Q2 Results
CUMULUS MEDIA INC. second quarter 2019 net revenue fell 2% year-to-year (but up 1.8% on a same station basis excluding political) to $279.7 million, with net income down from $706.1 million to $42.9 million, mostly due to a net loss on the corporate side offsetting gains on the radio group side, and Adjusted EBITDA off 6.8% to $61.8 million (up 3.7% on a same station basis without political revenue).
The radio station group saw net revenue of $193.2 million (down from $203 million) and net income of $93 million (up from a loss of $488 million), while WESTWOOD ONE pulled in $85.8 million in revenue (up from $81 million) and had net income of $11.6 million (down from $259 million).
Pres./CEO MARY G. BERNER 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. 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.”
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