Cumulus Third Quarter 2019 Revenue Down Overall, But Up On Same Station Basis

Q3

CUMULUS MEDIA third quarter 2019 net revenue fell 0.5% to $280,808,000 (but up 3.9% on a same station basis excluding political revenue), with net income up 28.4% to $16,323,000 (81 cents/basic and diluted share) and Adjusted EBITDA off 5.5% to $58,707,000 (up 2.2% on a same station basis excluding political revenue). The company now reports its results as one segment rather than dividing the results up into CUMULUS RADIO STATION GROUP and WESTWOOD ONE segments.

For the quarter, broadcast radio spot revenue fell 4.4% to $161.2 million, while network revenue rose 3.6% to $78.4 million, resulting in overall broadcast radio revenue falling 1.9% to $239.6 million. Digital revenue jumped 48.1% to $19.9 million.

President/CEO MARY G. BERNER said, “In the third quarter, the Company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis.  Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels.  We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x.  Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense.”

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