Cumulus Reports Fourth Quarter And 2011 Financials
March 12, 2012 at 6:14 AM (PT)
CUMULUS MEDIA has reported financial results for the quarter and year ended DECEMBER 31st, 2011. The company posted a Q4 net loss of $13.14 million or $0.14 per share versus net income of $7.51 million or $0.17 per share last year. Net revenues for the three-month period were up to $290.21 million from $69.78 million in the prior year.
Net Revenues For Quarter
The company wrote, "Excluding the impact of net revenues as a result of the CMP [CUMULUS MEDIA PARTNERS] Acquisition and the CITADEL Acquisition net revenues decreased $2.8 million, or 4.0%, to $67.0 million for the three months ended DECEMBER 31st, 2011 from $69.8 million for the three months ended DECEMBER 31st, 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.
Direct Operating Expenses, Excluding Depreciation, Amortization And LMA Fees
CUMULUS reported, "Excluding the impact of direct operating expenses as a result of the CMP Acquisition and the CITADEL Acquisition, direct operating expenses for the three months ended DECEMBER 31st, 2011 decreased $2.1 million, or 5.4%, to $36.9 million, from $39.0 million for the three months ended DECEMBER 31st, 2010. This decrease was primarily due to decreases in fixed sales expenses and other operating costs."
Chairman/CEO LEW DICKEY 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."
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