During Friday’s Morning trade, Shares of Enter com Communications Corp. (NYSE:ETM), lost -2.85% to $10.55.
Entercom Communications, stated financial results for the quarter ended September 30, 2015.
Third Quarter Highlights
- Net revenues for the quarter raised 15% to $114.7 million
- Station expenses raised 17% to $80.9 million
- Station operating income raised 10% to $33.8 million
- Adjusted EBITDA raised 15% to $28.0 million
- Adjusted net income per share raised 25% to $0.25
- Free cash flow raised 40% to $18.3 million
Effective with the July 16 declared transactions, operating results for the quarter comprise the impact of newly attained Lincoln Financial Media stations and the Los Angeles station Entercom operates under a time brokerage agreement and do not comprise the impact of stations exchanged with Bonneville.
David J. Field, President and Chief Executive Officer, stated: “I am happy to report an outstanding quarter for Entercom driven by strong organic revenue growth across our station group and the seamless integration of our new acquisitions in Los Angeles, Atlanta, Miami, San Diego and Denver. While we are delighted with our progress and opportunities at the new stations, we are particularly happy by our strong market share gains in the rest of our markets which enabled us to post about 3% same-station revenue growth for the quarter, and just over 4% growth when not taking into account the impact of political advertising. We also achieved strong double-digit growth in Free Cash Flow and Adjusted Net Income Per Share and believe we are very well positioned for continued strong performance in 2016 and beyond.”
Entercom Communications Corp. operates as a radio broadcasting company in the United States. The company owns and operates radio stations in various formats, such as news, talk, classic rock, adult contemporary, alternative, country, and others.
Shares of MPLX LP (NYSE:MPLX), declined -0.02% to $40.54, during its current trading session.
John M. Fox, the co-founder of Mark West Hydrocarbon, former CEO, Chairman and Director of Mark West Energy GP, L.L.C., the general partner of Mark West Energy Partners, L.P. (“Mark West”), and beneficial owner of 1,361,774 Mark West common units, reaffirmed that he intends to vote the common units beneficially owned by him against the projected merger with MPLX LP (MPLX). He urges fellow unit holders to withhold their proxies or vote no.
On November 4, 2015, Mr. Fox released an open letter to the board of directors of Mark West Energy GP, L.L.C. regarding the projected merger with MPLX. In the letter, Mr. Fox outlines his belief that the projected merger is fundamentally a bad deal for Mark West unit holders:
- NOTEWORTHY REDUCTION IN DISTRIBUTIONS. Subsequent to the closing of the projected merger, and made public by the referenced companies, the annual distribution to MarkWest unitholders is projected to be cut by 46%.
- IDRs TAKE MONEY FROM UNITHOLDERS AND LIMIT FUTURE GROWTH. Mark West unitholders are presently invested in an entity with no Incentive Distribution Right (IDR) obligations. Post-merger, cash available for distribution to unit holders is significantly reduced by obligations to make IDR payments to Marathon Petroleum, as owner of the MPLX GP and its IDRs.
- MARKWEST IS MUCH BETTER OFF AS A STANDALONE COMPANY. Mark West is the 2nd largest gas processor in the United States, Mark West is the largest gas processor in the prolific Marcellus/Utica gas field, processing about 60% of the total rich-gas production from this field. MWE administration made it very clear in its June 3, 2015, Analyst Day presentation to the market that it has a tremendous growth platform.
“In my view, the $1.84 per unit cash improvement declared from Marathon Petroleum does not materially change the fundamentals of the deal,” Fox said. “The revised $52.93 per unit implied deal terms based on MPLX’s closing price on November 10 is still 33% below the initial implied deal terms outlined in July.”
MPLX LP owns, operates, develops, and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined product, and other hydrocarbon-based products in the United States.
Finally, Shares of Agilysys, Inc. (NASDAQ:AGYS), lost -0.72%, and is now trading at $11.04.
Agilysys, declared that Windjammer Landing Villa Beach Resort, located on the Caribbean island of St. Lucia, has selected the Info Genesis POS system to streamline dining and retail operations at the all-inclusive beach resort.
Windjammer Landing, which also uses the Agilysys Visual One™ property administration system, features a mix of luxury accommodations, ranging from rooms and suites to estate villas, as well as a fitness club, full-service spa and several restaurants and boutiques. The property’s administration team conducted an extensive evaluation to identify the best point-of-sale system to optimize efficiency throughout the resort. The Agilysys Info Genesis POS system offered the total package, with features and functionality that will enable the property to boost efficiency and provide seamless guest service across its many venues.
“InfoGenesis is exactly what we were looking for in a point-of-sale system,” said Mark Ozawa, general manager at Windjammer Landing. “Its flexibility and performance are unmatched, yet the system is easy to set up and maintain. It also integrates with many other applications, giving us a great deal of flexibility, both now and in the future. Agilysys has been our PMS vendor for many years, and we are confident that our decision to deploy Info Genesis will result in more streamlined operations and exceptional guest service.”
Agilysys, Inc., together with its auxiliaries, operates as a developer and marketer of hardware and software products, and services to the hospitality industry in North America, Europe, and Asia. It specializes in point-of-sale, property administration, inventory and procurement, workforce administration, and mobile and wireless solutions that are designed to streamline operations, improve efficiency, and enhance the guest experience.