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,
Six Months Ended June 30,
Station operating expenses (excluding depreciation, amortization and LMA fees)
|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.
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