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Cumulus Q4 Revenues Drop
March 9, 2006 at 8:13 AM (PT)
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CUMULUS fourth quarter net revenues fell 1.8% to $82.866 million (same station off 1.6% to $76 million), with adjusted EBITDA off 15.8% to $23.74 million. The decline was blamed on a 19.4% drop in national ads offser by a 3.9% increase in local revenue. Net income per share dropped from 14 cents to a loss of $3.45 (+7 cents excluding a non-cash impariment charge and income tax benefit). The company expects first quarter 2006 pro forma net revenue to grow 3% year-to-year.

