Cumulus Reports First Quarter 2005 Results.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. -- 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 months ended March 31, 2005. Lew a. 1. Lukewarm; tepid. Dickey, Chairman, President and Chief Executive Officer, commented, "Our first quarter results were marked by strong top line growth and even stronger 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 and free cash flow growth." Historical results are attached. Historical or "as reported" financial data of Cumulus Media Inc. are not comparable from year to year because of the acquisition of radio stations by the Company during the periods covered. Financial highlights (in thousands, except per share data and percentages) are as follows:
Three Months Ended
March 31, %
2005 2004 Change
------- ------- ------
As Reported:
Net revenues $72,124 $65,450 10.2%
Station operating expenses 50,519 46,295 9.1%
Station Operating Income (1) 21,605 19,155 12.8%
Station Operating Income margin (2) 30.0% 29.3%
Adjusted EBITDA (3) 17,860 15,599 14.5%
Income (loss) per common share:
Basic income (loss) per common share $0.01 $(0.03)
Diluted income (loss) per common share $0.01 $(0.03)
Free cash flow (4) $11,071 $ 8,449 31.0%
Same Station Results: (5)
Net revenue $66,420 $63,909 3.9%
Pro Forma Results: (6)
Net revenue $71,709 $69,485 3.2%
Station Operating Income (1) 21,550 19,878 8.4%
Station Operating Income margin (2) 30.1% 28.6%
Adjusted EBITDA (3) 17,805 16,322 9.1%
Adjusted EBITDA margin (7) 24.8% 23.5%
(1) Station Operating Income is defined as operating income before
depreciation and amortization, LMA fees, corporate general and
administrative expenses, non-cash stock compensation and
restructuring charges (credits). Station Operating Income is not a
measure of performance calculated in accordance with accounting
principles generally accepted in the United States ("GAAP").
Please see the attached table for a reconciliation of Station
Operating Income to the most directly comparable GAAP financial
measure.
(2) Station Operating Income margin is defined as Station Operating
Income as a percentage of net revenues.
(3) Adjusted EBITDA is defined as operating income before depreciation
and amortization, LMA fees, non-cash stock compensation and
restructuring charges (credits). Adjusted EBITDA is not a measure
of performance calculated in accordance with GAAP. Please see the
attached table for a reconciliation of Adjusted EBITDA to the most
directly comparable GAAP financial measure.
(4) Free cash flow is defined as Adjusted EBITDA less LMA fee expense,
net interest expense, income taxes paid and maintenance capital
expenditures. Free cash flow is not a measure of performance
calculated in accordance with GAAP. Please see the attached table
for a reconciliation of free cash flow to the most directly
comparable GAAP financial measure.
(5) Same station results include the 275 stations in 56 markets
operated since January 1, 2004.
(6) Pro forma results include the results of i) all acquisitions
entered into during the period which were operated under the terms
of a local marketing agreement; ii) all acquisitions and
dispositions consummated during the period as if completed at the
beginning of each period presented, and exclude the results of
Broadcast Software International. As of March 31, 2005, the pro
forma totals include the results of 303 stations in 61 markets.
(7) Adjusted EBITDA margin is defined as Adjusted EBITDA as a
percentage of net revenues.
Results of Operations Three Months Ended March 31, 2005 Compared to the Three Months Ended March 31, 2004 Net revenues for the first quarter increased from $65.5 million in 2004 to $72.1 million in 2005, a 10.2% increase, primarily as a result of 1) revenues associated with stations acquired or stations operated under the terms of a local marketing agreement subsequent to March 31, 2004 and 2) organic revenue growth over the Company's existing station platform. 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 from $46.3 million to $50.5 million, an increase of 9.1% over the first quarter of 2004, primarily as a result of increased expenses associated with stations acquired or stations operated under the terms of a local marketing agreement subsequent to March 31, 2004. Station 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. (defined as operating income before depreciation and amortization, LMA LMA left mentoanterior (position of fetus). fees, corporate general and administrative expenses, non-cash stock compensation and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. (credits)) increased from $19.2 million to $21.6 million, an increase of 12.8% from the first quarter of 2004, 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 stations operated during the three month period under the terms of local marketing agreements and station acquisitions completed during the three month period as if each were operated from 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. at the beginning of the periods presented, excluding the results of Broadcast Software International, net revenues for the first quarter of 2005 increased from $69.5 million to $71.7 million, an increase of 3.2% from the first quarter of 2004. Pro forma Station Operating Income (defined as operating income (loss) before depreciation, amortization, LMA fees, corporate general and administrative expense, non-cash stock compensation, restructuring charges (credits); and excluding the results of Broadcast Software International) increased from $19.9 million to $21.6 million, an increase of 8.4% from the first quarter of 2004. Pro forma Station Operating Income margin (defined as pro forma Station Operating Income as a percentage of pro forma net revenues) increased to 30.1% for the first quarter of 2005 from 28.6% for the first quarter of 2004. Interest expense decreased by $0.3 million to $5.2 million as compared with $5.5 million during the prior year, primarily due to gains recorded in the current year related to adjusting certain derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. to fair value. Interest on bank borrowings totaled $4.8 million for the three months ended March 31, 2005 and was consistent with the prior period. Income tax expense increased $0.2 million to $6.5 million compared to $6.2 million during the first quarter of 2004. Tax expense incurred during both periods, which is comprised entirely of deferred tax expense, was recorded to establish valuation allowances against 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-forwards generated during the periods. We expect tax expense for the second quarter of 2005 to be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $7.1 million. 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. income per share was $0.01 per common share for the first quarter as compared with a basic and diluted loss of $(0.03) per common share in the prior year. Leverage and Financial Position Capital expenditures for the first quarter of 2005 totaled $1.8 million. Capital expenditures during the quarter were comprised of $0.3 million of expenditures related to the consolidation of or purchase of studio facilities and tower structures and $1.6 million of maintenance capital expenditures. For the full year of 2005, we expect capital expenditures to total $7.0 million. Leverage, 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 Adjusted EBITDA as adjusted for certain non-recurring expenses, was 5.1x at March 31, 2005. Including the results of all pending acquisitions operated as of March 31, 2005, the ratio of 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. to trailing 12-month pro forma Adjusted EBITDA as of March 31, 2005 is approximately 5.0x. Outlook The following statements and data are based on current expectations. These statements are forward looking and actual results may differ materially. Cumulus cumulus: see cloud. expects second quarter 2005 pro forma net revenue to grow low single-digits, on a percentage basis, versus the prior year. We expect second quarter 2005 pro forma station operating expenses to grow by 2.0%. Further, the following table summarizes selected projected financial results for the second quarter of 2005 (dollars in millions):
Estimated
Q2 2005
---------------
Depreciation and amortization $5,658
LMA fees 136
Non-cash stock compensation 50
Interest expense 6,100
Interest income (100)
Income tax expense (non cash) 7,100
Weighted average diluted common shares
Outstanding 71,000,000
Acquisitions and Dispositions On March 4, 2005, the Company completed the acquisition of seven radio stations serving the Columbia, Missouri
Columbia (IPA: /kə.lʌm.bi.ə) is the fifth largest city in Missouri and the largest city in central Missouri. and Jefferson City, Missouri “Jefferson City” redirects here. For other uses, see Jefferson City (disambiguation). Jefferson City is the capital of the State of Missouri and the county seat of Cole County. markets for $38.8 million in cash. On March 31, 2005, the Company completed the acquisition of the broadcast license for KVST-FM, serving Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , for $32.2 million in cash. Non-GAAP Financial Measures Cumulus Media Inc. utilizes certain financial measures that are not calculated 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 GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). to assess financial performance and profitability. The non-GAAP financial measures used in this release are Station Operating Income, Adjusted EBITDA and Free Cash Flow. Station operating income is defined as operating income before depreciation and amortization, LMA fees, corporate general and administrative expenses, non-cash stock compensation and restructuring charges (credits). Adjusted EBITDA is defined as operating income before depreciation and amortization, LMA fees, non-cash stock compensation and restructuring charges (credits). Free Cash Flow is defined as Adjusted EBITDA less LMA fee expense, net interest expense, income taxes paid and maintenance capital expenditures. Station Operating Income Station Operating Income serves as a starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the for our management to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. the cash flow generated by our business by measuring the profitability of our station portfolio and its contribution to the funding of our other operating expenses and to the funding of debt service and acquisitions. Station Operating Income isolates the amount of income generated solely by our stations and assists our management in evaluating the earnings potential of our station portfolio. In deriving de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. this measure, we exclude depreciation and amortization due to the insignificant investment in 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. required to operate our stations and the relatively insignificant amount of 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. subject to amortization. We exclude LMA fees from this measure, even though it requires a cash commitment, due to the insignificance in·sig·nif·i·cance n. The quality or state of being insignificant. Noun 1. insignificance - the quality of having little or no significance unimportance - the quality of not being important or worthy of note and temporary nature of such fees. Corporate expenses, despite representing an additional significant cash commitment, are excluded in an effort to present the operating performance of our stations exclusive of the corporate resources employed. We believe this is important to our investors because it highlights the gross margin generated by our station portfolio. Finally, we exclude 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 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 (credits) from the measure as they do not represent cash payments related to the operation of the stations. We believe that Station Operating Income, although not a measure that is calculated in accordance with GAAP, nevertheless is the most frequently used financial measure in determining the market value of a radio station or group of stations. We have observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. that Station Operating Income is commonly employed by firms that provide appraisal services to the broadcast industry in valuing radio stations. Further, in each of the more than 140 radio station acquisitions we have completed since our 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. , we have used Station Operating Income as our primary metric to evaluate and negotiate the purchase price to be paid. Given its relevance to the estimated value of a radio station, we believe, and our experience indicates, that investors consider the metric to be extremely useful in order to determine the value of our portfolio of stations. We believe that Station Operating Income is the most commonly used financial measure employed by the investment community to compare the performance of radio station operators. Finally, Station Operating Income is the primary metric that our management uses to evaluate the performance and results of our stations. Our management uses the measure to assess the performance of our station managers and our board of directors uses it to determine the relative performance of our executive management. As a result, in disclosing Station Operating Income, we are providing our stockholders, and the public, with an analysis of our performance that is consistent with that utilized by our management. Station Operating Income should not be considered in isolation or as a substitute for net income, operating income (loss), cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA is also utilized by our management to analyze the cash flow generated by our business. This measure isolates the amount of income generated by our stations after the incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of corporate general and administrative expenses. Management uses this measure to determine the contribution of our station portfolio, including the corporate resources employed to manage the portfolio, to the funding of our other operating expenses and to the funding of debt service and acquisitions. In deriving this measure, we exclude depreciation and amortization due to the insignificant investment in tangible assets required to operate our stations and corporate office and the relatively insignificant amount of intangible assets subject to amortization. We exclude LMA fees from this measure, even though it requires a cash commitment, due to the insignificance and generally temporary nature of such fees. Finally, we exclude non cash stock compensation and restructuring and impairment charges (credits) from the measure as they do not represent cash payments related to the operation of the stations. We believe that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, nevertheless is commonly employed by the investment community as a measure for determining the market value of a radio company. We have also observed that Adjusted EBITDA is routinely employed to evaluate and negotiate the potential purchase price for 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. companies. Given the relevance to the overall value of the Company, we believe that investors consider the metric to be extremely useful. Adjusted EBITDA should not be considered in isolation or as a substitute for net income, operating income (loss), cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. Free Cash Flow Free Cash Flow is also utilized by management to analyze the cash generated by our business. Free Cash Flow measures the amount of income generated each period that could be used to fund acquisitions or repay debt, after funding station and corporate expenses, capital expenditures and payment of LMA fees and debt service. We believe that Free Cash Flow, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community to evaluate a company's ability to pay down debt, pay dividends, 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. stock and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. facilitate the further growth of a company through acquisition or internal development. We further believe that Free Cash Flow is also utilized by investors as a measure in determining the market value of a radio company. Free Cash Flow should not be considered in isolation or as a substitute for net income, operating income (loss), cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. As Station Operating Income, Adjusted EBITDA and Free Cash Flow are measures that are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures employed by other companies. See the quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. reconciliation of these measures to their most directly comparable financial measure calculated and presented in accordance with GAAP that follows below. 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. Certain 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements, which are statements that relate to Cumulus Media Inc.'s future plans, revenues, Station Operating Income, 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 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 national or world 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 its 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, 2004. 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 dispositions, Cumulus Media Inc. will own and operate 310 radio stations in 61 mid-size and smaller U.S. media markets. The Company's headquarters are in Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , and its web site is www.cumulus.com. Cumulus Media Inc. shares are traded on the NASDAQ National Market under the symbol CMLS. Cumulus Media Inc. will host a teleconference later today at 10 a.m. Eastern Time to discuss first quarter results. To access this teleconference live, please visit the Company's web site at www.cumulus.com or dial (800) 562-8369 for both domestic and international callers. Approximately an hour after completion of the call, a replay can be accessed until 11:59 PM EST EST electroshock therapy. EST abbr. electroshock therapy May 7, 2005. Domestic and international callers can access the replay by dialing (719) 457-0820, pass code 8997374.
CUMULUS MEDIA INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Three Months
Ended Ended
March 31, March 31,
2005 2004
-------------- ------------
Net revenues $72,124 $65,450
Operating expenses:
Station operating expenses,
excluding depreciation,
amortization and LMA fees 50,519 46,295
Depreciation and amortization 5,357 4,994
LMA fees 348 587
Corporate general and
administrative (excluding non
cash stock compensation expense) 3,745 3,556
Non cash stock compensation expense (29) (92)
------- ------------
Total operating expenses 59,940 55,340
------- ------------
Operating income 12,184 10,110
------- ------------
Nonoperating income (expense):
Interest expense (5,221) (5,541)
Interest income 334 108
Losses on early extinguishment of
debt -- (462)
Other income (expense), net (2) 26
------- ------------
Total nonoperating expense,
net (4,889) (5,869)
------- ------------
Income before income taxes 7,295 4,241
Income tax expense 6,472 6,225
------- ------------
Net income (loss) attributable
to common stockholders $823 $(1,984)
======= ============
Basic and diluted income (loss) per
common share:
Basic income (loss) per common share $0.01 $ (0.03)
======= ============
Diluted income (loss) per common
share $0.01 $ (0.03)
======= ============
Weighted average basic common shares
outstanding 69,087 66,367
======= ============
Weighted average diluted common
shares outstanding 70,649 66,367
======= ============
Reconciliation of Non-GAAP Financial Measures to GAAP Counterparts
The following table reconciles net cash provided by operating
activities, the most directly comparable financial measure calculated
and presented in accordance with GAAP, to Station Operating Income and
Adjusted EBITDA (dollars in thousands).
Three Months Ended
March 31,
2005 2004
--------- ---------
Net cash provided by operating activities $16,849 $15,000
Cash payments for LMA fees 348 587
Excess of accrual based station operating
expenses to cash payments (4,132) (8,850)
Cash payments for Corporate general and
administrative expenses in excess of accrual
based expense 1,301 2,575
Cash payments for interest expense 3,797 6,851
Cash interest income (334) (108)
Other cash payments/adjustments 31 (456)
Adjusted EBITDA $17,860 $15,599
--------- ---------
Add: Accrual based Corporate general and
administrative expenses 3,745 3,556
--------- ---------
Station Operating Income $21,605 $19,155
========= =========
The following table reconciles operating income, the most directly
comparable financial measure calculated and presented in accordance
with GAAP, to free cash flow (dollars in thousands).
Three Months Ended
March 31,
2005 2004
--------- ---------
Operating income $12,184 $10,110
Add:
Non cash compensation expense (29) (92)
Depreciation and amortization 5,357 4,994
Less:
Interest expense, net of interest income (4,887) (5,433)
Maintenance capital expenditures (1,554) (1,130)
Free cash flow $11,071 $8,449
========= =========
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Three Months Ended
March 31, 2005
(dollars in thousands)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- ---------
Net revenue $72,124 $415 (1) $71,709
Station operating expenses $50,519 $(360) (2) $50,159
---------- ----------- ---------
Station Operating Income $21,605 $55 $21,550
Corporate overhead $3,745 -- $3,745
---------- ----------- ---------
Adjusted EBITDA $17,860 $55 $17,805
(1) Reflects the elimination of revenues from Broadcast Software
International;
(2) Reflects the elimination of operating expenses from Broadcast
Software International;
CAPITALIZATION
(dollars in thousands)
March 31, 2005 March 31, 2005
Actual Pro Forma(1)
------------------ ----------------
Cash and cash equivalents $5,710 $6,910
================== ================
Long-term debt, including current
maturities:
Bank Debt 522,763 515,853
Total Stockholders' equity 880,046 880,046
------------------ ----------------
Total capitalization $1,402,809 $1,395,899
================== ================
(1) Pro forma for cash positions and borrowings following the
completion of all pending acquisitions and dispositions.
Net Debt to TTM Pro Forma Adjusted EBITDA Ratio (2) 5.0x
(2) Ratio calculated as (dollars in thousands):
Funded debt as of March 31, 2005 $522,763
Less: Net cash proceeds from acquisitions
and dispositions (1,200)
Less: Cash balance as of March 31, 2005 (5,710)
Net Debt as of March 31, 2005 515,853
Divided by Trailing Twelve Months Pro Forma
Adjusted EBITDA (includes the results of
all pending acquisitions) 103,971
Ratio 5.0x
CUMULUS MEDIA INC.
2005 Quarterly Results
Station Operating Income 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
Station Operating Income 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, 2005
-------------------------------------------------------------
Station Avg Station
Station Operating Operating Operating
Income Margin % # of Markets Revenue Income Income %
------------------ ------------ ---------- ------------ --------------
greater than 35.0% 29 $188,822 $88,331 46.8%
25.0% to 34.9% 15 68,916 21,050 30.5%
20.0% to 24.9% 5 16,221 3,517 21.7%
10.0% to 19.9% 6 14,914 2,435 16.3%
0.0% to 9.9% 2 5,742 491 8.6%
less than 0.0% 4 5,485 (1,337) (24.4)%
------------ ---------- ------------ --------------
Subtotal 61 $300,100 $114,488 38.2%
Trade, Other -- 24,952 5,307 21.3%
---------- ------------ --------------
Totals 61 $325,052 $119,795 36.9%
Pro Forma for the Trailing Twelve months ended December 31, 2004:
-----------------------------------------------------------------
Station Average Station
Station Operating Operating Operating
Income Margin % # of Markets Revenue Income Income %
------------------ ------------ --------- ----------- ----------------
greater than 35.0% 26 $178,383 $84,479 47.4%
25.0% to 34.9% 18 76,381 23,488 30.8%
20.0% to 24.9% 5 15,863 3,587 22.6%
10.0% to 19.9% 6 16,027 2,690 16.8%
0.0% to 9.9% 3 6,516 301 4.6%
less than 0.0% 3 4,414 (1,403) (31.8)%
------------ --------- ----------- ----------------
Subtotal 61 297,584 113,142 38.0%
Trade, Other -- 25,244 4,982 19.7%
--------- ----------- ----------------
Totals 61 322,828 118,124 36.6%
Activity for Q1 2005
Markets Markets
Station Operating Markets Moving Moving Net Change Markets
Income % at 12/31/04 Out In In Category at 3/31/05
------------------ ----------- -------- ------- ----------- ----------
greater than 35.0% 26 1 4 3 29
25.0% to 34.9% 18 5 2 (3) 15
20.0% to 24.9% 5 1 1 -- 5
10.0% to 19.9% 6 1 1 -- 6
0.0% to 9.9% 3 1 0 (1) 2
less than 0.0% 3 0 1 1 4
----------- -------- ------- ----------- ----------
Total 61 9 9 0 61
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