Cumulus Q3 Income Down, Pro Forma Revenues Up
November 7, 2006 at 6:00 AM (PT)
CUMULUS MEDIA's third-quarter net revenues fell 1.6% year-to-year to $83.95 million, with adjusted EBITDA off 0.4% to $28.69 million, free cash flow plummeting 35.8% to $12.83 million, and income per common share falling from 14 to 3 cents/basic share and from 13 to 3 cents/diluted share. On a pro forma basis, revenues rose 1.3% but adjusted EBITDA fell 0.2%.
The overall revenue decrease was attributed to the move of the company's HOUSTON and KANSAS CITY clusters into the separate affiliate CUMULUS MEDIA PARTNERS (the result of the SUSQUEHANNA purchase), offset by $1 million in management fees from the new company.