 1 |  | (90,000) |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | -
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock options | - |  |  | - |  | - |  |  | - |  |  | 549 |  |  | - |  |  | - |  |  | 549
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of restricted stock units | 941,213 |  |  | 10 |  | - |  |  | - |  |  | 4,969 |  |  | - |  |  | - |  |  | 4,979
Exercise of stock options | 97,725 |  |  | 1 |  | - |  |  | - |  |  | 129 |  |  | - |  |  | - |  |  | 130
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (183,531) |  |  | (2) |  | - |  |  | - |  |  | (1,626) |  |  | - |  |  | - |  |  | (1,628)
Forfeitures of dividend equivalents | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 94 |  |  | - |  |  | 94
Net unrealized gain (loss) on derivatives | - |  |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | 6,155 |  |  | 6,155
Balance, December 31, 2010 | 30,700,568 |  |  | 307 |  | 7,367,532 |  |  | 74 |  |  | 592,643 |  |  | (415,080) |  |  | (7,277) |  |  | 170,667
Net income (loss) | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 66,277 |  |  | - |  |  | 66,277
Conversion of Class B common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to Class A common stock | 170,000 |  |  | 2 |  | (170,000) |  |  | (2) |  |  | - |  |  | - |  |  | - |  |  | -
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock options | - |  |  | - |  | - |  |  | - |  |  | 462 |  |  | - |  |  | - |  |  | 462
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of restricted stock units | 416,906 |  |  | 4 |  | - |  |  | - |  |  | 7,205 |  |  | - |  |  | - |  |  | 7,209
Exercise of stock options | 53,625 |  |  | - |  | - |  |  | - |  |  | 71 |  |  | - |  |  | - |  |  | 71
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (297,098) |  |  | (3) |  | - |  |  | - |  |  | (3,054) |  |  | - |  |  | - |  |  | (3,057)
Forfeitures of dividend equivalents | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 5 |  |  | - |  |  | 5
Net unrealized gain (loss) on derivatives | - |  |  | - |  | - |  |  | - |  |  | - |  |  | - |  |  | 7,277 |  |  | 7,277
Balance, December 31, 2011 | 31,044,001 |  |  | 310 |  | 7,197,532 |  |  | 72 |  |  | 597,327 |  |  | (348,798) |  |  | - |  |  | 248,911
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(amounts in thousands, except share data)
|  |  |  |  |  |  |  |  |  |  |  |  | Retained |  | Accumulated |  |  |
| Common Stock |  | Additional |  | Earnings |  | Other |  |  |
| Class A |  | Class B |  | Paid-in |  | (Accumulated | Comprehensive |  |
| Shares |  | Amount |  | Shares |  | Amount |  | Capital |  | Deficit) |  | Income (Loss) |  | Total
Net income (loss) | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 11,268 |  |  | - |  |  | 11,268
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock options | - |  |  | - |  | - |  |  | - |  |  | 210 |  |  | - |  |  | - |  |  | 210
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of restricted stock units | 280,072 |  |  | 3 |  | - |  |  | - |  |  | 5,541 |  |  | - |  |  | - |  |  | 5,544
Exercise of stock options | 101,350 |  |  | 1 |  | - |  |  | - |  |  | 134 |  |  | - |  |  | - |  |  | 135
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (199,376) |  |  | (2) |  | - |  |  | - |  |  | (1,365) |  |  | - |  |  | - |  |  | (1,367)
Forfeitures of dividend equivalents | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 16 |  |  | - |  |  | 16
Balance, December 31, 2012 | 31,226,047 |  | $ | 312 |  | 7,197,532 |  | $ | 72 |  | $ | 601,847 |  | $ | (337,514) |  | $ | - |  | $ | 264,717
See notes to consolidated financial statements.
Schedule of Condensed Parent Company Cash flow |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2012 |  | 2011 |  | 2010
OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (16,074) |  | $ | (16,974) |  | $ | 661
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Additions to property and equipment |  |  | (500) |  |  | (349) |  |  | (36)
Deferred charges and other assets |  |  | (842) |  |  | (1,154) |  |  | (325)
Proceeds (distributions) from investments in subsidiaries |  |  | 18,712 |  |  | 21,810 |  |  | 2,119
Net cash provided by (used in) investing activities |  |  | 17,370 |  |  | 20,307 |  |  | 1,758
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Proceeds from the exercise of stock options |  |  | 135 |  |  | 71 |  |  | 130
Purchase of vested restricted stock units |  |  | (1,367) |  |  | (3,057) |  |  | (1,628)
Payment of dividend equivalents on vested restricted stock units |  |  | (43) |  |  | (512) |  |  | (874)
Net cash provided by (used in) financing activities |  |  | (1,275) |  |  | (3,498) |  |  | (2,372)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | 21 |  |  | (165) |  |  | 47
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 248 |  |  | 413 |  |  | 366
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 269 |  | $ | 248 |  | $ | 413
See notes to condensed Parent Company financial statements.

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