Cumulus Media Inc.: Q1 Pro Forma Net Revenue Grows 3.3%; Q1 Pro Forma EBITDA Grows 30.7%.Business Editors ATLANTA--(BUSINESS WIRE)--May 7, 2002 Cumulus Media Cumulus Media, Inc. (also known as Cumulus Broadcasting) NASDAQ: CMLS is a large owner of radio stations in markets in the United States with 307 stations in 61 markets as of December 31, 2005. Inc. (Nasdaq:CMLS CMLS Central Minnesota Legal Services CMLS Chemical Movement in Layered Soils CMLS Centralized Mail List Services (GSA) CMLS Contractor Maintenance & Logistics Support ) today reported financial results for the three-month period ended March 31, 2002. Lew Dickey, Chairman, President and Chief Executive Officer, commented, "We are pleased to report strong performance in Q1 2002 and we see a positive trend line continuing in the second quarter." Historical results are attached. Financial highlights (in thousands, except per share data and percentages) are as follows:
Three Months Ended March 31,
2002 2001 % Change
---- ---- ------
As Reported:
Net revenues $44,948 $44,588 0.8%
Station operating expenses 33,439 35,412 -5.6%
Broadcast cash flow (1) 11,509 9,176 25.4%
Broadcast cash flow margin (2) 25.6% 20.6% -
EBITDA (3) 7,961 5,342 49.0%
After-tax cash flow (4) (3,522) (7,151) -
After-tax cash flow per common
share ($0.10) ($0.20) -
Same Station Results: (5)
Net revenues $44,331 $43,818 1.2%
Broadcast cash flow (1) 11,412 9,230 23.6%
Broadcast cash flow margin (2) 25.7% 21.1%
Pro Forma Results: (6)
Net revenues $54,224 $52,471 3.3%
Broadcast cash flow (1) 15,345 12,625 21.5%
Broadcast cash flow margin (2) 28.3% 24.1%
EBITDA (3) $11,797 $9,029 30.7%
EBITDA Margin(7) 21.8% 17.2%
(1) Broadcast cash flow is defined as operating income before
depreciation and amortization, LMA fees, corporate general and
administrative expenses and non-cash stock compensation.
(2) Broadcast cash flow margin is defined as broadcast cash flow as a
percentage of net revenues.
(3) EBITDA is defined as operating income before depreciation and
amortization, LMA fees, and non-cash stock compensation.
(4) After-tax cash flow is defined as net loss attributable to common
stockholders plus depreciation and amortization, non-cash deferred
income tax expense, and other non-cash or non-recurring items.
(5) Same station results include the 220 stations in 46 markets
operated since January 1, 2001.
(6) Pro forma results include the results of all acquisitions and
dispositions entered into or consummated during the period,
including Aurora Communications and DBBC, as if completed at the
beginning of each period presented. As of March 31, 2002 the pro
forma totals include 242 stations in 52 markets.
(7) EBITDA margin is EBITDA as a percentage of net revenues.
Results of Operations Three Months Ended March 31, 2002 Compared to Three Months Ended March 31, 2001 Net revenues for the first quarter of 2002 increased $0.4 million to $44.9 million, a 0.8% increase from the first quarter of 2001, primarily as a result of flat local revenues and combined national and network advertising revenues which increased 11.3% over the prior year period, offset by decreases in non-traditional revenue of 62.2% and trade revenue of 7.9% as the Company continues to deemphasize these revenue streams. Station operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased $2.0 million to $33.4 million, a decrease of 5.6% over the first quarter of 2001, primarily as a result of the management's intense focus on fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). and variable selling expense. Broadcast cash flow (defined as operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before depreciation and amortization, LMA LMA left mentoanterior (position of fetus). fees, corporate general and administrative expenses and non-cash stock compensation) increased $2.3 million to $11.5 million, an increase of 25.4% from the first quarter of 2001, for the reasons discussed above. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, which includes the results of all transactions completed during the period as if each were consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. at the beginning of the periods presented, net revenues for the first quarter of 2002 increased $1.8 million to $54.2 million, an increase of 3.3% from the first quarter of 2001. Pro forma broadcast cash flow (defined as operating income (loss) before depreciation, amortization, LMA fees, corporate general and administrative expense, non-cash stock compensation; and excluding Broadcast Software International) increased $2.7 million to $15.3 million, an increase of 21.5% from the first quarter of 2001. Pro forma broadcast cash flow margin (defined as pro forma broadcast cash flow as a percentage of pro forma net revenues) increased to 28.3% for the first quarter of 2002 from 24.1% for the first quarter of 2001. Acquisitions and Dispositions On May 6, 2002 the Company signed a Purchase Agreement with Wilks Broadcasting, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Wilks License Co., LLC to acquire the broadcasting and related assets of WSGW-AM, WGER-FM, WTCF-FM, WCEN-FM and WTLZ-FM serving the Saginaw, Michigan Saginaw is a city in the U.S. state of Michigan. As of the 2000 census, the city had a total population of 61,799. The 2006 population estimate was 57,523.[1] It is the county seat of Saginaw County[2] market (Arbitron market rank # 129). The purchase price for these assets is approximately $55.6 million, which is expected to represent an 11.8x multiple based upon projected 2002 broadcast cash flow of $4.7 million. Cumulus cumulus: see cloud. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Lew Dickey remarked, "In this transaction we are acquiring an attractive market cluster that is both strategic and immediately accretive to our shareholders." On April 23, 2002, the Company completed the sale of its stations in Columbus, GA to Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. and subsidiaries ("CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there "), which CCU has operated under an LMA agreement since August 2000. As of the closing date, the Company received $4.1 million in cash as final payment on this transaction. The tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. of these stations had been conveyed to CCU in a preliminary closing which occurred on October 2, 2000. On March 28, 2002 the Company completed the acquisitions of Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. Communications, LLC, which owns and operates 18 radio stations in Connecticut The following is a list of full-power, FCC-licensed radio stations in the U.S. state of Connecticut which can be sorted by their call signs, frequencies, cities of license, owners, and programming formats. and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and the broadcasting operations of DBBC DBBC Database Consistency Checker LLC, which is comprised of 3 radio stations in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. . In acquiring Aurora Communications, we issued to the former owners of Aurora Communications (a) 10,551,182 shares of our common stock, consisting of 1,606,843 shares of our Class A Common Stock, and 8,944,339 shares of our non-voting Class B Common Stock, which may be converted into shares of Class A Common Stock on a one-for-one basis, and (b) warrants, exercisable until March 28, 2003, to purchase up to an aggregate of 833,333 shares of our common stock, consisting of warrants for 126,909 shares of Class A Common Stock and 706,424 shares of Class A Common Stock or Class B Common Stock, at an exercise price of $12.00 per share, and the payment of $93.0 million in cash. In acquiring the broadcasting operations of DBBC, we issued to DBBC (a) 5,250,000 shares of our Class A Common Stock and (b) a warrant, exercisable until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 28, 2002, to purchase up to 250,000 shares of Class A Common Stock at an exercise price of $12.00 per share, and we assumed specified liabilities of DBBC and agreed to pay certain expenses, up to an aggregate of $21.0 million. On March 28, 2002, the Company also completed the purchase of one broadcast license in Cairo, GA, for approximately $2.1 million in cash. The Company plans to incorporate this station into its Tallahassee, FL station cluster. On January 18, 2002, the Company completed the purchase of one radio station license in Temple, TX, from Bell Broadcasting, for $0.4 million. On January 4, 2002, the Company completed the purchase of two radio stations in Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , CA for $7.1 million, which included $3.8 million in cash paid at close and a note payable for $3.3 million. The Company has operated these two stations for more than two years under an LMA agreement with Engles Enterprises, Inc. Under the terms of the note payable, the Company made a $1.0 million payment during the quarter ended March 31, 2002, with the $2.3 million balance classified as current portion of long term debt on the Company's balance sheet at March 31, 2002. The remaining balance of the note payable was paid in April 2002. Business Outlook The following statements are forward-looking, and actual results may differ materially. See "Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " below. Cumulus Media Inc. undertakes no obligation to update these statements. For the second quarter of 2002, the Company expects pro forma net revenues to increase between 2% and 3%, and broadcast cash flow to increase between 10% and 12% over respective pro forma results from the second quarter 2001. New $400 Million Credit Facility Concurrently with the completion of the Aurora and DBBC acquisitions on March 28, 2002, the Company completed the arrangement and syndication See syndication format. of a $400.0 million credit facility with J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Securities Inc. and Banc of America Securities, LLC as Joint Arrangers. The credit facility is comprised of an undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely $112.5 million revolving commitment, a $112.5 million term loan and a $175.0 million term loan. The proceeds from the new credit facility, which closed on March 28, 2002, have been used to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. amounts outstanding under the Company's old credit facility, to fund the respective cash portions of the Aurora and DBBC acquisitions, and to pay fees and expenses associated with both the new credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and the acquisitions. On April 30, 2002, the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). issued Statement of Financial Accounting Standards No. 145 (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 145), "Rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement of FASB Statements FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections technical correction A temporary downturn in the price of a stock or in the market itself following a period of extensive price increases. A technical correction takes place in a generally increasing market when there is no particular reason that the ." SFAS No. 145 rescinds SFAS No. 4, which required all gains and losses from the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt to be aggregated and, if material, classified as an extraordinary item, net of the related income tax effect. SFAS No. 145 will be effective for fiscal years beginning after May 15, 2002, with early adoption related to the provisions of the rescission of SFAS No. 4 encouraged. The Company has elected to early adopt SFAS No. 145 during the quarter ended March 31, 2002. Accordingly, the company recorded a $6.3 million loss on extinguishment of debt relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the retirement of the Company's existing credit facility during the quarter ended March 31, 2002 which has been reflected as a component of other income (expense) in the Company's loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . Adoption of SFAS No. 142 On January 1, 2002, the Company adopted SFAS No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ", which eliminates the annual amortization of goodwill and certain long-lived assets with indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those lives such as FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. broadcast licenses. Historically the Company has recorded the majority of the purchase price of radio station acquisitions as FCC broadcast license assets. As of year-end 2001, the Company had recorded, as unamortized values, $632.2 million of FCC broadcast licenses and $156.9 million of goodwill. The Company, after consulting with an independent valuation firm, has calculated the estimated fair values of FCC broadcast licenses on a market level basis in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting guidance issued by the Emerging Issues Task Force of the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). and the provisions of SFAS No. 142. As a result of the comparison of the estimated fair values of the FCC broadcast licenses to the book values by market, the Company has taken a charge in the first quarter of $41.7 million, net of taxes, which is reflected as a Cumulative Effect of a Change in Accounting Principle. This non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. will not limit the markets' or the Company's ability to generate future cash flows. The elimination of amortization of FCC broadcast licenses and goodwill will decrease amortization expense and increase reported earnings, beginning in 2002, by approximately $32.0 million annually. Amortization expense for the first quarter of 2002 was approximately $0.2 million as compared with $8.5 million in the first quarter last year. Assuming SFAS No. 142 was in effect at the beginning of 2001, the net loss before cumulative effect of change in accounting principle would have been $0.8 million, or $0.02 per share, for the first quarter of 2001. Upon the adoption of SFAS No.142 on January 1, 2002, as noted in the Company's earnings release for Q4 2001, the amortization of the Company's broadcast licenses has been suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. . In connection with the suspension of amortization of broadcast licenses for book purposes, the reversal of deferred tax liabilities relating to those intangible assets will no longer be assured within the Company's net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry-forward See Loss Carry-Back. period. Accordingly, the Company has recorded a non-cash charge to income tax expense effective January 1, 2002 to establish a valuation allowance against the Company's deferred tax assets. This non-cash charge was $57.9 million and is recorded as deferred income tax expense for the three months ended March 31, 2002. The Company has recorded additional deferred tax expense of $4.5 million to establish a valuation allowance against net operating loss carry-forwards generated during the quarter ended March 31, 2002, resulting from amortization of goodwill and broadcast licenses that is deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). for tax purposes, but is no longer amortized in the financial statements. Other Matters As previously disclosed, in the securities class action matter In Re Cumulus Media Inc. Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , which was commenced in mid- mid- pref. Middle: midbrain. 2000, the parties have executed a Stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement and Agreement of Settlement pursuant to which plaintiffs agreed to dismiss each claim against the Company and the other defendants in consideration of $13.0 million and the issuance of 240,000 shares of the Company's Class A Common Stock. A hearing to obtain final court approval of the settlement is scheduled for May 16, 2002. The cash portion of the settlement was deposited in an escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account in November 2001 pursuant to the terms of the Settlement Agreement. The 240,000 shares of Class A Common Stock will be issued by the Company and, with the cash portion, will be distributed to the class members after final court approval of the settlement, all of which is expected to occur in the second quarter of 2002. The Company continues to cooperate in conjunction with an investigation by the Securities and Exchange Commission which we believe relates to certain matters that were the subject of the class action. Forward-Looking Statements Statements in this release, including statements relating to the integration of acquisitions and any earnings or revenue projections, are "forward-looking" statements, which are statements that relate to Cumulus Media Inc.'s future plans, revenues, broadcast cash flows, earnings, objectives, expectations, performance, and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, advertising demand in our markets, the possibility that advertisers may cancel or postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. schedules in response to political events, competition for audience share, our success in executing and integrating acquisitions, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. , and other risk factors described from time to time in Cumulus Media Inc.'s filings with the Securities and Exchange Commission, including Cumulus Media Inc.'s Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001. Cumulus Media Inc. assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise. Cumulus Media Inc. is the second largest radio company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based on station count. Giving effect to the completion of all announced pending acquisitions and divestitures, including Aurora Communications, LLC and DBBC L.L.C., Cumulus Media will own and operate 242 radio stations in 52 mid-size and smaller U.S. media markets. The Company's headquarters are in Atlanta, GA, and its web site is http://www.cumulus.com. Cumulus Media Inc. shares are traded on the NASDAQ under the symbol: CMLS. Cumulus Media Inc. will host a teleconference later today at 11:00 a.m. Eastern Time to discuss first quarter results. To access this teleconference live, please visit the company's web site at http://www.cumulus.com or dial (888) 625-1618 for domestic calls and (312) 470-7418 for international callers. The pass code for the call is CUMULUS. Approximately two hours after completion of the call, a replay can be accessed until 11:59 PM May 14th, 2002. Domestic callers can access the replay by dialing (800) 925-2964. International callers may access the replay by dialing (402) 220-4125.
CUMULUS MEDIA INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2002 2001
---- ----
Net revenues:
Local $ 38,568 $ 38,596
National and network 7,394 6,646
Other revenues, net 3,553 3,723
Less: agency commission (4,567) (4,377)
------- -------
Total revenues 44,948 44,588
Costs and expenses:
Station operating 33,439 35,412
Depreciation and amortization 4,173 12,284
LMA Fees 85 1,014
Corporate general and
administrative (excluding
non-cash stock compensation
expense) 3,548 3,834
Non-cash stock compensation
expense 162 -
------ -------
Operating income (loss) 3,541 (7,956)
Other income (expense):
Interest expense (7,025) (7,967)
Interest income 250 577
Loss on early extinguishment
of debt (6,291) -
Other income (expense), net (1,194) 16,248
------- -------
Income (loss) before income taxes (10,719) 902
Income tax expense (62,404) (288)
------- -------
Income (loss) before cumulative
effect of change in accounting
principle (73,123) 614
Cumulative effect of change
in accounting principle,
net of tax (41,700) -
-------- --
Net Income (Loss) (114,823) 614
Preferred stock dividends, deemed
dividends, accretion of discount,
and redemption premium 4,623 4,089
Net loss attributable to common
stockholders $ (119,446) $ (3,475)
Basic and diluted loss per
common share before the cumulative
effect of change in accounting
principle $ (2.14) $ (0.10)
Basic and diluted loss per
common share $ (3.28) $ (0.10)
Weighted average common shares
outstanding 36,380 35,205
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Three months ended
March 31, 2002
(dollars in thousands)
Historical Pro Forma
GAAP Adjustments Results
Net Revenue $44,948 $9,276 (1) $54,224
Station Operating Expenses $33,439 $5,440 (2) $38,879
BCF $11,509 $3,836 $15,345
Corporate Overhead $3,548 -- $3,548
EBITDA $7,961 $3,836 $11,797
(1) Reflects the addition of Aurora Communications and DBBC for the
three months ended March 31, 2002 ($9,501), offset by the
elimination of revenues from Broadcast Software International
($225).
(2) Reflects the addition of Aurora Communications and DBBC for the
three months ended March 31, 2002 ($5,718) offset by the
elimination of operating expenses from divested markets or
businesses ($2) and Broadcast Software International ($276).
CAPITALIZATION
(dollars in thousands)
March 31, 2002 March 31, 2002
Actual Pro Forma (3)
Cash and cash equivalents $15,196 $ 10,000
======= =========
Long-term debt, including
current maturities:
Bank Debt and Other Secured Debt 289,800 287,500
Senior Subordinated Notes 160,000 160,000
Other 299 299
--- ---
Total long-term debt 450,099 447,799
------- -------
13.75% Series A Redeemable
Preferred Stock 139,112 134,489
Total Stockholders' equity 515,964 515,964
------- -------
Total capitalization $1,105,175 $1,098,252
(3) Pro Forma for retirement of Engles note payable in April 2002 and
for the payment of cash dividends on Series A Preferred Stock on
April 1, 2002.
CUMULUS MEDIA INC.
First Quarter 2002 Quarter Results
BCF Margin Composition Analysis
(dollars in thousands)
The following analysis of our market portfolio separates each
market into one of six categories based upon trailing twelve month BCF
performance for analytical purposes only. We believe this analytical
distribution of our markets is helpful in assessing the portfolio's
financial and operational development.
Pro Forma for the Trailing Twelve months ended March 31, 2002:
BCF Margin % # of Markets Revenue BCF Average BCF %
------------ ------------ ------- --- -------------
greater than 35.0% 23 $145,675 $65,311 44.8%
25.0% to 34.9% 12 40,686 12,008 29.5%
20.0% to 24.9% 3 8,389 1,881 22.4%
10.0% to 19.9% 8 20,924 2,941 14.1%
0.0% to 9.9% 3 4,983 162 3.3%
less than 0.0% 3 3,925 (850) (21.7%)
- ----- ----- -------
Subtotal 52 $224,582 $81,453 36.3%
Trade, Other -- 19,271 1,634 8.5%
------ -----
Totals 52 $243,853 $83,087 34.1%
Pro Forma for the Trailing Twelve months ended December 31, 2001:
BCF Margin % # of Markets Revenue BCF Average BCF %
------------ ------------ ------- --- -------------
greater than 35.0% 22 $138,463 $61,178 44.2%
25.0% to 34.9% 11 40,225 12,016 29.9%
20.0% to 24.9% 2 6,001 1,420 23.7%
10.0% to 19.9% 9 24,137 3,960 16.4%
0.0% to 9.9% 5 10,525 673 6.4%
less than 0.0% 3 3,463 (464) (13.4%)
- ----- ----- -------
Subtotal 52 $222,814 $78,783 35.4%
Trade, Other -- 19,286 1,584 8.2%
------ -----
Totals 52 $242,100 $80,367 33.2%
Activity for Q1 2002
Markets Markets Markets Net Change Markets
BCF Margin % at 12/31/01 Moving Out Moving In In Category at 3/31/02
------------ ----------- ---------- --------- ----------- ----------
greater than 35.0% 22 0 1 1 23
25.0% to 34.9% 11 (1) 2 1 12
20.0% to 24.9% 2 (2) 3 1 3
10.0% to 19.9% 9 (3) 2 (1) 8
0.0% to 9.9% 5 (2) 0 (2) 3
less than 0.0% 3 0 0 0 3
Total 52 (8) 8 0 52
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