Following its exit from Chapter 11 reorganization, Cumulus Media reported net revenues for the third quarter of $282.3 million, down 1.7% from $287.2 million in 2017. Adjusted EBITDA grew 0.5% to $62.1 million from $61.7 million. The company posted a net income of $12.7 million (63 cents per diluted share) as compared to $1.2 million (4 cents) in the year-ago period. Cumulus’ operating results and operating performance measures on a consolidated basis, as well as within the Cumulus Radio Station Group and Westwood One, were not materially impacted by the Chapter 11 reorganization.
Cumulus Media President/CEO Mary Berner commented, “In our first full quarter of operations since emerging from Chapter 11, our positive momentum continued and we remain focused on the path ahead. We delivered another quarter of Adjusted EBITDA growth – approximately 50 basis points on a reported basis and 3.9% when adjusting for the impact of USTN and our exit from WLUP-FM in Chicago. Additionally, in early October, we completed a $50 million prepayment of our term loan using cash generated from operations, demonstrating both our ability to produce significant free cash flow and our commitment to pay down debt with that cash.”
She continued, “We continue to believe that our key growth initiatives, including our digital businesses at the Cumulus Radio Station Group, our rapidly expanding podcast business and pricing and inventory management improvements across the Company, as well as our substantial free cash flow generation, position the Company well to create value for all our stakeholders.”