Citadel Reports Revenues Up For 2010
March 30, 2011 at 5:30 AM (PT)
CITADEL BROADCASTING CORP. has reported certain results for the quarter and year ended DECEMBER 31st, 2010. The company noted, "The discussion and analysis of the Company's results for the year ended DECEMBER 31st, 2010 combines the results of the Company in 2010 prior to its emergence from bankruptcy through MAY 31st, 2010 (the 'Predecessor'), with the results of the Company following its emergence from bankruptcy, from JUNE 1st, 2010 through DECEMBER 31st, 2010 (the 'Successor').
The highlights from the report included:
* Consolidated net revenue was $739.6 million for the year ended DECEMBER 31st, 2010, a $16.0 million, or 2.2%, increase over 2009
* For the year ended DECEMBER 31st, 2010, net revenue for radio stations (Radio Markets segment) increased 4.1%
* For 2010, Adjusted EBITDA was $251.2 million compared to $196.3 million in 2009, a $54.9 million increase, or 28.0%
* Free Cash Flow in 2010 increased to $169.8 million, or 77.7%, from $95.5 million in 2009
* After successfully emerging from bankruptcy in under six months in JUNE 2010, the Company refinanced its debt in DECEMBER 2010 which is expected to reduce interest costs by approximately $35 million annually
* On MARCH 10th, 2011, the Company announced that it had entered into a definitive merger agreement with CUMULUS MEDIA, INC. (NASDAQ: CMLS) under which CUMULUS would acquire the Company for $37 per share in a combination of cash and CUMULUS stock.