Cumulus Pro Forma Revenue Down 3.5% In Q1 2012
May 7, 2012 at 1:30 PM (PT)
CUMULUS MEDIA INC. reported a huge revenue growth of 324% to $245 million, largely due to revenue generated by the influx of CITADEL stations CUMULUS acquired, as well as a $2.4 million increase in political advertising. However, CUMULUS' pro forma net revenue actually fell 3.5%. The company reported a net loss of a little over $12 million for the quarter.
"The first quarter of 2012 was marked by significant progress in our integration of CITADEL as we build CUMULUS into a robust platform company that strategically monetizes content, distribution and technology. Complementing this progress was the continued deleveraging of our balance sheet, as well as strategic portfolio management that will enable us tremendous financial flexibility going forward."
The full report can be accessed here.