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Cumulus Revenues Fall In Q3

November 3, 2009: Cumulus Media reports today that its net revenues fell 18.5 percent in the third quarter, to $65.1 million from $80 million, "primarily due to the impact [of] the current economic recession." Breaking that out, cash revenues were down 19.1 percent, to $61.9 million from $76.5 million, while barter revenues were off 6 percent, to $3.2 million from $3.4 million.

Cumulus' brought its station operating expenses down 20.9 percent, to $40.2 million from $50.8 million, by way of staff cuts and, the company said, "continued scrutiny of all operating expenses across our entire station platform."

Station operating income was $30 million, down 14.4 percent from $29.2 million in Q3 2008, and EBITDA was off 20 percent, to $20.1 million from $25.2 million. Free cash flow was $8.5 million, down 49.2 percent from $16.7 million.

Cumulus' net loss in the quarter was $144 million ($3.56 per share) compared to net income of $6 million (14 cents) a year ago.



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