Cumulus Revs Down 21.1% In Q2
August 5, 2009 at 5:11 AM (PT)
CUMULUS MEDIA has reported their financial results for the three and six months ended JUNE 30th, 2009.
Net revenues for Q2 decreased from $83.6 million to $66.0 million, a decrease of 21.1% versus the second quarter of 2008, "primarily due to the impact the current economic recession has had across our entire station platform." Cash revenues for the second quarter decreased from $79.8 million to $62.8 million, a decrease of 21.2% and barter revenue decreased $0.7 million or 18.3% "as we continue to deemphasize barter transactions."
Station operating expenses decreased from $53.0 million to $39.2 million, a decrease of 25.9% from the second quarter of 2008.
Station operating income decreased from $30.7 million to $26.7 million, a decrease of 12.8% from the second quarter of 2008.