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Cumulus Media Q1 Revenues Up 324%, Loss Narrows
RADIO ONLINE | Monday, May 7, 2012 | 3:19pm CT
Cumulus Media reported a 324% gain in net revenues for the first quarter of $245.3 million from $57.9 million in 2011. The increase reflects the impact of net revenues from Citadel Broadcasting and Cumulus Media Partners, as well as a $2.4 million increase in political advertising. The company posted a net loss of $12.1 million (12 cents per diluted share) as compared to $16.1 million (37 cents) in the year-ago period.
Chairman/CEO Lew Dickey stated, "The first quarter of 2012 was marked by significant progress in our integration of Citadel as we build Cumulus into a robust platform company that strategically monetizes content, distribution and technology. Complementing this progress was the continued deleveraging of our balance sheet, as well as strategic portfolio management that will enable us tremendous financial flexibility going forward." (05-07-12)
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