Cumulus Q2 Revenue Up 1.2%, EBITDA Up 6.7%

A Good Quarter

CUMULUS MEDIA reported Q2 2017 net revenue of $290.5 million, up 1.2% from the same quarter last year. EBITDA (earnings before interest, tax, depreciation and amortization) was up 6.7%, the first increase in three years.

Radio Station Group net revenue was $208.6 million (down 0.7%), but its net income was $46.8 million (up 0.9%). The big winner last quarter was WESTWOOD ONE; its net revenue rose 6.1% to $81.2 million (up 6.1%)and its net income was $10.98 million (up $10.09 million from year ago).

"Our second-quarter results provide further evidence of the success of our turnaround strategies as we posted a year-over-year increase in Adjusted EBITDA for the first time in over three years despite what continues to be a tough market environment," CUMULUS MEDIA Pres./CEO MARY BERNER said.

The news sent CUMULUS MEDIA stock up 27.9% after hours. The stock, which opened today at 42 cents, has stabilized at 55 cents.

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