Cumulus Media Q2 Net Revenues Down 2% to $279.6 Million
|RADIO ONLINE | Thursday, August 8, 2019|
Cumulus Media reported second quarter net revenues fell 2% to $279.6 million (successor company) from $285.2 million (predecessor company) in 2018. On a same station basis, including the impact of political revenue, net revenue grew 0.7%. Adjusted EBITDA fell 6.8% to $61.8 million from $66.3 million. The company posted a net income of $42.9 million ($2.11 per dileuted share) as compared to $66.3 million in the year-ago period.
President/CEO Mary G. Berner said, "In the second quarter, we continued to make great progress against the goals we set when we emerged from bankruptcy a little over a year ago. We delivered a solid financial performance, with same station revenue and Adjusted EBITDA up 1.8% and 3.7%, respectively, on an ex-political basis, driven by continued growth in national and network revenue, as well as industry-leading digital growth."
She continued, "Additionally, we have now closed several strategic portfolio optimization transactions and announced one more. The $146.5 million of gross proceeds from the closed transactions along with cash from operations allowed us to prepay $165 million of debt since our last earnings announcement, reducing our total post-bankruptcy debt by approximately $250 million and net leverage to 4.8x. Given the results of the past year, I am more confident than ever that the company will continue to deliver significant value to our investors, employees, listeners, and advertisers."
For the purposes of analyzing the results presented, Cumulus presented the combined results of operations for June 4, 2018 to June 30, 2018 of the Successor Company with the period April 1, 2018 to June 3, 2018 of the Predecessor Company.