This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cumulus Reports Second Quarter 2012 Results

ATLANTA, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (Nasdaq:CMLS) (the "Company," "we," "us," or "our") today reported financial results for the three and six months ended June 30, 2012.

Lew Dickey, Chairman & CEO stated, "The Integration of Citadel, investment in growth and de-leveraging are our top priorities. We are making excellent progress on all three fronts."

Financial highlights are as follows (in thousands, except per share data and percentages) (footnotes follow):
  Quarter Ended June 30, Six Months Ended June 30,
  2012 2011   2012 2011  
  Actual Pro Forma (1) % Change Actual Pro Forma (1) % Change
Including Discontinued Operations (5) *            
Cash revenues  $ 285,231  $ 290,030 -1.7%  $ 523,715  $ 535,947 -2.3%
Trade revenues  6,810   10,031 -32.1%  13,642  18,358 -25.7%
Net revenues  $ 292,041  $ 300,061 -2.7%  $ 537,357  $ 554,305 -3.1%
Adjusted EBITDA (2) (3)  $ 110,875  $ 113,432 -2.3%  $ 187,740  $ 181,924 3.2%
             
Excluding Discontinued Operations (5) *            
Cash revenues  $ 274,793  $ 283,846 -3.2%  $ 504,383  $ 524,218 -3.8%
Trade revenues  6,248  9,278 -32.7%  12,653  16,957 -25.4%
Net revenues  $ 281,041  $ 293,124 -4.1%  $ 517,036  $ 541,175 -4.5%
Adjusted EBITDA (2) (3)  $ 106,129  $ 110,372 -3.8%  $ 179,736  $ 176,526 1.8%
             
* Discontinued operations represent the results of operations associated with the completion of the previously announced sale of radio stations to Townsquare Media, LLC on July 31, 2012. 
         
  As Reported   As Reported  
As Reported            
Net revenues  $ 281,041  $ 62,241 351.5%  $ 517,036  $ 113,907 353.9%
Adjusted EBITDA (2) (3)  $ 110,875  $ 21,479 416.2%  $ 187,740  $ 34,240 448.3%
             
Free Cash Flow (4)  $ 54,318  $ 11,004 393.6%  $ 80,351  $ 16,680 381.7%
             
Net income (loss)  $ 8,143  $ 1,341 507.2%  $ (3,987)  $ 17,460 -122.8%
             
(Loss) income from continuing operations per common share:          
Basic   $ (0.05)  $ (0.02)    $ (0.17)  $ 0.32  
Diluted  $ (0.05)  $ (0.02)    $ (0.17)  $ 0.31  

Three Months Ended June 30, 2012 Compared to Three Months Ended June 30, 2011

Net Revenues 

Net revenues for the three months ended June 30, 2012 increased $218.8 million, or 351.5%, to $281.0 million, compared to $62.2 million for the three months ended June 30, 2011. This increase reflects the impact of net revenues from Cumulus Media Partners, LLC ("CMP") and Citadel Broadcasting Corporation ("Citadel"), as well as a $2.7 million increase in political advertising. Revenue growth was partially offset by short term revenue impacts resulting from strategic format changes in some markets, general downward trends in the overall macroeconomic environment and reduced use of trade advertising on acquired stations. Additionally, management fee income decreased $0.8 million primarily related to the completion of the CMP Acquisition and related discontinuation of the CMP management agreement.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs