Cumulus' Berner Reports 2Q 'Progress', Net Income $43M

Cumulus Media Inc. today announced operating results for the three and six months ended June 30, 2019.

Second Quarter Financial Highlights

As compared to the second quarter of 2018 on an As Reported GAAP basis:

• Net revenue decreased 2.0%
• Net income was $42.9 million
• Adjusted EBITDA(1) decreased 6.8%

As compared to the second quarter of 2018 on a Same Station(2) basis, excluding the impact of political revenue:

• Net revenue increased 1.8%
• Digital revenue increased 69.1%
• Adjusted EBITDA(1) increased 3.7%

Mary G. Berner, President and Chief Executive Officer of Cumulus Media said, “In the second quarter, we continued to make great progress against the goals we set when we emerged from bankruptcy a little over a year ago.

"We delivered a solid financial performance, with same station revenue and Adjusted EBITDA up 1.8% and 3.7%, respectively, on an ex-political basis, driven by continued growth in national and network revenue, as well as industry-leading digital growth. Additionally, we have now closed several strategic portfolio optimization transactions and announced one more. The $146.5 million of gross proceeds from the closed transactions along with cash from operations allowed us to prepay $165 million of debt since our last earnings announcement, reducing our total post-bankruptcy debt by approximately $250 million and net leverage to 4.8x."

She added, "Given the results of the past year, I am more confident than ever that the company will continue to deliver significant value to our investors, employees, listeners, and advertisers.”

The Company currently operates in two reportable segments: the Cumulus Radio Station Group and Westwood One.