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Business Description
Entercom Communications Corp. is a radio broadcasting company that acquires, develops and operates radio broadcast properties throughout the United States. The Company owns or operates radio stations in 19 markets. The Company derives its revenues primarily from the sale of broadcasting time to local and national advertisers by selling advertisers access to its radio stations' base of listeners. In 2003, Entercom generated 78% of its net revenues from local advertising and 20% from net national spot advertising. It generated the balance of its 2003 revenues principally from network compensation, radio station events and rental income from tower sites.

Financial Information
For the nine months ended 9/30/04, revenues rose 6% to $313.2 million. Net income rose 12% to $56.3M. Revenues reflect the acquisition of radio stations and improvement in contributions from the Boston, Portland, Sacramento and Norfolk markets. Net income also reflects gain on derivative instruments and reduced financing cost.