Cumulus Revenues, Income Fall In Third Quarter

Decreased Revenue For Q3

CUMULUS MEDIA third quarter net revenue fell 30.1% year-to-year (same station basis down 29.4%) to $196.4 million, leading to net income dropping from a gain of $16.3 million to a loss of $15.8 million (81 to -78 cents/basic or diluted share). Adjusted EBITDA fell 65.4% (same station 66.1%) to $20.3 million.  Broadcast radio revenue was down 32.6% for spot ($108.7 million) and 32.8% for network ($52.8 million), while digital was basically flat at 0.1% growth ($19.5 million).

The company's earnings release highlighted a few positive aspects of an otherwise down period, including how revenue grew sequentially each month, with a 35% jump from JUNE through SEPTEMBER, the growth of podcasting (up 50% year-to-year), and a record political advertising take of $5.8 million, as well as positive cash from operations after cost-cutting.

Pres./CEO MARY BERNER said, "In the third quarter, the Company continued to focus on maximizing revenue performance, executing meaningful expense reductions, protecting cash through efficient working capital management and strengthening our balance sheet. Despite the extraordinary challenges of operating through a pandemic, we have reduced debt by $269 million and increased cash by $316 million since emerging from bankruptcy  in 2018 (a net debt reduction of more than $585 million or 46%.) We believe that these actions, along with record-setting political revenues, will allow us to navigate through and emerge from the COVID-19 crisis with considerable ability to support our growth initiatives and capitalize on strategic and operating opportunities in 2021 and beyond."

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