Cumulus Media Inc. Announces Fourth Quarter 2001 Results; Q4 Pro Forma BCF Grows 4.3%; Full Year 2001 Pro Forma BCF Grows 11.4%.Business Editors ATLANTA--(BUSINESS WIRE)--Feb. 19, 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 results for the three and twelve month periods ended December December: see month. 31, 2001. The quarter ended December 31, 2001 was the Company's fifth consecutive quarter of cash flow and margin improvement from the respective prior year periods, reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the management team's focus on improving its core radio operations. Cumulus Media Inc.'s (NASDAQ: CMLS) fourth quarter financial results conference call will be later this morning, Tuesday Tuesday: see week. , February February: see month. 19, 2002 at 11:00 AM Eastern Time. The call will be open to the general public on a listen only basis. The conference call dial in number is (888) 989-4983 for domestic calls and (712) 271-0099 for international calls. The pass code for the call is CUMULUS cumulus: see cloud. . Please call ten minutes in advance to ensure that you are connected prior to the presentation. Performance for the three months ended December 31, 2001 Historical GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Results For the three months ended December 31, 2001 net revenues decreased $6.6 million, or 11.5%, to $50.8 million compared to $57.4 million for the same period in 2000. 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. (loss) before depreciation, amortization, LMA LMA left mentoanterior (position of fetus). fees, corporate general and administrative expense and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges) decreased $0.6 million, or 3.5%, to $16.6 million for the three months ended December 31, 2001 from $17.2 million for the same period in 2000. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (defined as operating income (loss) before depreciation, amortization, LMA fees, and restructuring and impairment charges) increased $1.6 million, or 14.1% to $13.1 million for the three months ended December 31, 2001 from $11.5 million for the same period in 2000. The decrease in the Company's historical revenues and cash flows during the three months ended December 31, 2001 versus the fourth quarter of 2000, and the decrease in the Company's historical revenues for the year ended December 31, 2001 versus the year ended December 31, 2000 are due to i) the decreases in the size of the respective station portfolios being operated during these periods; and ii) the overall decline in advertising revenues experienced throughout the major broadcast and publishing media in the fourth quarter and throughout 2001. At December 31, 2001, the Company operated 221 stations in 45 markets, versus 225 stations in 46 markets at December 31, 2000. During 2001, the Company operated a peak station portfolio of 225 stations, compared to a peak station portfolio of 317 stations during 2000. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. (loss) per common share Basic and diluted loss per common share was ($0.48) for the three months ended December 31, 2001, compared with basic and diluted loss per common share of ($0.32) for the three months ended December 31, 2000. This increase in basic and diluted loss per common share is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the net impact of i) the $1.6 million, or 14.1% increase in EBITDA described above; offset by ii) a $6.8 million impairment charge taken on the Company's investment in Caribbean Communications Corporation, as discussed below; iii) the $4.3 million decrease in income tax benefit recorded in the three months ended December 31, 2001 versus the three months ended December 31, 2000; and iv) a $0.9 million increase in preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends related to the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of Series B Preferred Stock in the three months ended December 31, 2001 versus the three month period ended December 31, 2000. Other Matters At the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of Cumulus Media Inc., an entity controlled by Quaestus Management Company contributed the stock of Caribbean Communications Corporation, an operation which includes five broadcast signals in the English 1. English - (Obsolete) The source code for a program, which may be in any language, as opposed to the linkable or executable binary produced from it by a compiler. The idea behind the term is that to a real hacker, a program written in his favourite programming language is speaking Caribbean, in exchange for ownership interests in Cumulus Media, Inc. During the quarter ended December 31, 2001, certain events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or caused the Company to review the carrying amounts of the long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. assets of its Caribbean operations. This review concluded with management's determination that the Caribbean operations are not expected to generate the future cash flows that were projected in prior periods. The resulting impairment charges totaled $6.8 million, consisting of a $5.4 million charge to write off goodwill and the related broadcast license, and a $1.4 million charge to write down property and equipment. 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 Results-221 Stations in 45 Markets On a pro forma basis, after giving effect to i) adjustments for all operated markets, pending acquisitions, start-ups and divestitures; and ii) the elimination of the performance of non-radio subsidiaries APEX apex (a´peks) pl. apexes, a´pices [L.] tip; the pointed end of a conical part; the top of a body, organ, or part.ap´ical apex of lung the rounded upper extremity of either lung. and Broadcast Software International, pro forma net revenues for the 221 stations in 45 markets decreased $4.9 million, or 8.8%, to $50.6 million for the three months ended December 31, 2001, compared to pro forma net revenues of $55.5 million for the three-month period ended December 31, 2000. Pro forma Broadcast Cash Flow, (defined as operating income (loss) before depreciation, amortization, LMA fees, corporate general and administrative expense, restructuring and impairment charges; and excluding Broadcast Software International) increased $0.7 million, or 4.3%, to $17.3 million for the three months ended December 31, 2001, compared to $16.6 million for the three months ended December 31, 2000. Pro forma EBITDA (defined as operating income (loss) before depreciation, amortization, LMA fees, non-recurring corporate general and administrative expense, restructuring and impairment charges; and excluding Broadcast Software International) increased $0.5 million, or 3.7%, to $14.2 million for the three months ended December 31, 2001, compared to $13.7 million for the three months ended December 31, 2000. The Company has included operating results on a pro forma basis for the three months ended December 31, 2001 to provide investors with an additional measure to evaluate the Company's performance. Investors interested in results on a pro forma operating basis can view the reconciliation between GAAP results and pro forma operating results in the table provided elsewhere herein. These pro forma results exclude the pending 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 and DBBC DBBC Database Consistency Checker acquisitions announced in the quarter ended December 31, 2001, as these stations were not being operated as of December 31, 2001. Same Station Results- 163 Stations in 32 Markets On a same station basis, net revenues for the 163 stations in 32 markets operated since January January: see month. 1, 2000 decreased $3.8 million, or 10.2%, to $33.2 million for the three months ended December 31, 2001, compared to net revenues of $37.0 million for the three-month period ended December 31, 2000. Same Station Broadcast Cash Flow increased $0.3 million, or 2.9%, to $10.6 million for the three months ended December 31, 2001, compared to $10.3 million for the three months ended December 31, 2000. After Tax Cash Flow After Tax Cash Flow ("ATCF ATCF After Tax Cash Flow ATCF Automated Tropical Cyclone Forecasting ATCF As The Crow Flies ATCF Automated Tropical Cyclone Forecast (meteorology) ATCF air traffic control facility ATCF Aero Touring Club de France ATCF Air Traffic Control Flight "), defined as Net Loss Attributable to Common Stockholders plus depreciation and amortization, plus or minus non-cash deferred tax expense (benefit) and other non-cash or non-recurring items, was $1.0 million, or $0.03 per common share for the three months ended December 31, 2001. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to ATCF of ($1.6) million, or ($0.05) per common share for the three months ended December 31, 2000. Performance for the twelve months ended December 31, 2001 Historical GAAP Results For the twelve months ended December 31, 2001 net revenues decreased $24.6 million, or 10.9%, to $201.3 million compared to $225.9 million for the same period in 2000. This decrease in revenue is largely due to i) the decrease in the size of the station portfolio operated during 2001 versus the prior year; and ii) the overall decline in advertising revenues experienced throughout the major broadcast and publishing media in the fourth quarter and 2001. Broadcast Cash Flow (defined as operating income (loss) before depreciation, amortization, LMA fees, corporate general and administrative expense and restructuring and impairment charges) increased $25.1 million, or 72.8%, to $59.7 million from $34.6 million for the same period in 2000. EBITDA (defined as operating income (loss) before depreciation, amortization, LMA fees, and restructuring and impairment charges) increased $28.2 million, or 172.6% to $44.5 million from $16.3 million for the same period in 2000. The decrease in the Company's historical revenues and cash flows during the three months ended December 31, 2001, and the decrease in the Company's historical revenues for the year ended December 31, 2000 are due to i) the decreases in the size of the respective station portfolios being operated during these periods; and ii) the overall decline in advertising revenues experienced throughout the major broadcast and publishing media in the fourth quarter and throughout 2001. At December 31, 2001, the Company operated 221 stations in 45 markets, versus 225 stations in 46 markets at December 31, 2000. During 2001, the Company operated a peak station portfolio of 225 stations, compared to a peak station portfolio of 317 stations during 2000. Basic and diluted (loss) per common share Basic and diluted loss per common share was ($1.37) for the twelve months ended December 31, 2001 which represents an increased loss per common share of ($0.88) per share from ($0.49) for the twelve months ended December 31, 2000. This ($0.88) increase in basic and diluted loss per common share is attributable to the net impact of i) the $28.2 million, or 172.6% increase in EBITDA described above, offset by ii) the $63.0 million decrease in other income primarily due to lower gains on the sale of stations, net of shareholder 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. settlement costs. If the impact of other income were to be removed from the Company's results for the years ended December 31, 2001 and 2000, net of the related tax effects, the Company would have recorded basic and diluted loss per common share of ($1.38) for the year ended December 31, 2001 versus ($1.74) for the year ended December 31, 2000. Other Matters Effective January 1, 2002, the Company is adopting 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. 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 requires that goodwill and intangible 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 be tested for impairment annually rather than amortized over time. As of the date of adoption of SFAS No. 142, the Company expects to have unamortized goodwill in the amount of $162.6 million and unamortized identifiable intangible assets in the amount of $626.5 million, all of which will be subject to the transition provisions of SFAS No. 142. Because of the extensive effort needed to comply with adopting SFAS No. 141 and No. 142, it is not practicable practicable adj. when something can be done or performed. to reasonably estimate whether the Company will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. any transition impairment losses related to goodwill. However, the Company does anticipate that it will cease recognizing amortization on goodwill and other intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. with indefinite lives (broadcast licenses) upon the adoption of the standards. When amortization of the Company's broadcast licenses is 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. on January 1, 2002 due to the adoption of SFAS No.142, the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of deferred tax liabilities relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 expects to take a 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. to income tax expense during the quarter ended March 31, 2002 to establish a valuation allowance against the Company's deferred tax assets. This non-cash charge is expected to range from $40.0 million to $60.0 million. Pro Forma Result-221 Stations in 45 Markets On a pro forma basis, after giving effect to i) adjustments for all operated, pending acquisitions, start-ups and divestitures; ii) the elimination of the performance of non-radio subsidiaries APEX and Broadcast Software International, iii) the elimination of certain non-recurring 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. , pro forma net revenues for the 221 stations in 45 markets decreased $11.2 million, or 5.3%, to $199.5 million for the twelve months ended December 31, 2001, compared to pro forma net revenues of $210.7 million for the twelve months ended December 31, 2000. Pro forma Broadcast Cash Flow (defined as operating income (loss) before depreciation, amortization, LMA fees, corporate general and administrative expense, restructuring and impairment charges; and excluding APEX, Broadcast Software International and excluding certain non-recurring station level operating expenses) increased $6.3 million, or 11.4%, to $61.8 million for the year ended December 31, 2001, compared to $55.5 million for the year ended December 31, 2000. Pro forma EBITDA (defined as operating income (loss) before depreciation, amortization, LMA fees, non-recurring corporate general and administrative expense, restructuring and impairment charges; and excluding Broadcast Software International and certain non-recurring station level operating expenses) increased $5.7 million, or 13.0%, to $49.2 million for the year ended December 31, 2001, compared to $43.5 million for the year ended December 31, 2000. The Company included operating results on a pro forma basis for the twelve months ended December 31, 2001 to provide investors with an additional measure to evaluate the Company's performance. Investors interested in results on a pro forma operating basis can view the reconciliation between GAAP results and pro forma operating results in the table provided elsewhere herein. These pro forma results exclude the pending Aurora Communications and DBBC acquisitions announced in the quarter ended December 31, 2001, as these stations were not being operated as of December 31, 2001. Same Station Results-163 Stations in 32 Markets On a same station basis, net revenues for the 163 stations in 32 markets operated since January 1, 2000 decreased $7.6 million, or 5.4%, to $131.7 million for the twelve months ended December 31, 2001, compared to net revenues of $139.3 million for the twelve-month period ended December 31, 2000. Same station Broadcast Cash Flow increased $6.7 million, or 22.2%, to $37.0 million for the twelve months ended December 31, 2001, compared to $30.3 million for the twelve months ended December 31, 2000. After Tax Cash Flow After Tax Cash Flow ("ATCF"), defined as Net Loss Attributable to Common Shareholders plus depreciation and amortization, plus or minus non-cash deferred tax expense (benefits) and other non-cash or non-recurring items, was ($4.7) million, or ($0.13) per common share for the twelve months ended December 31, 2001. This compares favorably to ATCF of ($29.4) million, or ($0.84) per common share for the twelve months ended December 31, 2000. About Cumulus Media Inc. Giving effect to the completion of all announced pending acquisitions and divestitures, including Aurora Communications, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and DBBC L.L.C., Cumulus Media will own and operate 245 radio stations in 53 mid-size and smaller U.S. media markets. The Company's headquarters are in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , GA, and its web site is www.cumulus.com. In addition, the Company owns and operates a multi-market radio network in the English-speaking adj. 1. able to communicate in English. Adj. 1. English-speaking - able to communicate in English communicatory, communicative - able or tending to communicate; "was a communicative person and quickly told all she knew"- W.M. Caribbean. For additional information regarding the Company contact Wendy Wendy is a female name which may be used as a short form for Gwendolyn, or in its own right. Its popularity is attributed to the character Wendy Darling from the children's play and novel Peter Pan, by J.M. Barrie. The character Wendy was inspired by a real girl. Wise at (404) 949-0700. Certain statements within this release constitute "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. " within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements are subject to numerous known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements in light of future decisions by the Company, and by market, economic, competitive, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and technological developments beyond the Company's control. The words or phrases "expect," "anticipate," "estimates" and "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Investors should examine the filings that are made with the SEC by the Company from time to time, which more fully describe the risks and uncertainties associated with Cumulus Media Inc.'s business. Except as otherwise stated in this news announcement, Cumulus Media Inc. does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
CUMULUS MEDIA INC.
Fourth Quarter 2001 Results
(dollars in thousands)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
Historical:
Net Revenues $50,853 $57,440 $201,328 $225,911
Broadcast Cash Flow 16,646 17,242 59,730 34,575
BCF Margins 32.7% 30.0% 29.7% 15.3%
Markets Operated
One Year
(32 Markets;
163 Stations):
Net Revenues $33,211 $36,984 $131,751 $139,313
Broadcast Cash Flow 10,550 10,255 37,025 30,293
BCF Margins 31.8% 27.7% 28.1% 21.7%
Pro Forma (45 Markets;
221 Stations):
Net Revenues $50,627 $55,503 $199,472 $210,687
Broadcast Cash Flow 17,351 16,639 61,837 55,527
BCF Margins 34.3% 30.0% 31.0% 26.4%
EBITDA 14,244 13,734 49,172 43,515
EBITDA Margin 28.1% 24.7% 24.7% 20.7%
Pro Forma information excludes Aurora Communications and DBBC
results for the three month periods and years ended December 31, 2001
and 2000. Please refer the tables below for a reconciliation of GAAP
results to Pro Forma results for these periods.
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Three months ended
December 31, 2001
Historical Pro Forma
GAAP Adjustments Results
Net Revenue $50,853 ($226) (1) $50,627
Station Operating Expenses $34,207 ($931) (2) $33,276
BCF $16,646 $705 $17,351
Corporate Overhead $3,561 ($454) (3) $3,107
EBITDA $13,085 $1,159 $14,244
(1) Reflects elimination of revenues from divested markets or
businesses ($68) and Broadcast Software International ($158).
(2) Reflects elimination of operating expenses from divested
markets or businesses ($53), Broadcast Software International ($427)
and start-up operating expenses in the Houston market ($451).
(3) Reflects elimination of certain legal and other corporate
costs relating to non-recurring litigation ($934) and miscellaneous
non-recurring costs ($67); partially offset by accrual reversals for
insurance costs ($345) and terminated affiliate contracts ($202).
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Twelve months ended
December 31, 2001
Historical Pro Forma
GAAP Adjustments Results
Net Revenue $201,328 ($1,856) (1) $199,472
Station Operating Expenses $141,598 ($3,963) (2) $137,635
BCF $59,730 $2,107 $61,837
Corporate Overhead $15,180 ($2,515) (3) $12,665
EBITDA $44,550 $4,622 $49,172
(1) Reflects elimination of revenues from divested markets or
businesses ($953) and Broadcast Software International ($903).
(2) Reflects elimination of operating expenses from divested
markets or businesses ($1,663), Broadcast Software International
($1,487) and start-up operating expenses in the Houston market ($813).
(3) Reflects elimination of certain legal and other corporate
costs relating to non-recurring litigation ($2,235), compensation
($135) and other miscellaneous costs ($145).
CAPITALIZATION
(dollars in thousands)
December 31, 2001 December 31, 2001
Actual Pro Forma (1)
Cash and cash equivalents $5,308 $ 5,000
====== ========
Long-term debt, including
current maturities:
Term loan facility 159,813 285,000
Senior Subordinated Notes 160,000 160,000
Other 205 205
------- -------
Total long-term debt 320,018 445,205
------- -------
13.75% Series A Redeemable
Preferred Stock 134,489 134,489
Total Stockholders' equity 423,884 649,829
------- -------
Total capitalization $878,391 $1,229,523
========= ==========
(1) Pro Forma balance sheet items include management estimates
regarding the timing of, sources for and uses of capital for all
remaining acquisitions and divestitures, including Aurora
Communications, LLC and DBBC, L.L.C. which were announced during the
three months ended December 31, 2001.
CUMULUS MEDIA INC.
Fourth Quarter 2001 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 December 31, 2001:
----------------------------------------------------------------
BCF Margin % # of Markets Revenue BCF Average BCF %
------------ ------------ ------- --- -------------
(greater than
35.0%) 16 $99,597 $42,921 43.1%
25.0% to 34.9% 11 40,226 12,020 29.9%
20.0% to 24.9% 2 6,003 1,420 23.7%
10.0% to 19.9% 9 24,133 3,960 16.4%
0.0% to 9.9% 5 10,525 672 6.4%
(less than 0.0%) 2 3,462 (463) (13.4%)
- ----- ----- -------
Subtotal 45 183,946 60,530 32.9%
Trade, Other -- 15,526 1,307 8.4%
------ -----
Totals 45 199,472 61,837 31.0%
Pro Forma for the Trailing Twelve Months ended September 30, 2001:
-----------------------------------------------------------------
BCF Margin % # of Markets Revenue BCF Average BCF %
------------ ------------ ------- --- -------------
(greater than
35.0%) 16 $98,620 $41,626 42.2%
25.0% to 34.9% 8 35,323 10,507 29.7%
20.0% to 24.9% 6 18,884 4,247 22.5%
10.0% to 19.9% 9 24,375 3,900 16.0%
0.0% to 9.9% 3 7,428 387 5.2%
(less than 0.0%) 3 4,663 (475) (10.2%)
- ----- ----- -------
Subtotal 45 $189,293 60,192 31.8%
Trade, Other -- 15,726 1,291 8.2%
------ -----
Totals 45 $205,019 61,483 30.0%
Activity for Q4 2001
--------------------------------------------------------
Markets at Markets Markets Net Change Markets at
BCF Margin % 9/30/01 Moving Out Moving In In Category 12/31/01
------------ ---------- ---------- --------- ----------- ---------
(greater than
35.0%) 16 (1) 1 0 16
25.0% to 34.9% 8 (1) 4 3 11
20.0% to 24.9% 6 (5) 1 (4) 2
10.0% to 19.9% 9 (3) 3 0 9
0.0% to 9.9% 3 (1) 3 2 5
(less than 0.0%) 3 (1) 0 (1) 2
Total 45 (12) 12 0 45
CUMULUS MEDIA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited) (Unaudited)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
Gross broadcast
revenues $55,960 $62,986 $222,185 $246,244
Less: agency
commissions (5,107) (5,546) (20,857) (20,333)
------- ------- -------- --------
Net broadcast
revenues 50,853 57,440 201,328 225,911
Station operating
expenses 34,207 40,198 141,598 191,336
------- ------ ------- -------
Broadcast Cash
Flow 16,646 17,242 59,730 34,575
Corporate G&A
expense 3,561 5,772 15,180 18,232
------- -------- ------- --------
EBITDA 13,085 11,470 44,550 16,343
Depreciation and
amortization 13,576 13,526 50,585 44,003
LMA fees 255 1,086 2,815 4,825
Restructuring and
impairment charges 6,814 6,930 6,781 16,226
------- -------- ------- --------
Operating loss (7,560) (10,072) (15,631) (48,711)
Other (income)
expenses:
Interest expense 7,206 8,700 30,876 32,771
Interest income (164) (622) (2,160) (6,716)
Other (income),
net (1,229) (5,206) (10,300) (73,280)
-------- -------- ------- --------
(Loss) before
income taxes (13,373) (12,944) (34,047) (1,486)
Income tax
(benefit) expense (1,256) (5,550) (3,494) 812
------- --------- ------- --------
Net (loss) (12,117) (7,394) (30,553) (2,298)
Preferred stock
dividends, deemed
dividends, and
accretion of
discount 4,767 3,893 17,743 14,875
------- --------- ------- --------
Net loss
attributable to
common
stockholders $(16,884) $(11,287) $(48,296) $(17,173)
Basic and diluted
loss per common
share
$ (0.48) $ (0.32) $ (1.37) $ (0.49)
Weighted average
common shares 35,175 35,166 35,170 35,139
After Tax Cash Flow 1,021 ($1,587) ($4,724) ($29,412)
ATCF per share $0.03 ($0.05) ($0.13) ($0.84)
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion