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Cumulus Q3 Net Revs Up Slightly, Earnings Decline
RADIO ONLINE | Thursday, November 9, 2017 |
Cumulus Media reported third quarter net revenue grew 0.4% to $287.2 million from $286.1 million in 2016. Adjusted EBITDA climbed 40.7% to $61.8 million from $43.8 million. Operating expenses increased to $244.3 million from $173.1 million, while operating income fell to $42.9 million from $113 million. The company posted a net income of $1.3 million (4 cents per diluted share) as compared to $46.3 million ($1.12) in the year-ago period
President/CEO Mary Berner said, "As we noted when we announced our preliminary results in October, our strong third quarter performance plainly demonstrates that our operational turnaround plan is working. The entire Cumulus team has shown great commitment to maintaining our momentum. By executing our foundational operating initiatives and continuing to develop growth opportunities, we are confident that we can build on our success despite the challenging industry environment."
Berner continued, "We are also focused on addressing our excessive debt load on a parallel track to our operational turnaround plan. As previously disclosed, we are working with our advisors to proactively explore a range of alternatives to restructure our balance sheet, and we are continuing productive discussions with our creditors. Regardless of the path forward, we have ample cash to operate our business. Our goal remains to reduce our debt so we can focus our time and resources on investments in our people, key technologies and initiatives that will ultimately drive sustainable, long-term growth."
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