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.

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