For the three months ended June 30, 2016, the Company reported net revenue of $287.2 million, down 4.1% from the three months ended June 30, 2015, net income of $1.1 million, down 91.3% from the three months ended June 30, 2015, and Adjusted EBITDA of $63.2 million, down 21.8% from the quarter ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net revenue of $555.7 million, down 2.6% from the six months ended June 30, 2015, a net loss of $13.4 million and Adjusted EBITDA of $105.1 million, down 16.2% from the six months ended June 30, 2015.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “The second quarter results underscore the substantial challenges that we must overcome. However, our operating strategy is gaining measurable traction with significant ratings growth, improved employee engagement, reduced turnover and enhanced operational effectiveness. These are all critical first steps in the execution of our multi-year turnaround plan.”
In addition to the radio station group being flat for the quarter, Berner reported that national was up due to increased ratings. She said ratings had been decreasing for four years when she arrived 9 months ago, adding that, since implementing her programming plans, ratings have increased for 8 consecutive months. “15 of 17 PPM markets showed growth in the all important money demo,” she said. “The other two markets were flat.”
The drastic drop in revenue at Westwood One was blamed on a demand drop-off for network inventory, as well as the shutdown of NASH Country Weekly magazine.
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