Q3 Financials
CUMULUS MEDIA has released operating results for the three and nine months ended SEPTEMBER 30th, 2017. The Company reported net revenue of $287.2 million, up 0.4% from the Q3 2016, net income of $1.3 million and Adjusted EBITDA of $61.8 million which was up 40.7% from Q3 2016.
The Company reported net Q3 revenue of $841.8 million, net loss of $0.4 million and Adjusted EBITDA of $167.9 million, which was up 12.7% from the nine months ended SEPTEMBER 30th, 2016. Adjusted EBITDA for the three and nine months ended SEPTEMBER 30th, 2016 included the impact of $14.4 million of expenses incurred to resolve previously disputed syndicated programming and network inventory expenses with CBS RADIO Inc.
Pres./CEO MARY BERNER said, “As we noted when we announced our preliminary results in OCTOBER, our strong third-quarter performance plainly demonstrates that our operational turnaround plan is working. The entire CUMULUS team has shown great commitment to maintaining our momentum. By executing our foundational operating initiatives and continuing to develop growth opportunities, we are confident that we can build on our success despite the challenging industry environment.”
BERNER continued, “We are also focused on addressing our excessive debt load on a parallel track to our operational turnaround plan. As previously disclosed, we are working with our advisors to proactively explore a range of alternatives to restructure our balance sheet, and we are continuing productive discussions with our creditors. Regardless of the path forward, we have ample cash to operate our business. Our goal remains to reduce our debt so we can focus our time and resources on investments in our people, key technologies and initiatives that will ultimately drive sustainable, long-term growth.”
BERNER addressed the company’s “heavy debt load” on a conference call this morning, noting CUMULUS was, “exploring all options,” and was having, “private discussions with creditors,” that would allow, “restructuring that will allow a continued turnaround.”
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