Cumulus Revs Up In Q2
July 29, 2010 at 4:43 AM (PT)
CUMULUS MEDIA INC. has reported financial results for the three and six months ended JUNE 30th, 2010.
Net revenues for the three months ended JUNE 30th, 2010 increased $3.7 million, or 5.7%, to $69.7 million compared to $66.0 million for the three months ended JUNE 30th, 2009, "primarily due to an increase in revenue from national accounts, political revenue generated by mid-term congressional elections, and increases in Internet-related revenues," said CUMULUS.
Station operating expenses for the three months ended JUNE 30th, 2010 increased $1.2 million, or 3.0%, to $40.4 million from $39.2 million in 2009 "primarily due to normalized employee costs following a prior period company wide one week furlough as well as an increase in trade expenses," wrote the company.
Chairman/CEO LEW DICKEY stated, "This was another quarter of solid performance for both CUMULUS MEDIA, INC. and CUMULUS MEDIA PARTNERS, LLC. As we continue to aggressively innovate the radio business through our proprietary technology platform and operating systems, these businesses are running with increased efficiency across all functional areas resulting in strong operating leverage and healthy free cash flow growth. As a result, we continue to make good progress as we work to de-leverage the balance sheets of both of these entities."