Cumulus Revenue Inches Up in 1Q '09
April 29, 2010 at 1:47 PM (PT)
CUMULUS MEDIA continued the relatively positive momentum of 2010 by announcing that its net revenues for the first quarter increased $1.0 million, or 1.8%, to $56.4 million, compared to $55.4 million for the three months ended MARCH 31st, 2009. The company largely attributed this increase to "an increase in political revenue generated by mid-term congressional elections and an increase in revenue from national accounts."
Probably the most dramatic evidence of CUMULUS' imminent turn-around was the last that the conglomerate lost $3.3 million in Q1 2009, but only lost $144,000 in the most recent quarter.
"CUMULUS entered 2010 with very strong momentum fueled by our Radio 2.0 initiative," Chairman/CEO LEW DICKEY stated: "Through our proprietary technology platform and franchise systems, we continue to re-engineer the radio business model to reduce fixed costs across all of our radio stations.
"Simultaneously, the CUMULUS Sales Operating System launched last year is generating positive year-over-year net revenue growth for our company once again. The combination of these efforts resulted in substantially increased operating margins and adjusted EBITDA growth of 62.7% over the same period last year.
"We complemented this organic growth in our core operations with additional strategic development of our digital media platform, significant revenue growth and margin expansion at CUMULUS MEDIA PARTNERS, and announcement of a new strategic partnership in CUMULUS Radio Investors. We are extremely pleased with these results, and increasingly optimistic about the forecast for our company."