Cumulus Media Inc today reported financial results for the
three and nine months ended September 30, 2013.
Lew Dickey, Chairman & CEO stated: "This was
another solid quarter for the Company. Our growth initiatives complemented our
core business, which continued to take share, and we are seeing a continuation
of these trends in fourth quarter."
Financial highlights are as follows (in thousands, except
percentages) (footnote follows):
Net revenues for the three months ended September 30, 2013
increased $5.7 million, or 2.1%, to $281.1 million, compared to $275.4 million
for the three months ended September 30, 2012.
This increase was primarily attributable to a $4.6 million
increase in local spot advertising revenue, an increase of $2.1 million in
national advertising revenue, an increase of $1.3 million in live event
revenue, and an increase of $0.9 million in revenue due to the addition of
stations in the Bloomington and Peoria markets which were acquired in July
2012, all of which was partially offset by a decrease of $2.9 million in
cyclical political revenues.
Direct operating expenses for the three months ended
September 30, 2013 increased $12.3 million, or 7.6%, to $174.0 million,
compared to $161.7 million for the three months ended September 30, 2012.
The increase was primarily attributable to $4.0 million of
ongoing investments in national content initiatives, a $1.9 million increase
related to ongoing investments in the sales infrastructure, and a $0.6 million
increase in expenses due to the acquisition of stations in the Bloomington
and Peoria
markets. In addition, music publishing license fees increased by $8.3 million
as a result of a non-recurring, one-time credit received in the comparable 2012
period from an industry-wide settlement with Broadcast Music, Inc.
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