NEW YORK (TheStreet) -- Cumulus Media (CMLS) was rising 9.5% to $7.38 in late afternoon trading on Tuesday after the second-largest owner and operator of FM and AM radio stations in the U.S. reported its fourth-quarter and full-year earnings.
Cumulus reported net revenue of $275.5 million for the quarter, a 4.5% year-over-year increase from the $263.6 million in 2012. Adjusted EBIDTA fell 12.6% year over year to $83.9 million from $96.1 million. The company also reported pro forma revenue of $328.3 million, a 0.8% year-over-year increase from $325.6 million. Pro forma adjusted EBIDTA was $96.2 million, a 5.7% year-over-year increase from $91.1 million.
The pro forma results include Cumulus' acquisition of WestwoodOne in Dec. 2013 and Townsquare Media in Nov. 2013.
For the full year, reported net revenue totaled $1.03 billion, a 2.4% increase from $1 billion in 2012. Adjusted EBIDTA fell 7.8% to $330.02 million from $358.05 million. Pro forma revenue for the year was $1.246 billion, down 1.4 % from $1.263 billion. Pro forma adjusted EBIDTA was $363.4 million, down 4.9% from $382.1 million.
"Strong execution, along with continued traction in our key growth initiatives, resulted in pro forma revenue up 1% and Adjusted EBITDA up 6%," said Chairman and CEO Lew Dickey in the company's statement. "In spite of tough political comps, this marked our third consecutive quarter of top and bottom line growth."
TheStreet Ratings team rates CUMULUS MEDIA INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: