Cumulus Offers A Cloudy 2Q '08 Picture
August 11, 2008 at 2:38 PM (PT)
The general revenue malaise impacted CUMULUS MEDIA, which suffered a 4.2% dip in net revenues in the second quarter 2008, as revenue fell from $87.3 million to $83.6 million. Company management cited a "general weak demand for advertising across our station platform."
Cash revenues fell from $82.8 million to $79.8 million, a 3.7% decline. CUMULUS station operating income fell from $33.8 million to $30.7 million, a 9.2% drop. Adjusted EBITDA fell 7.8% from $29.7 million to $27.4 million. Free cash flow, on the other hand, was up 3.8% to $17.5 million and net income rose to $30.3 million. The profit was attributed to a one-time $15 million termination fee emanating from CUMULUS' failed bid to go private.