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Cumulus Media Q4 Net Revenue Down 7.7%, Earnings Down
RADIO ONLINE | Friday, February 21, 2020 |
Cumulus Media reported fourth quarter net revenue fell 7.7% to $285.4 million from $309.1 million in 2018. Adjusted EBITDA decreased 22.8% to $50.6 million from $65.6 million. On a same station basis Q4 net revenue was down 4.4% to $285.4 million from $298.5 million, while Adjusted EBITDA declined 18.6% to $50.6 million from $62.2 million. The company posted a net income of $1.6 million (8 cents per diluted share) as compared with $65.6 million ($2.18) in the year-ago period.
President/CEO Mary G. Berner said, "I am very proud of the Company's 2019 results. On a same station basis, our team has now delivered the second year in a row of revenue growth and, excluding the impact of political, the third year in a row of Adjusted EBITDA growth. This performance was driven in large part by the industry-leading growth of our digital businesses and active cost management across our platforms."
She continued, "Additionally, we made strong progress against our financial goals during the year, paying down $220 million of debt with cash from operations and highly accretive divestitures, reducing net leverage to 4.7x. This year's results reflect the success of our consistent focus on key strategies to create value for our investors."
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