Cumulus Media Revenue, Income Fall In Second Quarter 2023
Down In Q2
CUMULUS MEDIA saw second quarter 2023 revenue dip 11% to $210.1 million, leading to net income falling from a gain of $8.654 million to a loss of $1.068 million (-6 cents/share) and Adjusted EBITDA dropping 32.6% to $30.676 million. Broadcast radio revenue fell 16.5% to $146.763 million, while digital revenues fell 0.7% to $37.538 million.Pres./CEO MARY G. BERNER’s press release statement focused on meeting projections, saying, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding.“Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”
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