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Cumulus Reports Fourth Quarter And Full Year 2012 Results

Capital Expenditures

Capital expenditures for the three months ended December 31, 2012 totaled $2.0 million which represented routine capital expenditures. Capital expenditures during the three months ended December 31, 2011 were $3.8 million.

Year Ended December 31, 2012 Compared to Year Ended December 31, 2011

Net Revenues

Net revenues for the year ended December 31, 2012 increased $556.6 million, or 107.0%, to $1,076.6 million compared to $520.0 million for the year ended December 31, 2011. This increase is primarily attributable to the impact of a full year of net revenues attributable to CMP and Citadel, as well as a $26.4 million increase in political advertising due to the presidential and local government elections. 

Direct Operating Expenses, Excluding Depreciation and Amortization

Direct operating expenses for the year ended December 31, 2012 increased $345.2 million, or 109.2%, to $661.5 million compared to $316.3 million for the year ended December 31, 2011. This increase reflects the impact of a full year of direct operating expenses attributable to CMP and Citadel.

Corporate General and Administrative Expenses, Including Stock-based Compensation Expense

Corporate general and administrative expenses, including stock-based compensation expense, for year ended December 31, 2012, decreased $33.4 million or 36.7% to $57.4 million, compared to $90.8 million for the year ended December 31, 2011. This decrease is primarily comprised of a $2.2 million reduction of certain contractual obligations assumed in the Citadel Merger and a $46.1 million reduction in acquisition costs since the prior year expenses contained those costs related to the CMP Acquisition and Citadel Merger. This was partially offset primarily by an increase of $8.0 million in stock compensation costs for equity awards granted in late 2011 and early 2012 and a $2.9 million increase in professional, legal, insurance and various other corporate facility related fees.

Impairment of Intangible Assets and Goodwill

For the year ended December 31, 2012, we recorded impairment charges of $100.0 million and $14.7 million related to goodwill and indefinite lived intangible assets (FCC Licenses), respectively, and a definite-lived intangible asset impairment charge of $12.4 million related to the cancellation of a contract. In the fourth quarter of 2012, as the Company was beginning its annual impairment test of goodwill and FCC Licenses, format and structural changes made in the first half of 2012 in certain markets acquired during the second half of 2011 had not achieved the expected results in fiscal year 2012. As a result, certain markets failed step 1 of our annual impairment test of goodwill. There were no similar impairments during 2011.

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