Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today reported financial results for the three and nine months ended September 30, 2011.
Lew Dickey, Chairman & CEO stated, “In third quarter, we closed two major acquisitions for a total of $3.1 billion. Acquiring both CMP and Citadel was truly transformative for our company. We now own and operate approximately 570 stations in 120 cities in addition to a fully-distributed content network serving over 4500 affiliates nationwide. The attendant financings associated with these transactions enabled us to accretively increase our equity capital base six-fold while extending the maturities of our credit agreements. We now have a true national platform with a large and liquid market capitalization and a flexible, covenant-light debt complex that is designed to optimize free cash flow and de-risk the equity. Our team is making excellent progress on the Citadel integration and is energized by the upside potential of our newly transformed platform.”
Financial highlights are as follows (in thousands, except per share data and percentages) (footnotes follow):
|Three Months Ended September 30,||% Change||Nine Months Ended September 30,||% Change|
|Pro Forma (1)||2011||2010||2011||2010|
|Adjusted EBITDA (2) (3)||$||98,392||$||107,366||-8.4||%||$||280,039||$||300,195||-6.7||%|
|Free cash flow (4)||$||43,410||$||57,386||-24.4||%||$||126,531||$||153,099||-17.4||%|
|Free cash flow per common share (4)||$||0.59||$||1.42||-58.5||%||$||2.39||$||3.80||-37.1||%|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Adjusted EBITDA (2) (5)||$||10,732||$||22,845||$||44,973||$||59,914|
|Net income (5)||$||59,538||$||9,731||$||76,998||$||21,891|
|Income per common share:|
|Basic income per common share||$||0.64||$||0.23||$||1.27||$||0.52|
|Diluted income per common share||$||0.60||$||0.23||$||1.21||$||0.51|
|Free cash flow (4)||$||(15,678||)||$||14,915||$||306||$||36,320|
|Free cash flow per common share (4)||$||(0.21||)||$||0.37||$||0.01||$||0.90|
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010Net Revenues Excluding the impact of net revenues as a result of the CMP Acquisition and the Citadel Acquisition (both defined below), net revenues decreased $0.5 million, or 0.6%, to $67.0 million for the three months ended September 30, 2011 from $67.5 million for the three months ended September 30, 2010. This decrease was primarily attributable to reduced political advertising of $1.2 million and a decrease in management fee income of $0.7 million, partially offset by an increase in core revenues.
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
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
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
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