Cumulus Reports Fourth Quarter And Full Year 2011 Results

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
Net revenues $ 290,205 $ 307,330 -5.6 % $ 1,141,514 $ 1,180,574 -3.3 %
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,
As Reported 2011 2010 2011 2010
Net revenues $ 290,205 $ 69,781 $ 549,544 $ 263,333
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
 

Quarter Ended December 31, 2011 Compared to Quarter Ended December 31, 2010

Operations exclusive of the impact of the CMP and Citadel acquisitions:

Net Revenues

Excluding the impact of net revenues as a result of the CMP Acquisition and the Citadel Acquisition (both defined below), net revenues decreased $2.8 million, or 4.0%, to $67.0 million for the three months ended December 31, 2011 from $69.8 million for the three months ended December 31, 2010. This decrease was primarily attributable to reduced political advertising following the 2010 mid-term elections and a decrease in management fee income (which had been earned by us for services provided to CMP prior to the date of the CMP Acquisition), partially offset by increases in core advertising categories, particularly in the automotive and retail categories.

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