Cumulus Q4 Net Revenues Up 4.5%, '13 Revenues Up 2.4%
February 18, 2014 at 10:39 AM (PT)
CUMULUS MEDIA has reported a 4.5% increase in Net revenues in Q4 2013. The increase from $263.6 million to $275.5 million was primarily attributable to a $10.1 million increase in revenue due to the DECEMBER 2013 acquisition of WESTWOODONE and a $1.6 million increase attributable to the five stations the Company acquired in the FRESNO market in NOVEMBER 2013 as part of the 2013 TOWNSQUARE transaction. A decrease in political revenue was offset by other increases in local and national advertising revenue. Adjusted EBITDA fell 12.6% in Q4.
However, the pro forma results, which don't include the Q4 transactions, found that CUMULUS Net revenues grew 0.8%, while Adjusted EBITDA went up 5.7%
"Strong execution, along with continued traction in our key growth initiatives, resulted in pro forma revenue up 1% and Adjusted EBITDA up 6%," Chairman/CEO LEW DICKEY stated. "In spite of tough political comps, this marked our third consecutive quarter of top and bottom line growth."
For the entire year, CUMULUS saw a Net revenue increase of 2.4% (Pro Forma: a 1.4% decrease) and Adjusted EDITDA of a 7.8% decrease (Pro Forma: a 3.9% decrease).