Cumulus Q3 Revenues Up Despite National Ad Slump
November 8, 2005 at 9:01 AM (PT)
CUMULUS third quarter 2005 net revenues rose 1.6% to $85.326 million, with free cash flow up 0.8% to $21.551 million and income per share up from 13 to 14 cents. The company expects fourth quarter revenues to be flat or slightly down and says it will restate earnings from the first two quarters of the year to reflect a charge for the termination of its INTEREP deal.
On the company's conference call, LEW DICKEY said that local revenue rose almost 5% but that overall revenues were hurt with the loss of political advertising and HOME DEPOT ads (which he said may be coming back now) (national ad sales were off 12%).