Dallas, Texas 04/09/2014 (FINANCIALSTRENDS) – Cumulus Media Inc (NASDAQ:CMLS) disclosed earlier this month that it has picked 29th April for announcing its 1st quarter 2014 operational results. In the run up to the 1st quarter results announcement, it would be appropriate to review the radio broadcasting player audited 4Q13 results it had reported in middle of March through a SEC filing and the guidance it had provided for the 1Q14 operations.
At the time of results announcement, Cumulus Media Inc (NASDAQ:CMLS) Chairman and Chief Executive Officer Lew Dickey had gone on record to state that, “Strong execution, along with continued traction in our key growth initiatives, resulted in pro forma revenue up 1% and Adjusted EBITDA up 6%. In spite of tough political comps, this marked our third consecutive quarter of top and bottom line growth.”
During the fourth quarter, the radio broadcasting firm reported net revenue of $275.5 million, which translates into 4.5 percent increase over its 4Q12 revenue. The jump in revenue was linked to the firm buying out WestwoodOne station and additional 5 stations under a transaction labelled as Townsquare Transaction.
Expenses for the quarter jumped up b y 10.7 percent to reach $185.9 million, thanks to the firm’s continued investments into creating new content for national programming and build out of its sales engine. The expenses also included the funds that Cumulus Media Inc (NASDAQ:CMLS) had ploughed into the purchase of Westwood One and the overall Townsquare Transaction.
For the full year operations ending 31st December’13 the radio broadcaster reported net revenue increase of 2.4 percent to $1.02 billion over its FY12 revenue. The increase has been linked to the upsurge that the spot advertising revenue has posted in the past year, in addition to the healthy growth in the national advertising and live event revenue for the reporting period.