Cumulus Media Reports Slight Drop In Net Revenue

Cumulus Media Inc. late Tuesday announced operating results for the three and nine months ended September 30, 2018.

For the three months ended September 30, 2018, the Company reported net revenue of $282.3 million, down 1.7% from the three months ended September 30, 2017, net income of $12.7 million and Adjusted EBITDA of $62.1 million, which was up 0.5% from the three months ended September 30, 2017.

For the nine months ended September 30, 2018, the Company reported net revenue of $831.2 million, down 1.3% from the nine months ended September 30, 2017, net income of $713.8 million and Adjusted EBITDA of $168.7 million, which was up 0.5% from the nine months ended September 30, 2017. Net income for the nine months ended September 30, 2018 included an after-tax gain associated with the Company's emergence from Chapter 11 of $641.0 million.

Mary Berner, President and Chief Executive Officer of Cumulus Media commented, “In our first full quarter of operations since emerging from Chapter 11, our positive momentum continued and we remain focused on the path ahead. We delivered another quarter of Adjusted EBITDA growth - approximately 50 basis points on a reported basis and 3.9% when adjusting for the impact of USTN and our exit from WLUP-FM in Chicago.

Mary Berner

"Additionally, in early October, we completed a $50 million prepayment of our term loan using cash generated from operations, demonstrating both our ability to produce significant free cash flow and our commitment to pay down debt with that cash. We continue to believe that our key growth initiatives, including our digital businesses at the Cumulus Radio Station Group, our rapidly expanding podcast business and pricing and inventory management improvements across the Company, as well as our substantial free cash flow generation, position the Company well to create value for all our stakeholders.”