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Cumulus Media: Cumulus Reports Operating Results For Third Quarter ATLANTA, GA —

The following excerpt is from the company's SEC filing.

November 5, 2015

: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”)

oday announced operating results for the

three and nine

months ended

September 30, 2015

For the quarter ended

, the Company reported net revenue of

$289.4 million

, down

vs. the quarter ended

September 30, 2014

and Adjusted EBITDA of

$70.6 million

from the quarter ended

. For the nine months ended

, net revenue and Adjusted EBITDA were

$859.9 million

$196.1 million

, respectively , from the comparable measures a year ago. During the third quarter of 2015, the Company also recorded an impairment against intangible assets and goodwill of

$565.6 million

, and announced Mary G. Berner as its new Chief Executive Officer, effective October 13, 2015.

Ms. Berner commented, “Despite Cumulus' recent challenges, my early experiences have reinforced my appreciation for the strength of the Company’s aggregate assets, including its people. I was hired by the Company’s Board of Directors to maximize the value of those assets and I believe that, through focused execution, we will be able to capitalize on the operational leverage that appears to exist in the Company. While such efforts will not be easy nor, in many cases, immediate, I intend to institute a relentless commitment to improvement over the coming months to drive results for all stakeholders.”

Third Quarter

Operating Summary (in thousands, except percentages and per share data):

Three Months Ended September 30,

% Change

Net revenue



Adjusted EBITDA (1)



Basic and diluted EPS

Nine Months Ended September 30,





Other Financial Information

Cash and cash equivalents



Term loans


7.75% Senior Notes


Total debt


Capital expenditures

Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure and Definition” and “Reconciliation of Non-GAAP Financial Measure to Most Directly Comparable GAAP Measure” included herein.

Results for


Net Revenue

The following table presents our net revenue by category (dollars in thousands).


Broadcast advertising



Digital advertising


Political advertising

License fees & other

The following table presents our broadcast advertising revenue by source (dollars in thousands).

Broadcast advertising:









Earnings Call Information

Cumulus Media Inc. will host a teleconference today at 4:30 PM eastern time to discuss its

operating results. The conference call dial-in number for domestic callers is 877-830-7699. International callers should dial 660-422-3366 for conference call access.

Please call five to ten minutes in advance to ensure that you are connected prior to the presentation. The call also may be accessed via webcast at

Following completion of the call, a replay can be accessed until 11:30 PM eastern time, December 5, 2015. Domestic callers can access the replay by dialing 855-859-2056, replay code 81303179#. International callers should dial 404-537-3406 for conference replay access.

Forward-Looking Statements

Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to certain historical and our future operating, financial, and strategic performance. Any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties. Actual results may differ from those...