Cumulus Revs Down 18.5% For Q3
November 3, 2009 at 5:30 AM (PT)
CUMULUS has reported financial results for the three months ended SEPTEMBER 30th, 2009.
Net revenues for Q3 decreased from $80.0 million to $65.1 million, a decrease of 18.5% versus the third quarter of 2008, "primarily due to the impact the current economic recession has had across our entire station platform and industry at large," said the company. Cash revenues for the third quarter decreased from $76.5 million to $61.9 million, a decrease of 19.1% and barter revenue decreased $0.2 million or 6.0% "as we continue to deemphasize barter transactions."
Station operating expenses decreased from $50.8 million to $40.2 million, a decrease of 20.9% from the third quarter of 2008.
Station operating income decreased from $29.2 million to $25.0 million, a decrease of 14.4% from the third quarter of 2008, for the reasons discussed above.
Corporate expenses (excluding non-cash stock compensation and terminated transaction expense) for the three months ended SEPTEMBER 30th, increased $0.8 million over the comparative period in 2008, "primarily due to non-recurring severance costs and other professional fees associated with corporate restructuring, and professional fees related to interim impairment analysis."