Cumulus Media Q4 Revenue Down 3.8%
February 29, 2008 at 6:04 AM (PT)
CUMULUS MEDIA INC. has reported a fourth-quarter net loss of $154 million, or $3.56 a share, which includes an impairment charge of $149.3 million related to the company's evaluation of intangible assets. The results also include noncash stock compensation expenses of $2.4 million and an income tax benefit of $31.3 million.
Revenue for the ATLANTA-based media company fell 3.8% to $84.4 million, below the $86 million analyst estimate. The company said revenue fell on a decline in political advertising.
In the year-ago period, the company posted a net loss of $51.4 million, or $1.21 a share, on revenue of $87.8 million.
CUMULUS said first-quarter revenue is "pacing up" 3% over the $75.3 million reported in the first quarter of 2007.