It’s not really something we normally see from a radio company. On Thursday, Cumulus pre-released earnings and expects revenue in the range of $286 to $288 million for the third quarter of 2017. Revenue was $286 million in Q3 of 2016 and $289 million in Q3 of 2015. Final earnings will be released on November 9. Here’s what the Cumulus CEO had to say about the quarter.
CEO Mary Berner said, “The strong preliminary results for the third quarter provide further evidence that our turnaround plan is taking hold. We are encouraged by our continuing operating and financial momentum in the face of negative industry trends. This quarter, we delivered our seventh straight quarter of ratings share growth at the station group along with revenue share gains for our fifth straight quarter at the station group and third straight quarter at Westwood One. Most importantly, it was the second straight quarter of year-over-year growth in revenue and Adjusted EBITDA.”
She went on to talk about the company’s debt issue. “While the company has ample cash to operate our business, Cumulus continues to be constrained by an excessive debt load. With the assistance of outside advisors, we are proactively exploring a range of alternatives with our lenders and noteholders to restructure the balance sheet and reduce debt. Our objective is to be able to redirect more of our time and resources to where they can have the greatest impact on our future – investing in our employees, in key technologies, and in initiatives that drive growth.”
