Advertisement |
Cumulus Q4 Net Revs Grew 5.2%, Adjusted EBITDA Up 31.6%
RADIO ONLINE | Tuesday, March 19, 2019 |
Cumulus Media reported fourth quarter net revenue rose 5.2% to $309.2 million from $293.8 million in 2017. Adjusted EBITDA of grew 31.6% to $65.6 million from $49.8 million. The company reported a net income of $43.7 million ($2.18 per diluted share) as compared with a net loss of $206.1 million ($7.03) in the year-ago period. Operating results were not adjusted to reflect the impact of the recently announced divestiture of six stations to Educational Media Foundation.
On Monday, the company completed a prepayment of $25.4 million principal amount of the term loan for $25 million, a discount to par value of 1.50%. This transaction was funded with cash from operations and the availability on the Revolving Credit Agreement remained unchanged.
President/CEO Mary G. Berner said, "We are delighted by the company's strong 2018 performance. Despite the challenges presented by our bankruptcy in the first half of the year and industry headwinds throughout the year, Cumulus was able to deliver its first full year of revenue growth in four years fueled by digital growth of more than 60%, its eighth straight quarter of increased market revenue share and its second consecutive year of EBITDA growth after years of declines. That EBITDA growth, in conjunction with our October 2018 $50 million voluntary debt prepayment, brought our net leverage down to 5.2x at year end."
She continued, "Additionally, as previously announced, we entered into two station transactions this quarter, which should further reduce net leverage when completed later this year. In combination, these results demonstrate our firm commitment to the execution of our strategic priorities - maximizing operating performance, growing our digital businesses, and optimizing our asset portfolio - and the achievement of our financial goals of annually generating up to $100 million of free cash flow, reducing our net leverage to below 4.0x, and reinvesting in meaningful growth opportunities. With the entire Cumulus team, I look forward to demonstrating continued progress against all these objectives in coming quarters."
Advertisement |
Latest Radio Stories
Jacobs Media to Present the Techsurvey 2024 Results |
iHeartPodcasts Announces New Weekly Wellness Podcast |
iHM/San Francisco Names Hunt, Loughran as Program Director |
Advertisement |
Nueva Network and Zeno Media Teams for Digital Platform |
Triton Digital Issues March 2024 U.S. Podcast Ranker |
MediaCo Acquires Hispanic Broadcaster Estrella Media |