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,|
|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%|
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