Cumulus Reports Net Revenues Up For First Quarter
May 16, 2011 at 6:19 AM (PT)
CUMULUS MEDIA has reported financial results for the three months ended MARCH 31st, 2011.
Net revenues for the three months ended MARCH 31st, 2011 increased $1.5 million, or 2.7%, to $57.9 million compared to $56.4 million for the three months ended MARCH 31st, 2010, primarily due to an increase of $1.5 million in new network advertising contracts.
Station operating expenses for the three months ended MARCH 31st, 2011 decreased $2.4 million, or 5.9%, to $37.5 million, compared to $39.9 million for the three months ended MARCH 31st, 2010. "This decrease is primarily due to a decrease in sales expenses of $1.3 million associated with the amendment of an agreement with an audience measuring service and decreases of $1.1 million in trade and other general expenses," wrote the company
Chairman/CEO LEW DICKEY stated, "During the first quarter, we announced two very important transactions for our shareholders. With the acquisition of CMP and CITADEL, we are transforming our company into a true national platform that is broadly diversified with scale. The pro forma entity will have a strong balance sheet with ample liquidity that will generate enormous free cash flow. We look forward to combining these entities into a fully-integrated asset base that will provide numerous opportunities to create value through both content and distribution."