Cumulus Reports Second Quarter 2011 Results.

Extract

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Cumulus Reports Second Quarter 2011 Results.

ATLANTA -- Cumulus Media Inc. (NASDAQ: CMLS) today reported financial results for the three and six months ended June 30, 2011.

Lew Dickey, Chairman & CEO, stated, "Q2 presented a challenging environment for our markets. Our cash revenues declined 0.4%, but our team did an excellent job of defending cash flow. Our Adjusted EBITDA has grown by 7.1% year-to-date, excluding one-time transaction costs. As we move into Q3, we are pleased to have announced our August 1st closing of CMP and expect to close on our acquisition of Citadel Broadcasting in September. Our team is looking forward to executing our integration and operating plans for this exciting new platform of 570 stations and a radio network serving more than 4,000 station affiliates."

Financial highlights (in thousands, except per share data and percentages) are as follows:

Three Months Ended June 30,

% Change

Six Months Ended June 30,

% Change

As Reported:

2011

2010

2011

2010

Broadcast revenues

$68,053

$68,739

-1.0%

$124,787

$124,097

0.6%

Management fees

1,125

1,000

12.5%

2,250

2,000

12.5%

Net revenues

$69,178

$69,739

-0.8%

$127,037

$126,097

0.7%

Station operating expenses (excluding depreciation, amortization and LMA fees)

39,158

40,416

-3.1%

76,713

80,343

-4.5%

Station operating income

$30,02...

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