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Cumulus Reports Second Quarter 2011 Results

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
As Reported: 2011   2010   2011   2010  
Broadcast revenues $ 68,053 $ 68,739 -1.0 % $ 124,787 $ 124,097 0.6 %

Management fees
  1,125     1,000   12.5 %   2,250  

 
2,000   12.5 %
Net revenues $ 69,178 $ 69,739 -0.8 % $ 127,037 $ 126,097 0.7 %

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 %
Net income $ 1,341 $ 12,304 -89.1 % $ 17,460 $ 12,160 43.6 %
 
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, 2010

Net 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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