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Cumulus Media Q1 Net Revenue Down 14.8%, $0.36 EPS Loss


Cumulus Media
Cumulus Media

Cumulus Media reported first quarter net revenue fell 14.8% to $227.9 million from $267.4 million in 2019. Adjusted EBITDA was down 33.7% to $27.7 million from $41.8 million. Same station net revenue fell 11.2% to $226.5 million, while Adjusted EBITDA declined 28.5% to $28.4 million. The company reported a net loss of $7.4 million (36 cents per diluted share) as compared to net earnings of $451,000 (2 cents) in the year-ago period.

President/CEO Mary G. Berner said, "Regardless of the challenge, the Cumulus team has focused acutely on what matters most, moved decisively where it will make a difference, and executed every effort efficiently and with an eye toward creating value. Our reaction to this unprecedented COVID-19 crisis has been no different. We entered March with strong financial performance, a favorable capital structure and significant liquidity, and we've taken swift actions that we believe will help us weather the adverse impacts of the pandemic."

Berner continued, "Over the past few years, we have made meaningful shifts, both culturally and strategically, expanding from our on-air radio foundation to become a multi-platform audio-first media company, delivering premium content to over a quarter billion listeners each month whenever and however they want it. With our robust portfolio of broadcast, digital, mobile and voice-activated media solutions and integrated digital marketing services, we are very well-positioned to provide advertisers with the personal connections, local impact and massive national reach that will help them quickly reconnect with their customers as the crisis wanes."

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