With Cumulus in the middle of a bankruptcy proceeding there was no earnings call to discuss the company’s revenue. Cumulus simply filed a bare bones 8K with the SEC late on Wednesday announcing its results for the fourth quarter of 2017 as well as the full year.
In Q4, revenue for the company was $293.9 million, down 1.9%. For the year Cumulus took in $1.13 billion in revenue, a decrease of 0.5% from 2016. In Q4 Cumulus’ net loss was $206.1 million and adjusted EBITDA was $49.9 million, down 12.3% from Q4 2016. For the year Cumulus’ net loss was $206.6 million and adjusted EBITDA was $217.8 million, up 5.8% from 2016. CEO Mary Berner said, “Our 2017 financial performance is a true testament to our employees’ hard work and commitment to our turnaround plan. Having also made the decision to definitively address our overleveraged balance sheet, we look forward to completing our financial restructuring and continuing our progress in the months ahead.”
Revenue from Cumulus radio stations in Q4 was $202 million, down $7.8 million or 3.7%. Westwood One revenue jumped 2.5% or $2.2 million to $91.3 million. For the year, revenue at Cumulus’ radio stations was $787 million, down $15.4 million or nearly 2%. At Westwood One in 2017, revenue was up 9.6 million to $346 million, a jump of 2.8%
During the fourth quarter of 2017, the Company recorded a noncash impairment charge against FCC licenses of $335.9 million. During the fourth quarter of 2016, the Company recorded noncash impairment charges against FCC licenses and goodwill of $603.1 million.
