Cumulus Media Q1 Net Revenues Rise 1.4%, Earnings Up
|RADIO ONLINE | Thursday, May 9, 2019|
Cumulus Media reported Q1 net revenues rose 1.4% to $267.5 million from $263.6 million in 2018. The Cumulus Radio Group produced 62.3% on net revenue, while Westwood One garnered 37.5% of revenues. Adjusted EBITDA grew 3.8% to $41.8 million from $40.2 million. The company posted net earnings of $451,000 (2 cents per diluted share) as compared to a loss of $5 million (17 cents) in the year-ago period.
President/CEO Mary G. Berner said, "Driven by a steady focus on our key strategic priorities including accelerating digital growth, our strong performance continued in Q1 2019 with year-over-year increases in both revenue and EBITDA. Additionally, we now have four pending M&A transactions that collectively are expected to generate more than $120 million of net proceeds and bolster our competitive positions in Indianapolis and Allentown."
She continued, "Combined with the $25 million voluntary prepayment made in February, these proceeds will reduce our net leverage to 4.8x on a pro forma basis. We look forward to continuing our disciplined execution against all our strategic priorities and financial goals in the quarters ahead."