Cumulus Second-Quarter Revenue Slips In Emergence From Chapter 11

New Numbers

CUMULUS MEDIA has released its first financial information after its emergence from Chapter 11 bankruptcy, showing net revenue for JUNE 4th-30th at $95 million and net income at $4.98 million (25 cents/share).  Added to the $190.245 million in revenue and $701.157 million for net income ($23.90 per share) for APRIL 1st-JUNE 3rd, the combined second quarter resulted in $285,249,000 in revenue, down 1.8% from second quarter 2017's $290,531,000, and $706 million in net income, far surpassing second quarter 2017's $5.7 million. The net income figure includes an after-tax gain of $671 million that resulted from the reorganization. EBITDA also fell 1.5% to $66.356 million.

Pres./CEO MARY BERNER said, “In the second quarter, we emerged from Chapter 11 with new and supportive ownership, a billion dollars less debt and results that demonstrate our operational and financial momentum, despite industry challenges and the distractions posed by our Chapter 11 proceedings. Normalizing those results for $4.8 million of write-offs related to U.S TRAFFIC NETWORK’s well-publicized financial problems, our Adjusted EBITDA grew in the quarter by 5.5%.

“Looking forward, we are excited about the potential of our digital products, improved pricing and inventory management across the entire platform and our young but fast-growing podcasting business to supplement the performance of our core business. These growth drivers, combined with our continued focus on operating fundamentals, our reduced debt load, our ability to generate significant free cash flow and our renewed focus on optimization of our portfolio of assets, position us well to build substantial shareholder value in the quarters and years to come.”

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