Cumulus Q2 Net Revenue Up 5.7% to $69.7 Million

RADIO ONLINE | Thursday, July 29, 2010 | 2:11pm CT

Cumulus Media reported second quarter net revenues rose 5.7% to $69.7 million from $65.9 million in 2009. Station operating income (SOI) grew 9.7% to $29.3 million from $26.7 million. Station operating expenses increased 3% to $40.4 million primarily due to normalized employee costs.

The company posted net earnings of $12.3 million (29 cents per share) as compared to earnings of $14 million (34 cents) in the year-ago period.

Chairman/CEO Lew Dickey stated, "This was another quarter of solid performance for both Cumulus Media and Cumulus Media Partners. As we continue to aggressively innovate the radio business through our proprietary technology platform and operating systems, these businesses are running with increased efficiency across all functional areas resulting in strong operating leverage and healthy free cash flow growth."