As the Cumulus bankruptcy case winds its way through its final stages, the company reported revenue for the first quarter of 2018 on Tuesday. Net revenue was $263.7 million, down 0.1% from Q1 2017. Net revenue from Cumulus radio stations was $168.2 million, a decline of 3.1% from $173.6 million in 2017. Westwood One revenue was $94.8 million, an increase of 5.5% over 2017.
The company reported a net loss of $5 million in the quarter. That’s an improvement from a year earlier. In Q1 of 2017 Cumulus reported a net loss of $7.4 million.
Cumulus CEO Mary Berner on the results from Q1: “Despite ongoing market challenges, our first-quarter results demonstrate continued operational traction and financial progress against our key priorities, with the Radio Station Group turning in its seventh straight quarter of revenue share growth and Westwood One delivering its fifth straight quarter of revenue share growth. With the recent confirmation of our plan, we are now able to complete the balance sheet restructuring which is a critical element of our turnaround plan. After we emerge from Chapter 11, we look forward to moving ahead with a firmer financial foundation in place and greater ability to execute on our many initiatives to further strengthen and build this business.”
On May 10, the Bankruptcy Court entered an order confirming Cumulus’ reorganization plan and Cumulus expects to emerge from Chapter 11 before the end of the second quarter.