Cumulus Media Q3 Revenue Down 1.7% In First Post-Bankruptcy Report

Q3 Results

CUMULUS MEDIA has shared its first post-bankruptcy financials. The company reported net revenue of $282.3 million, down 1.7% from the same period one year earlier.

Pres./CEO MARY BERNER said, "This our first full quarter of operations post bankruptcy and as I said on the last call, we're certainly happy to have that behind us and to truly resume business as usual, with our much improved financial posture. We are now squarely focused on our future, in particular, tackling a tough local market through stronger sales efforts and pricing and inventory strategies, expanding our digital businesses and identifying additional efficiency opportunities to improve the expense profile and effectiveness of the business."

BERNER continued, "starting with our first quarter results, the headline is that once again our EBITDA in the quarter increased from the same period last year by approximately 50 basis points on a reported basis. On a same station basis, which is just for exit from WLUP/CHICAGO and also adjusting for the impact of USTN, EBITDA increased by 3.9% in the quarter. Total revenues declined by 1.7% in the quarter with the station group down 3.2% and WESTWOOD ONE up 1.7%. The station group's results reflect the top local spot environment in the markets in which we operate and our exit from WLUP FM, partially offset by strides in digital and national, while WESTWOOD ONE was negatively affected by the USTN transition."

"Despite those impacts," noted BERNER, "we still gained revenue share companywide for the seventh straight quarter with both Station Group and WESTWOOD ONE gaining share in total. Adjusting for WLUP and USTN, our revenue decline was 0.5% or half a percentage point in the quarter. While I am exceedingly proud of our employees who continue to deliver day in and day out, I want to call to your attention, some particularly strong performances in the quarter. NEW YORK, CHICAGO, MINNEAPOLIS, NASHVILLE and FRESNO were our top five largest positive contributors to EBITDA in the quarter and WESTWOOD ONE has maintained it's positive revenue trajectory despite a tough comparison with a strong Q3 last year and delivered its sixth straight quarter of revenue growth."

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