Cumulus Q4 Revs Down Over 11%
March 16, 2009 at 5:22 AM (PT)
CUMULUS MEDIA INC. reported a fourth-quarter net loss of $393.71 million or $9.55 per share, compared to a net loss of $153.99 million or $3.56 per share in the same quarter a year ago.
Quarterly revenues declined 11.1% to $75.06 million from $84.40 million last year. Analysts estimated the company to report revenues of $75.49 million for the quarter.
The company cited pressures to their client base, based on the current economic recession for the loss. Cash revenues for the fourth quarter decreased from $79.0 million to $70.8 million a decrease of 10.5% and barter revenue decreased $1.06 million, or 19.8%, as we continue to deemphasize barter transactions.
Station operating expenses decreased from $53.2 million to $48.3 million, a decrease of 9.2% from the fourth quarter of 2007. This decrease was primarily attributable to general expense decreases, including a decline in variable cost of sales related to revenue reductions across our station platform.
Station operating income decreased from $31.2 million to $26.8 million, a decrease of 14.3% from the fourth quarter of 2007, for the reasons discussed above.