Cumulus Media Inc. (NASDAQ: CMLS) today reported financial results for the three and six months ended June 30, 2011.
Lew Dickey, Chairman & CEO, stated, “Q2 presented a challenging environment for our markets. Our cash revenues declined 0.4%, but our team did an excellent job of defending cash flow. Our Adjusted EBITDA has grown by 7.1% year-to-date, excluding one-time transaction costs. As we move into Q3, we are pleased to have announced our August 1 st closing of CMP and expect to close on our acquisition of Citadel Broadcasting in September. Our team is looking forward to executing our integration and operating plans for this exciting new platform of 570 stations and a radio network serving more than 4,000 station affiliates.”
Financial highlights (in thousands, except per share data and percentages) are as follows:
|Three Months Ended June 30,||% Change||Six Months Ended June 30,||% Change|
|Station operating expenses (excluding depreciation, amortization and LMA fees)||39,158||40,416||-3.1||%||76,713||80,343||-4.5||%|
|Station operating income||$||30,020||$||29,323||2.4||%||$||50,324||$||45,754||10.0||%|
|Station operating income margin||43.4||%||42.0||%||1.4||%||39.6||%||36.3||%||3.3||%|
|Adjusted EBITDA (1)||$||21,479||$||24,805||-13.4||%||$||34,240||$||37,070||-7.6||%|
|Income per common share:|
|Basic income per common share||$||0.03||$||0.29||N/A||$||0.41||$||0.29||N/A|
|Diluted income per common share||$||0.03||$||0.29||N/A||$||0.40||$||0.28||N/A|
|Free cash flow (2)||$||11,292||$||17,006||$||16,968||$||21,347|
|(1) Excluding $3.5 million and $5.5 million in one-time charges related to acquisition and merger costs, Adjusted EBITDA would have increased approximately 0.7% and 7.1% year-over-year for the three and six months ended June 30, 2011, respectively. Adjusted EBITDA is not a financial measure calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). For additional information, see “Non-GAAP Financial Measures and Definitions.”|
|(2) Free Cash Flow is not a financial measure prepared in accordance with GAAP. For additional information, see “Non-GAAP Financial Measures and Definitions.”|
The Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010Net Revenues Net revenues for the three months ended June 30, 2011 decreased $0.5 million, or 0.8%, to $69.2 million compared to $69.7 million for the three months ended June 30, 2010. This decline was primarily attributable to a reduction in political advertising in the second quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV