Cumulus 2nd Quarter Revenues Flat
August 8, 2007 at 5:45 AM (PT)
CUMULUS MEDIA INC. has reported financial results for the three and six months ended JUNE 30, 2007. As previously reported, on MAY 10, 2007 the Company's management determined that the interim financial statements included in the Company's quarterly reports for the periods ended JUNE 30, 2006 and SEPTEMBER 30, 2006 contained errors related to accounting for certain interest rate swaps. The financial information included in this release contained restated financial data for the periods.
Net revenues for the second quarter remained flat at $87.3 million in both 2006 and 2007.
Station operating expenses decreased from $55.2 million to $53.6 million, a decrease of 2.9% from the second quarter of 2006. This decrease was primarily attributable to the HOUSTON and KANSAS CITY stations to CUMULUS MEDIA PARTNERS, LLC on MAY 4, 2006.
Station operating income increased from $32.2 million to $33.8 million, an increase of 4.9% from the second quarter of 2006.