Cumulus Media Inc. Earnings: A Swing to Quarterly Profit
Cumulus Media Inc. (NASDAQ:CMLS) reported its results for the first quarter. Cumulus Media, Inc is a radio broadcasting company, which owns and operates FM and AM radio station clusters serving mid-sized markets throughout the United States.
Cumulus Media Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $16.1 million (37 cents/diluted share) in the quarter. The broadcasting company had a net loss of $144,000 or a loss of one cent per share in the year earlier quarter.
Revenue: Rose 2.7% to $57.9 million YoY.
Quoting Management: Lew Dickey, Chairman & CEO stated, “During the first quarter, we announced two very important transactions for our shareholders. With the acquisition of CMP and Citadel, we are transforming our company into a true national platform that is broadly diversified with scale. The pro forma entity will have a strong balance sheet with ample liquidity that will generate enormous free cash flow. We look forward to combining these entities into a fully-integrated asset base that will provide numerous opportunities to create value through both content and distribution.”
Key Stats: Revenue has risen the past four quarters. Revenue increased 0.3% to $69.8 million in fourth quarter of the last fiscal year. The figure rose 3.6% in third quarter of the last fiscal year from the year earlier and climbed 5.7% in second quarter of the last fiscal year from the year-ago quarter.
Competitors to Watch: Entercom Communications Corp. (NYSE:ETM), Emmis Communications Corp. (NASDAQ:EMMS), Saga Communications, Inc. (AMEX:SGA), Salem Communications Corp (NASDAQ:SALM), Disney (NYSE:DIS), Radio One, Inc. (NASDAQ:ROIAK), Beasley Broadcast Group, Inc. (NASDAQ:BBGI), CBS Corporation (NYSE:CBS), Westwood One, Inc. (NASDAQ:WWON), and Sirius XM Radio Inc. (NASDAQ:SIRI).
Stock Performance: Shares of CMLS are down .46% from the today’s close.