Cumulus Posts Loss For Q1
May 9, 2007 at 5:50 AM (PT)
CUMULUS MEDIA first-quarter net revenues fell 3.8% to $72.401 million (pro forma off 0.6%), with net income dropping from $857,000 (1 cent/share) to a loss of $1.813 million (4 cents). Free cash flow plummeted 64.8% to $3.424 million.
The declines were attributed to the contribution of the company's HOUSTON and KANSAS CITY clusters to the separate, affiliated CUMULUS MEDIA PARTNERS company formed with the acquisition of the SUSQUEHANNA RADIO stations last year.