Cumulus Q3 Revs Down 18.5%, Profit Swings to Loss

RADIO ONLINE | , , | :am CT

Cumulus Media reported an 18.5% drop in third quarter net revenues to $65.1 million from $79.9 million in 2008. Station operating income (SOI) was also down, falling 14.4% to $64.7 million from $81.5 million. The company posted a loss of $143.9 million ($3.56 per share) compared to earning of $6 million (14 cents) in the year-ago period.

Station operating expenses fell 20.9% to $40.2 million from $50.8 million after it trimmed its staff and "continued scrutiny of all operating expenses across our entire station platform."