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Cumulus Reports First Quarter 2013 Results

ATLANTA, May 7, 2013 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (Nasdaq:CMLS) (the "Company," "we," "us," or "our") today reported financial results for the quarter ended March 31, 2013.

Lew Dickey, Chairman & CEO stated, "With the integration and turnaround of the Citadel assets now largely behind us, we are investing in several key content initiatives to drive growth beginning in the back half of this year and accelerating into 2014. We will post positive year-to-date revenue growth through May and expect our investments in CBS Sports Radio, Traffic, Nash and SweetJack to contribute meaningfully to our cash flow beginning in Q4 of this year."

Financial highlights are as follows (in thousands, except percentages) (footnotes follow):
  Three Months Ended March 31,
  2013 2012  % Change
Net revenues  $ 232,872  $ 235,995 -1.3%
Adjusted EBITDA (1)  $ 59,888  $ 76,865 -22.1%
Net loss  $ (8,988)  $ (12,130) 25.9%
Free cash flow (2)  $ 26,120  $ 36,737 -28.9%

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Net Revenues 

Net revenues for the three months ended March 31, 2013 decreased $3.1 million, or 1.3%, to $232.9 million, compared to $236.0 million for the three months ended March 31, 2012. This decrease was attributable to lower political revenues and general lower advertising spending in some of our markets.

Direct Operating Expenses, Excluding Depreciation and Amortization

Direct operating expenses for the three months ended March 31, 2013 increased $10.6 million, or 6.9%, to $164.2 million, compared to $153.6 million for the three months ended March 31, 2012. The increase was primarily attributable to a $1.0 million increase in sales salaries, a $1.6 million increase in Arbitron fees and a $4.9 million increase in expense at our network division as we invest in various content initiatives.

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