Please replace the following Financial tables: Financial hightlights and Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures.
The corrected release reads:
CUMULUS REPORTS FOURTH QUARTER AND FULL YEAR 2011 RESULTS
Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today reported financial results for the quarter and year ended December 31, 2011.Lew Dickey, Chairman & CEO stated, “The integration of Citadel into Cumulus is ahead of schedule as we have achieved 100% of our stated run-rate synergies in the first 100 days. With this large and transformative acquisition, we have built a true platform company with multiple organic growth drivers, including compelling new content, that will enable us to generate significant free cash to rapidly de-lever our balance sheet.” Financial highlights are as follows (in thousands, except per share data and percentages) (footnotes follow):
|Quarter Ended December 31,||% Change||Year Ended December 31,||% Change|
|Pro Forma (1)||2011||2010||2011||2010|
|Adjusted EBITDA (2) (3)||$||96,462||$||96,825||-0.4||%||$||376,600||$||416,820||-9.6||%|
|Free cash flow (4)||$||38,904||$||46,786||-16.8||%||$||168,845||$||218,287||-22.6||%|
|Quarter Ended December 31,||Year Ended December 31,|
|Adjusted EBITDA (2) (5)||$||86,195||$||27,544||$||131,167||$||87,458|
|Net (loss) income (5)||$||(13,138||)||$||7,511||$||63,860||$||29,402|
|(Loss) income per common share:|
|Basic (loss) income per common share||$||(0.14||)||$||0.18||$||0.48||$||0.70|
|Diluted (loss) income per common share||$||(0.14||)||$||0.17||$||0.46||$||0.69|
|Free cash flow (4)||$||28,637||$||20,431||$||28,942||$||57,057|
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