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Cumulus Q1 Net Revs Down 0.9%, Loss Widens
RADIO ONLINE | Friday, May 6, 2016 |
Cumulus Media reported first quarter net revenue of $268.5 million, down 0.9% from $271 million in 2015. Of that revenue, $176.4 million came from its radio group, while $91.5 million was from its syndication arm Westwood One. Adjusted EBITDA of $41.9 million was down 6.1% from $44.6 million. The company posted a net loss of $14.4 million (6 cents per diluted share) as compared to a loss of $12 million (5 cents) in the year-ago period.
As previously disclosed, on November 3, 2015, Cumulus received a notification from the Listing Qualifications Department of NASDAQ indicating it was not in compliance with NASDAQ Listing Rule because the minimum bid price of its class A common stock on the NASDAQ Global Select Market had closed below $1.00 per share for 30 consecutive business days.
On May 3, Cumulus received approval from NASDAQ to transfer the listing of its class A common stock from the NASDAQ Global Select Market to the NASDAQ Capital Market. The move provides an additional 180 calendar days to comply with the rule in order for its class A common stock to remain listed on NASDAQ.
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