Cumulus Media Reports Operating Results for First Quarter 2019
Q1 Net Revenue Growth of 1.4% and Adjusted EBITDA Growth of 3.8%
ATLANTA, May 09, 2019 — Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2019.
For the three months ended March 31, 2019, the Company reported net revenue of $267.5 million, an increase of 1.4% from the three months ended March 31, 2018, net income of $0.5 million and Adjusted EBITDA of $41.8 million, an increase of 3.8% from the three months ended March 31, 2018.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media said, “Driven by a steady focus on our key strategic priorities including accelerating digital growth, our strong performance continued in Q1 2019 with year-over-year increases in both revenue and EBITDA. Additionally, we now have four pending M&A transactions that collectively are expected to generate more than $120 million of net proceeds and bolster our competitive positions in Indianapolis and Allentown. Combined with the $25 million voluntary prepayment made in February, these proceeds will reduce our net leverage to 4.8x on a pro forma basis. We look forward to continuing our disciplined execution against all our strategic priorities and financial goals in the quarters ahead.”