Cumulus Quarterly Financials Get Boost From Citadel Addition
August 9, 2012 at 3:25 PM (PT)
CUMULUS MEDIA INC.'s report of financial results for the quarter ended JUNE 30, 2012 got a boost from the addition of the former CITADEL stations and CUMULUS MEDIA PARTNERS operations being reported as part of the parent company, but pro forma figures told a different story.
Net revenues jumped 351.5% to $281.041 million as a result of the additions, but on a pro forma basis actually decreased from $300.061 million. The company's net income jumped 507.2% to $8.143 million, although the loss per share increased from 2 to 5 cents and net income on a pro forma basis excluding discontinued operations would have shown a drop from a gain of $1.514 million to a loss of $1.763 million. Free cash flow also fell on a pro forma basis, from $63.407 million to $54.318 million.
Chairman/CEO LEW DICKEY stated, "The integration of CITADEL, investment in growth and de-leveraging are our top priorities. We are making excellent progress on all three fronts."