Cumulus Reports Revs Down 24.1% In Q1
May 12, 2009 at 5:03 AM (PT)
CUMULUS MEDIA has reported it's Q1 financials for the three-month period ended MARCH 31st, 2009, and cut into its loss in the first quarter, even as revenue declined. The ATLANTA-based operator had a net loss of $3.3 million and a loss per share of 8 cents, compared with a net loss of $4.2 million and a loss per share of 10 cents in the first quarter of 2008.
Net revenues for the first quarter decreased from $72.9 million to $55.3 million, a decrease of 24.1% versus the first quarter of 2008 "primarily due to the impact the current economic recession has had across our entire station platform," wrote CUMULUS.
Station operating expenses decreased from $51.2 million to $42.3 million, a decrease of 17.3% from the first quarter of 2008. "This decrease was primarily due to personnel reductions and continued scrutiny of all operating expenses across our entire station platform," the company wrote in its filing.
Station operating income decreased from $21.8 million to $13.1 million, a decrease of 40.0% from the first quarter of 2008.