Cumulus Media Inc. Announces Q3 Pro Forma Net Revenue Grows 7.6%--Pro Forma Cash Net Revenue Grows 8.2%--; Q3 Pro Forma EBITDA Grows 18.8%; Pro Forma Leverage Falls to 5.4x.Business Editors ATLANTA--(BUSINESS WIRE)--Nov. 6, 2002 Cumulus cumulus: see cloud. Repurchases $112.3 Million of Series A 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. , $22.2 Million Remains Outstanding 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 financial results for the three and nine months ended September September: see month. 30, 2002. Lew a. 1. Lukewarm; tepid. Dickey, Chairman, President and Chief Executive Officer, commented, "We are pleased to report our 8th consecutive quarter of 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 growth and margin expansion. Q3 was also marked by strong revenue and free cash flow growth that combined to reduce our total leverage to 5.4x - an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal low for our Company. We are off to a strong start for Q4 and anticipate additional margin expansion and leverage reduction by year's end." Historical results are attached. Financial highlights (in thousands, except per share data and percentages) are as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 % Change 2002 2001 % Change
---- ---- -------- ---- ---- --------
As Reported:
Net revenues $66,521 $50,815 30.9% $181,251 $150,475 20.5%
Station operating
expenses 40,982 35,260 16.2% 115,251 107,391 7.3%
Broadcast cash
flow (1) 25,539 15,555 64.2% 66,000 43,084 53.2%
Broadcast cash
flow margin (2) 38.4% 30.6% 36.4% 28.6%
EBITDA (3) 22,071 11,438 93.0% 55,552 31,464 76.6%
Free cash flow (4) $7,583 $(2,748) -- $19,820 $(10,410) --
Free cash flow per
common share $ 0.12 $ (0.08) -- $ 0.38 $ (0.30) --
Same Station Results: (5)
Net Revenue $54,013 $50,368 7.2% $155,127 $148,432 4.5%
Broadcast cash
flow (1) 19,546 16,195 20.7% 53,876 44,288 21.6%
Broadcast cash
flow margin (2) 36.2% 32.2% 34.7% 29.8%
Pro Forma Results: (6)
Net Revenue $66,206 $61,551 7.6% $189,793 $179,906 5.5%
Broadcast cash
flow (1) 25,461 21,387 19.0% 69,742 58,249 19.7%
Broadcast cash
flow margin (2) 38.5% 34.7% 36.7% 32.4%
EBITDA (3) 21,993 18,507 18.8% 59,294 48,691 21.8%
EBITDA Margin (7) 33.2% 30.1% 31.2% 27.1%
(1) Broadcast cash flow is 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, non-cash stock compensation 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 other charges. (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, non-cash stock compensation and restructuring and other charges. (4) Free cash flow is defined as EBITDA less LMA fee expense, net interest expense, dividends on the Series A Preferred Stock, income taxes paid and maintenance/investment capital expenditures. (5) Same station results include the 220 stations in 46 markets operated since January January: see month. 1, 2001. (6) 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 include the results of all acquisitions and dispositions entered into or 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. during the period as if completed at the beginning of each period presented and exclude the results of Broadcast Software International. As of September 30, 2002 the pro forma totals include the results of 244 stations in 52 markets. (7) EBITDA margin is defined as EBITDA as a percentage of net revenues. Results of Operations Three Months Ended September 30, 2002 Compared to Three Months Ended September 30, 2001 Net revenues for the third quarter of 2002 increased $15.7 million to $66.5 million, a 30.9% increase from the third quarter of 2001, primarily as a result of acquisitions completed in Q1 2002 combined with increases in local and national revenues over the prior year period. 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. increased $5.7 million to $41.0 million, an increase of 16.2% over the third quarter of 2001, primarily as a result of acquisitions completed in Q1 2002. Broadcast cash flow (defined as operating income before depreciation and amortization, LMA fees, corporate general and administrative expenses, non-cash stock compensation and restructuring and other charges) increased $10.0 million to $25.5 million, an increase of 64.2% from the third quarter of 2001, for the reasons discussed above. On a pro forma basis, which includes the results of all transactions completed during the three month period as if each were consummated at the beginning of the earliest periods presented, net revenues for the third quarter of 2002 increased $4.7 million to $66.2 million, an increase of 7.6% from the third 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, restructuring and other charges; and excluding the results of Broadcast Software International) increased $4.1 million to $25.5 million, an increase of 19.0% from the third 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 38.5% for the third quarter of 2002 from 34.7% for the third quarter of 2001. Preferred stock dividends, accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of discount, deemed dividends and redemption premiums redemption premium See call premium. for the third quarter of 2002 increased $5.9 million to $10.4 million compared to $4.5 million in the prior year, primarily as a result of $7.8 million in redemption premiums paid during the quarter in connection with the Company's repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 67,502 shares of its Series A Cumulative Exchangeable Redeemable Redeemable Eligible for redemption under the terms of an indenture. Preferred Stock due 2009. This increase was partially offset by lower accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. dividends in the current quarter attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to fewer outstanding shares of the issue following the repurchases. Nine Months Ended September 30, 2002 Compared to Nine Months Ended September 30, 2001 Net revenues for the nine months ended September 30, 2002 increased $30.8 million to $181.3 million, a 20.5% increase from the same period in 2001, primarily as a result of acquisitions completed in Q1 2002 combined with increases in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. local and national revenues over the prior year period. Station operating expenses increased $7.9 million to $115.3 million, an increase of 7.3% over the same period in 2001, primarily as a result of acquisitions completed in Q1 2002, offset by a 2.8% decrease in expenses associated with stations operated since January 1, 2001. Broadcast cash flow (defined as operating income before depreciation and amortization, LMA fees, corporate general and administrative expenses, non-cash stock compensation and restructuring and other charges) increased $22.9 million to $66.0 million, an increase of 53.2% from the same period in 2001, for the reasons discussed above. On a pro forma basis, which includes the results of all transactions completed during the nine month period as if each were consummated at the beginning of the earliest periods presented, net revenues for the nine months ended September 30, 2002 increased $9.9 million to $189.8 million, an increase of 5.5% from the same period in 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, restructuring and other charges; and excluding Broadcast Software International) increased $11.5 million to $69.7 million, an increase of 19.7% from the same period in 2001. Pro forma broadcast cash flow margin (defined as pro forma broadcast cash flow as a percentage of pro forma net revenues) increased to 36.7% for the nine months ended September 30, 2002 from 32.4% for the nine months ended September 30, 2001. Preferred stock dividends, accretion of discount, deemed dividends and redemption premiums for the nine months ended September 30, 2002 increased $6.6 million to $19.6 million compared to $13.0 million in the prior year, primarily as a result of $7.8 million in redemption premiums paid in the third quarter in connection with the Company's repurchase of 67,502 shares of its Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009. This increase was partially offset by lower accrued dividends in the current year attributable to fewer outstanding shares of the issue following the repurchases. Liquidity, Leverage and Financial Position As of September 30, 2002, the Company had $142.9 million in cash on hand. The significant cash balance was primarily the result of a public offering of 10.5 million Class A Common shares in May 2002 and cash generated from operations. Leverage, as defined under the terms of the Company's credit facility as total indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. divided by trailing 12-month EBITDA as adjusted for certain non-recurring expenses, was 5.76x at September 30, 2002. During the third quarter, the Company successfully negotiated and completed the repurchase of 67,502 shares of its Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009 for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $75.3 million, including redemption premiums. Subsequent to the third quarter and through October October: see month. 31, 2002, the Company repurchased an additional 44,790 shares of the Series A Preferred Stock for approximately $51.0 million, including redemption premiums. Pro forma for the repurchases completed in October, Cumulus outstanding Series A Preferred Stock balance at September 30, 2002 is $22.2 million, representing 22,197 shares outstanding. At September 30, 2002 and pro forma for the Series A Preferred Stock repurchases completed in October, Cumulus had net long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and preferred stock of $448.9 million consisting of $287.5 million in bank debt, $160.0 million in notes, $0.2 million in other debt, $22.2 million in Series A Preferred Stock and less available cash (uncommitted to acquisitions) of $21.0 million. Including the results of all announced pending acquisitions, the ratio of net long-term debt and preferred stock (including the October repurchases of Series A Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. ) to trailing 12-month pro forma EBITDA as of September 30, 2002 is approximately 5.4x. Acquisitions and Dispositions Effective October 1, 2002, the Company commenced operation of U.S. Broadcasting Limited Partnership's Macon Macon (mā`kən, mā`kŏn), city (1990 pop. 106,612), seat of Bibb co., central Ga., at the head of navigation on the Ocmulgee River; inc. 1823. , GA market cluster cluster, in astronomy: see star cluster; galaxy. (1) Two or more systems working together. See clustering. (2) Also called an "allocation unit" or "file allocation unit," it is some number of disk sectors that are treated as a unit. under the terms of a local marketing agreement. This 8-station acquisition was previously announced in the second quarter of 2002 and, pending 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. approval, the Company expects to close on the acquisition in late 2002 or during the first quarter of 2003. On September 19, 2002 the Company signed a Purchase Agreement with East Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by Broadcasters, Inc. to acquire the broadcasting and related assets of WKSM-FM, WNCV-FM, WYZB-FM, WZNS-FM and WFTW-AM serving the Ft. Walton Beach, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and market (Arbitron Arbitron (NYSE: ARB) is a radio audience research company in the United States which collects listener data on radio audiences similar to that collected by Nielsen Media Research on television audiences. market rank # 217). The aggregate purchase price for these assets is approximately $30.0 million, of which $28.5 million is to be paid in cash and $1.5 million of which may be paid in shares of Cumulus' Class A Common Stock. This acquisition represents an attractive market cluster for the Company and is an excellent strategic fit within the Company's strong presence in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: On August 15, 2002, the Company completed the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of WFDF-AM in Flint flint, mineral flint, variety of quartz that commonly occurs in rounded nodules and whose crystal structure is not visible to the naked eye. Flint is dark gray, smoky brown, or black in color; pale gray flint is called chert. , MI to ABC Radio ABC Radio is a broadcasting unit of Citadel Broadcasting Corporation.[1] ABC Radio was, from 1945 until 2007, the division of the American Broadcasting Company (ABC) focused on AM radio and FM radio broadcasting. Inc. As of the closing date, the Company received approximately $3.0 million in cash and recognized a gain on sale of approximately $0.3 million. On July July: see month. 9, 2002, the Company completed the acquisition of WQLH-FM and WDUZ-AM in Green Bay, WI from Green Bay Broadcasting Co., for approximately $6.0 million in cash. Business Outlook The following statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , 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 fourth quarter of 2002, the Company expects pro forma net revenues to increase between 7% and 8%, and pro forma EBITDA to increase between 14% and 15% over respective pro forma results from the fourth quarter 2001. On an as-reported basis, Cumulus expects to report a loss per share of approximately $(0.08) for the fourth quarter of 2002. Forward-Looking Statements Statements in this release, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 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. 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 (character) Cancel - (CAN, Control-X) ASCII character 24. 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 December: see month. 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, Cumulus Media Inc. will own and operate 260 radio stations in 54 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. 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 third quarter results. To access this teleconference live, please visit the Company's web site at www.cumulus.com or dial (888) 577-8990 for domestic calls and (630) 395-0030 for international callers. The pass code for the call is CUMULUS. Immediately after completion of the call, a replay can be accessed until 11:59 PM EST EST electroshock therapy. EST abbr. electroshock therapy November November: see month. 13, 2002. Domestic callers can access the replay by dialing (800) 879-5210. International callers may access the replay by dialing (402) 220-4730.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2002 2001 2002 2001
---- ---- ---- ----
Revenues $73,635 $56,293 $200,394 $166,224
Less: agency
commission (7,114) (5,478) (19,143) (15,749)
------- ------- -------- --------
Net revenues 66,521 50,815 181,251 150,475
Operating expenses:
Station operating
expenses, excluding
depreciation
amortization and
LMA fees 40,982 35,260 115,251 107,391
Depreciation and
amortization 4,613 12,643 13,533 37,008
LMA fees 59 391 316 2,560
Corporate general
and administrative
(excluding non-cash
stock compensation
expense) 3,468 4,117 10,448 11,620
Non-cash stock
compensation 280 -- 337 --
Restructuring and
other charges (931) -- (931) (33)
------- ------- -------- --------
Total operating
expenses 48,471 52,411 138,954 158,546
------- ------- -------- --------
Operating income
(loss) 18,050 (1,596) 42,297 (8,071)
------- ------- -------- --------
Nonoperating income
(expense):
Interest expense (8,277) (7,949) (23,628) (23,670)
Interest income 1,337 298 1,962 1,997
Loss on early
extinguishments
of debt -- -- (6,291) --
Other income
(expense), net (21) 1,672 1,459 9,070
------- ------- -------- --------
Total nonoperating
expense, net (6,961) (5,979) (26,498) (12,603)
------- ------- -------- --------
Income (loss)
before income
taxes 11,089 (7,575) 15,799 (20,674)
Income tax benefit
(expense) (4,863) 594 (72,654) 2,238
------- ------- -------- --------
Income (loss)
before the
cumulative effect
of a change in
accounting
principle, net
of tax 6,226 (6,981) (56,855) (18,436)
Cumulative effect
of a change in
accounting principle,
net of tax -- -- (41,700) --
------- ------- -------- --------
Net income (loss) 6,226 (6,981) (98,555) (18,436)
Preferred stock
dividends,
accretion of
discount, deemed
dividends and
redemption
premiums 10,358 4,501 19,604 12,977
------- ------- -------- --------
Net loss
attributable to
common
stockholders $ (4,132) $ (11,482) $ (118,159) $ (31,413)
======= ======= ======== ========
Basic and diluted
loss per common
share
Basic and diluted
loss per common
share before the
cumulative effect
of a change in
accounting
principle $ (0.07) $ (0.33) $ (1.48) $ (0.89)
Cumulative
effect of a
change in
accounting
principle -- -- (0.81) --
------- ------- -------- --------
Basic and diluted
loss per common
share $ (0.07) $ (0.33) $ (2.29) $ (0.89)
======= ======= ======== ========
Weighted average
common shares
outstanding 62,332 35,218 51,688 35,213
======= ======= ======== ========
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Three Months Ended
September 30, 2002
(dollars in thousands)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- --------
Net Revenue $66,521 $(315) (1) $66,206
Station Operating Expenses $40,982 $(237) (2) $40,745
BCF $25,539 $ (78) $25,461
Corporate Overhead $ 3,468 -- $ 3,468
EBITDA $22,071 $ (78) $21,993
(1) Reflects the elimination of revenues from Broadcast Software
International ($291) and from divested stations ($24).
(2) Reflects the elimination of operating expenses from Broadcast
Software International ($202) and from divested stations ($35).
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Nine Months Ended
September 30, 2002
(dollars in thousands)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- ---------
Net Revenue $181,251 $8,542 (3) $189,793
Station Operating Expenses $115,251 $4,800 (4) $120,051
BCF $ 66,000 $3,742 $ 69,742
Corporate Overhead $ 10,448 -- $ 10,448
EBITDA $ 55,552 $3,742 $ 59,294
(3) Reflects the addition of revenues related to acquisitions
completed in Q1 2002 ($9,501), offset by the elimination of revenues
from Broadcast Software International ($803) and from divested
stations($156).
(4) Reflects the addition of expenses related to acquisitions
completed in Q1 2002 ($5,718), offset by the elimination of operating
expenses of Broadcast Software International ($677) and from divested
stations ($241).
CAPITALIZATION
(dollars in thousands)
September 30, September 30,
2002 2002
Actual Pro Forma(1)
------------- -------------
Cash and cash equivalents $ 142,876 $ 20,998
============= =============
Long-term debt, including current
maturities:
Bank Debt and Other Secured Debt 287,500 287,500
Senior Subordinated Notes 160,000 160,000
Other 187 187
------------- -------------
Total long-term debt 447,687 447,687
------------- -------------
13.75% Series A Redeemable Preferred Stock 66,987 22,197
Total Stockholders' equity 721,386 721,386
------------- -------------
Total capitalization $ 1,236,060 $ 1,191,270
============= =============
(1) Pro forma for the completion of all pending acquisitions and
dispositions (excluding the stock portion of the Macon, Georgia and
Ft. Walton Beach purchase prices) and the October 2002 repurchases of
44,790 shares of Series A Preferred Stock.
Net Debt and Preferred Stock to TTM Pro Forma EBITDA Ratio (2) 5.4x
(2) Ratio calculated as (dollars in thousands):
Funded debt and Preferred Stock as of September 30, 2002 $514,674
Less: October 2002 Preferred Stock redemptions (44,790)
Less: Pro forma cash balance as of September 30, 2002 (20,998)
---------
Net Debt and Preferred Stock as of June 30, 2002 448,886
---------
Divided by Trailing Twelve Months Pro Forma EBITDA
(includes the results of all pending acquisitions) 82,489
---------
Ratio 5.4x
CUMULUS MEDIA INC.
2002 Quarterly 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 September 30, 2002:
BCF Margin % # of Markets Revenue BCF Average BCF
%
---------------- -------------- ------------ ------------ -----------
> 35.0% 23 $150,136 $69,903 46.6%
25.0% to 34.9% 13 43,878 13,995 31.9%
20.0% to 24.9% 4 11,696 2,810 24.0%
10.0% to 19.9% 7 17,509 2,732 15.6%
0.0% to 9.9% 4 7,871 370 4.7%
< 0.0% 1 1,218 (819) (67.2%)
-------------- ------------ ------------ -----------
Subtotal 52 $232,308 $88,991 38.3%
Trade, Other -- 19,160 2,635 13.8%
------------ ------------ -----------
Totals 52 $251,468 $91,626 36.4%
Pro Forma for the Trailing Twelve months ended June 30, 2002:
BCF Margin % # of Markets Revenue BCF Average BCF
%
--------------- -------------- ------------ ------------- -----------
> 35.0% 23 $147,656 $67,655 45.8%
25.0% to 34.9% 14 46,275 14,020 30.3%
20.0% to 24.9% 3 7,711 1,635 21.2%
10.0% to 19.9% 7 17,762 2,676 15.1%
0.0% to 9.9% 2 3,572 131 3.7%
< 0.0% 3 4,692 (689) (14.7%)
------------- ------------ ------------- -----------
Subtotal 52 $227,668 $85,428 37.5%
Trade, Other -- 19,144 2,124 11.1%
------------ ------------- -----------
Totals 52 $246,812 $87,552 35.5%
Activity for Q3 2002
Markets Markets Markets Net Change Markets
BCF Margin % at 6/30/02 Moving Moving In In at 9/30/02
Out Category
---------------- -------------- -------- --------- ---------- --------
> 35.0% 23 -- -- -- 23
25.0% to 34.9% 14 (1) -- (1) 13
20.0% to 24.9% 3 (1) 2 1 4
10.0% to 19.9% 7 (1) 1 -- 7
0.0% to 9.9% 2 -- 2 2 4
< 0.0% 3 (2) -- (2) 1
Total 52 (5) 5 -- 52
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