Cumulus Reports Operating Results For Third Quarter 2016

ATLANTA, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2016.  

For the three months ended September 30, 2016, the Company reported net revenue of $286.1 million, down 1.1% from the three months ended September 30, 2015, net income of $46.3 million and Adjusted EBITDA of $43.9 million, down 37.9% from the quarter ended September 30, 2015. For the nine months ended September 30, 2016, the Company reported net revenue of $841.9 million, down 2.1% from the nine months ended September 30, 2015, net income of $33.0 million and Adjusted EBITDA of $149.0 million, down 24.0% from the nine months ended September 30, 2015.

Excluding the impact of $14.4 million of expenses incurred during the quarter ended September 30, 2016, to resolve previously disputed syndicated programming and network inventory expenses with CBS Radio Inc., Adjusted EBITDA declined 17.5% from the quarter ended September 30, 2015 and 16.7% from the nine months ended September 30, 2015.

Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, "A year into our turnaround effort, we have made considerable progress against our operational priorities while leading the industry in ratings growth. Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years. As we seek to maintain the momentum of our initial strategies, we have now also launched a focused effort to improve sales execution as the next logical step in our turnaround plan."

Operating Summary (in thousands, except percentages and per share data):
  Three Months Ended September 30,
  2016   2015   % Change
Net revenue $ 286,136     $ 289,441     (1.1 )%
Net income (loss) $ 46,321     $ (542,179 )   **  
Adjusted EBITDA (1) $ 43,884     $ 70,620     (37.9 )%
Basic and diluted income (loss) per share $ 1.58     $ (18.57 )    
                   

  Nine Months Ended September 30,
  2016   2015   % Change
Net revenue $ 841,859     $ 859,854     (2.1 )%
Net income (loss) $ 32,958     $ (541,895 )   **  
Adjusted EBITDA (1) $ 148,998     $ 196,098     (24.0 )%
Basic and diluted income (loss) per share $ 1.12     $ (18.58 )    
                   

** Calculation is not meaningful
    September 30, 2016   December 31, 2015   % Change
Cash and cash equivalents   $ 157,601     $ 31,657     397.8 %
               
Term loans   1,838,940     $ 1,838,940     %
7.75% Senior Notes   610,000     610,000     %
Total debt   $ 2,448,940     $ 2,448,940     %
                       

  Three Months Ended September 30,
  2016   2015   % Change
Capital expenditures $ 5,242     $ 957     447.8 %
                     

  Nine Months Ended September 30,
  2016   2015   % Change
Capital expenditures $ 16,704     $ 15,817     5.6 %
                     

(1) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). For additional information, see "Non-GAAP Financial Measure and Definition".

Results for Three Months Ended September 30, 2016

Net Revenue

The Company operates in two reportable segments, the Radio Station Group and Westwood One. The Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising.

Corporate and Other includes overall executive, administrative and support functions for each of the Company's reportable segments, including information technology, human resources, legal, finance and administrative functions.

The following tables present our net revenue by segment (dollars in thousands).
    Three Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net revenue   $ 206,199     $ 79,413     $ 524     $ 286,136  
% of total revenue   72.1 %   27.8 %   0.1 %   100.0 %
$ change from three months ended September 30, 2015   $ 1,522     $ (4,658 )   $ (169 )   $ (3,305 )
% change from three months ended September 30, 2015   0.7 %   (5.5 )%   (24.4 )%   (1.1 )%
                         

    Three Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net revenue   $ 204,677     $ 84,071     $ 693     $ 289,441  
% of total revenue   70.7 %   29.1 %   0.2 %   100.0 %
                         

Net income (loss)

The following tables present our net income (loss) by segment (dollars in thousands).
    Three Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net income (loss)   $ 134,119     $ (10,874 )   $ (76,924 )   $ 46,321  
$ change from three months ended September 30, 2015   $ 522,257     $ 134,470     $ (68,227 )   $ 588,500  
% change from three months ended September 30, 2015     **     92.5 %   (784.5 )%     **  
                     

    Three Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net loss   $ (388,138 )   $ (145,344 )   $ (8,697 )   $ (542,179 )
                                 

** Calculation is not meaningful

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).
    Three Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Adjusted EBITDA   $ 56,237     $ (2,689 )   $ (9,664 )   $ 43,884  
$ change from three months ended September 30, 2015   $ (6,795 )   $ (18,809 )   $ (1,132 )   $ (26,736 )
% change from three months ended September 30, 2015   (10.8 )%     **     (13.3 )%   (37.9 )%
                           

    Three Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Adjusted EBITDA   $ 63,032     $ 16,120     $ (8,532 )   $ 70,620  

** Calculation is not meaningful

Results for Nine Months Ended September 30, 2016

Net Revenue

The following tables present our net revenue by segment (dollars in thousands).
    Nine Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net revenue   $ 592,640     $ 247,507     $ 1,712     $ 841,859  
% of total revenue   70.4 %   29.4 %   0.2 %   100.0 %
$ change from nine months ended September 30, 2015   $ 2,797     $ (19,880 )   $ (912 )   $ (17,995 )
% change from nine months ended September 30, 2015   0.5 %   (7.4 )%   (34.8 )%   (2.1 )%
                         

    Nine Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net revenue   $ 589,843     $ 267,387     $ 2,624     $ 859,854  
% of total revenue   68.6 %   31.1 %   0.3 %   100.0 %
                         

Net income (loss)

The following tables present our net income (loss) by segment (dollars in thousands).
    Nine Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net income (loss)   $ 205,263     $ (12,872 )   $ (159,433 )   $ 32,958  
$ change from nine months ended September 30, 2015   $ 514,301     $ 126,113     $ (65,561 )   $ 574,853  
% change from nine months ended September 30, 2015     **     90.7 %   (69.8 )%     **  
                             

    Nine Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net loss   $ (309,038 )   $ (138,985 )   $ (93,872 )   $ (541,895 )
                                 

** Calculation is not meaningful

Adjusted EBITDA

The following tables present our Adjusted EBITDA by segment (dollars in thousands).
    Nine Months Ended September 30, 2016
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Adjusted EBITDA   $ 159,278     $ 17,998     $ (28,278 )   $ 148,998  
$ change from nine months ended September 30, 2015   $ (20,203 )   $ (25,058 )   $ (1,839 )   $ (47,100 )
% change from nine months ended June 30, 2015   (11.3 )%   (58.2 )%   (7.0 )%   (24.0 )%
                         

    Nine Months Ended September 30, 2015
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Adjusted EBITDA  $ 179,481     $ 43,056     $ (26,439 )   $ 196,098  
                               

The following table presents our net revenue by segment for each quarter during the year ended December 31, 2015 (dollars in thousands).
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net revenue Q1 2015   $ 175,668     $ 94,549     $ 862     $ 271,079  
Net revenue Q2 2015       209,498       88,767       1,069       299,334  
Net revenue Q3 2015       204,677       84,071       693       289,441  
Net revenue Q4 2015       206,540         101,581         704         308,825  
Net revenue FY 2015   $ 796,383     $ 368,968      $ 3,328      $ 1,168,679   
                 

The following table presents our net income (loss) by segment for each quarter during the year ended December 31, 2015 (dollars in thousands).
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Net income (loss) Q1 2015   $ 26,533     $ (1,208 )   $ (37,340 )   $ (12,015 )
Net income (loss) Q2 2015   52,567     7,568     (47,836 )   12,299  
Net loss Q3 2015   (388,139 )   (145,345 )   (8,695 )   (542,179 )
Net income (loss) Q4 2015   43,776     (2,195 )   (46,180 )   (4,599 )
Net (loss) income FY 2015   $ (265,263 )   $ (141,180 )   $ (140,051 )   $ (546,494 )
                                 

The following table presents our Adjusted EBITDA by segment for each quarter during the year ended December 31, 2015 (dollars in thousands).
    Radio Station Group   Westwood One   Corporate and Other   Consolidated
Adjusted EBITDA Q1 2015   $ 45,416     $ 8,424     $ (9,177 )   $ 44,663  
Adjusted EBITDA Q2 2015   71,033     18,512     (8,730 )   80,815  
Adjusted EBITDA Q3 2015   63,032     16,120     (8,532 )   70,620  
Adjusted EBITDA Q4 2015   62,192     9,902     (9,047 )   63,047  
Adjusted EBITDA FY 2015   $ 241,673     $ 52,958     $ (35,486 )   $ 259,145  
                                 

As previously disclosed, on November 3, 2015, we received a notification from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ") indicating that we were not in compliance with NASDAQ Listing Rule 5450(a)(1) (the "Rule") because the minimum bid price of our Class A common stock had closed below $1.00 per share for 30 consecutive business days.

On October 27, 2016 we received notification from NASDAQ that we had regained compliance with the Rule in order for our Class A common stock to remain listed on the NASDAQ Capital Market.

Earnings Call InformationCumulus Media Inc. will host a teleconference today at 4:30 PM eastern time to discuss its third quarter 2016 operating results.

The conference call dial-in number for domestic callers is 877-830-7699. International callers should dial 574-990-0924 for conference call access. If prompted, the conference ID is 98715812. Please call five to ten minutes in advance to ensure that you are connected prior to the presentation.

Following completion of the call, a replay can be accessed until 11:30 PM eastern time, December 8, 2016. Domestic callers can access the replay by dialing 800-585-8367 or 855-859-2056, replay code 98715812. International callers should dial +44 (0)145255000 for conference replay access. An archive of the webcast will be available beginning 24 hours after the call for a period of 30 days.

A link to the live audio webcast of the conference call and the related earnings presentation will be available on the investor section of the Cumulus Media Inc. website ( www.cumulus.com/investors).

Forward-Looking StatementsCertain statements in this release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to certain historical and our future operating, financial, and strategic performance. Any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors including, but not limited to, risks and uncertainties relating to the need for additional funds to service our debt and to execute our business strategy, our ability to access borrowings under our revolving credit facility, our ability from time to time to renew one or more of our broadcast licenses, changes in interest rates, changes in the fair value of our investments, the timing of, and our ability to complete any acquisitions or dispositions pending from time to time, costs and synergies resulting from the integration of any completed acquisitions, our ability to effectively manage costs, our ability to generate and manage growth, the popularity of radio as a broadcasting and advertising medium, changing consumer tastes, the impact of general economic conditions in the United States or in specific markets in which we currently do business, industry conditions, including existing competition and future competitive technologies and cancellation, disruptions or postponements of advertising schedules in response to national or world events, our ability to generate revenues from new sources, including local commerce and technology-based initiatives, the impact of regulatory rules or proceedings that may affect our business from time to time, our ability to continue to meet the listing standards for our Class A common stock to continue to be listed for trading on the NASDAQ stock market, the write off of a material portion of the fair value of our FCC broadcast licenses and goodwill, and other risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2015 (the "2015 Form 10-K") and any subsequently filed Forms 10-Q. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter our actual results of operations or financial condition. Cumulus Media Inc. assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.

About Cumulus MediaA leader in the radio broadcasting industry, Cumulus Media (NASDAQ:CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its approximately 450 owned-and-operated stations broadcasting in 90 US media markets (including eight of the top 10), more than 8,200 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events. For more information, visit  www.cumulus.com. 
CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
 
    Three Months Ended September 30,   Nine Months Ended September 30,
                 
    2016   2015   2016   2015
Net revenue                
Operating expenses: 286,136    289,441   841,859   859,854  
Content costs   115,348     94,829     312,526     286,655  
Selling, general & administrative expenses   117,387     115,562     352,474     350,417  
Depreciation and amortization   21,957     25,547     68,023     76,582  
LMA fees   2,481     2,515     10,351     7,585  
Corporate expenses   9,675     8,186     28,388     27,004  
Stock-based compensation expense   735     12,304     2,403     20,047  
Acquisition-related and restructuring costs   (450 )   13,763     3,237     13,160  
(Gain) loss on sale of assets or stations   (94,014 )   57     (97,155 )   792  
Impairment of intangible assets and goodwill       565,584     1,816     565,584  
Impairment charges - equity interest in Pulser Media Inc.       18,308         19,364  
Total operating expenses   173,119     856,655     682,063     1,367,190  
Operating income (loss)   113,017     (567,214 )   159,796     (507,336 )
Non-operating (expense) income:                
Interest expense   (34,929 )   (35,691 )   (103,896 )   (106,087 )
Interest income   139     22     364     407  
Other income (expense), net   882     (151 )   1,598     12,601  
Total non-operating expense, net   (33,908 )   (35,820 )   (101,934 )   (93,079 )
Income (loss) before income taxes   79,109     (603,034 )   57,862     (600,415 )
Income tax (expense) benefit   (32,788 )   60,855     (24,904 )   58,520  
Net income (loss)   $ 46,321     $ (542,179 )   $ 32,958     $ (541,895 )
Basic and diluted income (loss) per common share:                
Basic: Income (loss) per share   $ 1.58     $ (18.57 )   $ 1.12     $ (18.58 )
Diluted: Income (loss) per share   $ 1.58     $ (18.57 )   $ 1.12     $ (18.58 )
Weighted average basic common shares outstanding   29,275,111     29,194,508     29,268,885     29,165,188  
Weighted average diluted common shares outstanding   29,275,111     29,194,508     29,268,885     29,165,188  
                         

Non-GAAP Financial Measure and DefinitionFrom time to time we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Adjusted EBITDA is the financial metric utilized by management to analyze the cash flow generated by our business. This measure isolates the amount of income generated by our core operations after the incurrence of corporate, general and administrative expenses. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit facility.

In deriving this measure, the Company excludes depreciation, amortization, and stock-based compensation expense, as these do not represent cash payments for activities directly related to our core operations. The Company excludes any gain or loss on the exchange or sale of any assets as it does not represent a cash transaction. The Company also excludes any gain or loss on the exchange or sale of any assets and any gain or loss on derivative instruments as they do not represent cash transactions nor are they associated with core operations. Expenses relating to acquisitions and restructuring costs are also excluded from the calculation of Adjusted EBITDA as they are not directly related to our core operations. The Company also excludes any costs associated with impairment of assets as they do not require a cash outlay.

The Company believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company. The Company has also observed that Adjusted EBITDA is routinely employed to evaluate and negotiate the potential purchase price for media companies and is a key metric for purposes of calculating and determining compliance with certain covenants in our credit facility. Given the relevance to our overall value, the Company believes that investors consider the metric to be extremely useful.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income, cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited.

The following tables reconcile net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the three and nine months ended September 30, 2016 and 2015 (dollars in thousands):
    Three Months Ended September 30, 2016  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net income (loss) $ 134,119   $ (10,874 ) $ (76,924 ) $ 46,321  
Income tax expense           32,788     32,788  
Non-operating (income) expense, including net interest expense   (2 )   59     33,851     33,908  
LMA fees   2,481             2,481  
Depreciation and amortization   13,653     7,782     522     21,957  
Stock-based compensation expense           735     735  
Gain on sale of assets or stations   (94,014 )           (94,014 )
Acquisition-related and restructuring costs       344     (794 )   (450 )
Franchise and state taxes           158     158  
Adjusted EBITDA   $ 56,237     $ (2,689 )   $ (9,664 )   $ 43,884  
                                 

    Three Months Ended September 30, 2015  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net loss $ (388,138 ) $ (145,344 ) $ (8,697 ) $ (542,179 )
Income tax benefit           (60,855 )   (60,855 )
Non-operating (income) expense, including net interest expense   (3 )   313     35,510     35,820  
LMA fees   2,515             2,515  
Depreciation and amortization   15,900     9,092     555     25,547  
Stock-based compensation expense           12,304     12,304  
(Gain) loss on sale of assets or stations   (50 )       107     57  
Impairment of intangible assets   432,808     132,672     104     565,584  
Impairment charges - equity interest in Pulser Media Inc.       18,308         18,308  
Acquisition-related and restructuring costs       1,079     12,684     13,763  
Franchise and state taxes           (244 )   (244 )
Adjusted EBITDA   $ 63,032     $ 16,120     $ (8,532 )   $ 70,620  
                                 

    Nine Months Ended September 30, 2016  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net income (loss) $ 205,263   $ (12,872 ) $ (159,433 ) $ 32,958  
Income tax expense           24,904     24,904  
Non-operating expense, including net interest expense   14     226     101,694     101,934  
LMA fees   10,351             10,351  
Depreciation and amortization   40,780     25,657     1,586     68,023  
Stock-based compensation expense           2,403     2,403  
Gain on sale of assets or stations   (97,130 )       (25 )   (97,155 )
Impairment of intangible assets       1,816         1,816  
Acquisition-related and restructuring costs       3,171     66     3,237  
Franchise and state taxes           527     527  
Adjusted EBITDA   $ 159,278     $ 17,998     $ (28,278 )   $ 148,998  
                                 

    Nine Months Ended September 30, 2015  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net loss $ (309,038 ) $ (138,985 ) $ (93,872 ) $ (541,895 )
Income tax benefit           (58,520 )   (58,520 )
Non-operating (income) expense, including net interest expense   (5 )   955     92,129     93,079  
LMA fees   7,585             7,585  
Depreciation and amortization   47,448     27,562     1,572     76,582  
Stock-based compensation expense           20,047     20,047  
Loss on sale of assets or stations   685         107     792  
Impairment of intangible assets   432,806     132,671     107     565,584  
Impairment charges -- equity interest in Pulser Media Inc.       19,364         19,364  
Acquisition-related and restructuring costs       1,489     11,671     13,160  
Franchise and state taxes           320     320  
Adjusted EBITDA   $ 179,481     $ 43,056     $ (26,439 )   $ 196,098  
                                 

The following tables reconcile net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the three months ended March 31, 2015, June 30, 2015 and December 31, 2015, respectively (dollars in thousands):
    Three Months Ended March 31, 2015  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net income (loss) $ 26,533   $ (1,208 ) $ (37,340 ) $ (12,015 )
Income tax expense (benefit)   35         (10,392 )   (10,357 )
Non-operating (income) expense, including net interest expense   (1 )   320     33,928     34,247  
LMA fees   2,498             2,498  
Depreciation and amortization   15,532     9,312     467     25,311  
Stock-based compensation expense           3,863     3,863  
Loss on sale of assets or stations   819             819  
Franchise and state taxes           297     297  
Adjusted EBITDA   $ 45,416     $ 8,424     $ (9,177 )   $ 44,663  
                                 

    Three Months Ended June 30, 2015  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net income (loss) $ 52,567   $ 7,568   $ (47,836 ) $ 12,299  
Income tax (benefit) expense   (35 )       12,729     12,694  
Non-operating expense,  including net interest expense   (2 )   320     22,693     23,011  
LMA fees   2,572             2,572  
Depreciation and amortization   16,014     9,158     551     25,723  
Stock-based compensation expense           3,880     3,880  
Gain on sale of assets or stations   (84 )           (84 )
Impairment charges - equity interest in Pulser Media Inc.       1,056         1,056  
Acquisition-related and restructuring costs       410     (1,013 )   (603 )
Franchise and state taxes           267     267  
Adjusted EBITDA   $ 71,032     $ 18,512     $ (8,729 )   $ 80,815  
                                 

    Three Months Ended December 31, 2015  
                         
    Radio Station Group     Westwood One     Corporate and Other     Consolidated  
                         
Net income (loss) $ 43,776   $ (2,195 ) $ (46,180 ) $ (4,599 )
Income tax expense           12,680     12,680  
Non-operating (income) expense, including net interest expense   (2 )   293     33,671     33,962  
LMA fees   2,541         3     2,544  
Depreciation and amortization   15,894     8,976     653     25,523  
Stock-based compensation expense           986     986  
(Gain) loss on sale of assets or stations   (17 )   2,081         2,064  
Acquisition-related and restructuring costs       747     2,733     3,480  
Franchise and state taxes           (371 )   (371 )
Gain on early extinguishment of debt           (13,222 )   (13,222 )
Adjusted EBITDA   $ 62,192     $ 9,902     $ (9,047 )   $ 63,047  
                                 

 
For further information, please contact:Cumulus Media Inc.Collin JonesInvestor Relationscollin@cumulus.com404-260-6600

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