Cumulus Media Q4 Net Revenues Down 13.9%, Reports Loss
| RADIO ONLINE | Tuesday, February 23, 2021 | 5:20pm CT |
|
 Cumulus Media |
Cumulus Media reported fourth quarter net revenue fell 13.9% to $245.8 million from $285.4 million in 2019. Adjusted EBITDA dropped 21.9% to $39.5 million from $50.6 million. Same station net revenue decreased 13.1% to $245.8 million from $283 million while same station Adjusted EBITDA was down 23.4% to $39.6 million from $51.8 million. The company reported a net loss of $249,000 (-1 cent per diluted share) as compared to earnings of $1.6 million (8 cents) in the year-ago period.
Cumulus Media President/CEO Mary G. Berner said, "Given 2020's extenuating circumstances, I am extremely proud of the company's performance and the efforts of the entire Cumulus team to meet the challenges posed by COVID-19. In the face of the pandemic, we maximized revenue performance, materially reduced expenses, generated cash through strong working capital management, and executed highly accretive divestitures that strengthened our balance sheet. As a result of these efforts and with a recovering economy, we believe that we are well-positioned to return our business to its pre-pandemic trajectory and to capitalize on strategic and financial options to best drive shareholder returns."
