Cumulus Revenues, Income Up For Second Quarter
July 30, 2013 at 10:58 AM (PT)
CUMULUS MEDIA INC. net revenues for second quarter rose 3.1% year-to-year to $289,676,000, attributed to a $4.3 million increase in local ad revenue, a $3.9 million increase in digital revenue, and $2.8 million added through the acquisition of stations from TOWNSQUARE MEDIA in BLOOMINGTON and PEORIA, IL, offset by a $2.3 million decrease in cyclical political ad revenue. Net income jumped 232.8% to $27,101,000 (1 to 11 cents/share).
Chairman/CEO LEW DICKEY said, "This was a solid quarter earmarked by revenue growth and strong expense management. Our targeted growth initiatives are ramping on schedule and our merger integration and problem market turnarounds are largely complete."