Cumulus Reports Fourth Quarter 2003 Results.
Business Editors
ATLANTA--(BUSINESS WIRE)--Feb. 17, 2004--Cumulus Media Inc.
(NASDAQ: CMLS) today reported financial results for the three and
twelve months ended December 31, 2003.
Lew Dickey, Chairman, President and Chief Executive Officer,
commented, "Our investment in our local sales effort continued to pay
off for us in the fourth quarter. We captured revenue share and
performed well in a difficult revenue environment."
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 Twelve Months Ended
Dec. 31, % Dec. 31, %
2003 2002 Change 2003 2002 Change
-------- -------- ------ --------- --------- ------
As Reported:
Net revenues $74,911 $70,753 5.9% $281,971 $252,597 11.6%
Station
operating
expenses 47,640 43,922 8.5% 179,536 159,766 12.4%
Station
Operating
Income (1) 27,271 26,831 1.6% 102,435 92,831 10.3%
Station
Operating
Income margin
(2) 36.4% 37.9% 36.3% 36.8%
Adjusted EBITDA
(3) 23,878 23,568 1.3% 89,061 79,121 12.6%
Free Cash Flow
(4) $15,625 $11,378 37.3% $ 55,046 $ 26,656 106.5%
Same Station
Results: (5)
Net revenue $55,759 $54,803 1.7% $213,542 $209,930 1.7%
Station
Operating
Income (1) 19,442 19,442 - 73,838 73,318 0.7%
Station
Operating
Income margin
(2) 34.9% 35.5% 34.6% 34.9%
Pro Forma
Results: (6)
Net revenue $74,252 $74,241 -- $284,515 $283,995 0.2%
Station
Operating
Income (1) 27,079 27,891 -2.9% 103,253 102,760 0.5%
Station
Operating
Income margin
(2) 36.5% 37.6% 36.3% 36.2%
Adjusted EBITDA
(3) 23,686 24,628 -3.8% 89,879 89,050 0.9%
Adjusted EBITDA
margin (7) 31.9% 33.2% 31.6% 31.4%
(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. 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 this measure to operating income, 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. Adjusted EBITDA is not a measure of
performance calculated in accordance with GAAP. Please see the
attached table for a reconciliation of this measure to operating
income, the most directly comparable GAAP financial measure.
(4) Free Cash Flow is defined as Adjusted EBITDA less LMA fee
expense, net interest expense, dividends on the Series A Preferred
Stock, income taxes paid and maintenance/investment 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 operating income, the most
directly comparable GAAP financial measure.
(5) Same station results include the 220 stations in 46 markets
owned and operated since January 1, 2002.
(6) Pro forma results include the results of i) all acquisitions
entered into during the period that were operated under the terms of
local marketing agreements; and ii) all acquisitions and dispositions
consummated during the period, as if such acquisitions and
dispositions were completed at the beginning of each period presented
and exclude the results of Broadcast Software International. As of
December 31, 2003, the pro forma totals include the results of 268
stations in 55 markets.
(7) Adjusted EBITDA margin is defined as Adjusted EBITDA as a
percentage of net revenues.
Results of Operations
Three Months Ended December 31, 2003 Compared to Three Months
Ended December 31, 2002
Net revenues for the fourth quarter of 2003 increased $4.2 million
to $74.9 million, a 5.9% increase from the fourth quarter of 2002,
primarily as a result of revenues associated with station acquisitions
completed subsequent to December 31, 2002 and stations operated under
the terms of local marketing agreements during periods subsequent to
December 31, 2002. Station operating expenses increased $3.7 million
to $47.6 million, an increase of 8.5% over the fourth quarter of 2002,
primarily as a result of expenses associated with station acquisitions
completed subsequent to December 31, 2002 and stations operated under
the terms of local marketing agreements during periods subsequent to
December 31, 2002. Station Operating Income (defined as operating
income before depreciation and amortization, LMA fees, corporate
general and administrative expenses, non-cash stock compensation and
restructuring charges) increased $0.4 million to $27.3 million, an
increase of 1.6% from the fourth quarter of 2002, for the reasons
discussed above.
On a pro forma basis, which includes the results of all stations
operated during the period under the terms of local marketing
agreements and station acquisitions and dispositions completed during
the period as if each were operated from or consummated at the
beginning of the periods presented, excluding the results of
operations of two stations serving Kansas City, MO acquired on
December 18, 2003, and excluding the results of Broadcast Software
International, net revenues for the fourth quarter of 2003 increased
marginally to $74.3 million from the fourth quarter of 2002. Pro forma
Station Operating Income (defined as operating income (loss) before
depreciation, amortization, LMA fees, corporate general and
administrative expenses, non-cash stock compensation and restructuring
charges; and with the same exclusions) decreased $0.8 million to $27.1
million, a decrease of 2.9% from the fourth quarter of 2002.
Interest expense decreased by $3.0 million or 36.9% to $5.1
million for the three months ended December 31, 2003 as compared with
$8.1 million in the prior period. The higher levels of interest
expense in the prior year were primarily due to the Company's then
outstanding 10 3/8% Senior Subordinated Notes due 2008 (the "Notes").
As of July 2003 the Company had redeemed all of the Notes, which
contributed to lower interest expense during the current quarter.
Income tax expense totaled $7.6 million for the three months ended
December 31, 2003 as compared with $3.7 million in the prior period.
Income tax expense during the current year is comprised of $6.1
million recorded to establish valuation allowances against net
operating loss carry-forwards generated during the period and $1.5
million recorded to reserve for potential state income tax liabilities
as a result of changes in certain state tax laws.
Excluding the $1.5 million charge recorded to reserve for
potential state income tax liabilities, as discussed above, diluted
income per common share would have been $0.09 for the current period.
On an as-reported basis, diluted income per common share for the three
months ended December 31, 2003 was $0.07 per common share versus a
loss per common share of $(0.03) in the prior year.
Twelve Months Ended December 31, 2003 Compared to Twelve Months
Ended December 31, 2002
Net revenues for the twelve months ended December 31, 2003
increased $29.4 million to $282.0 million, an 11.6% increase from
2002, primarily as a result of revenues associated with 1) station
acquisitions completed at the end of Q1 2002, 2) station acquisitions
completed subsequent to December 31, 2002, and 3) stations operated
under the terms of local marketing agreements during periods
subsequent to December 31, 2002. Station operating expenses increased
$19.8 million to $179.5 million, an increase of 12.4% over 2002,
primarily as a result of expenses associated with 1) station
acquisitions completed at the end of Q1 2002, 2) station acquisitions
completed subsequent to December 31, 2002, and 3) stations operated
under the terms of local marketing agreements during periods
subsequent to December 31, 2002. Station Operating Income (defined as
operating income before depreciation and amortization, LMA fees,
corporate general and administrative expenses, non-cash stock
compensation and restructuring charges) increased $9.6 million to
$102.4 million, an increase of 10.3% from 2002, for the reasons
discussed above.
On a pro forma basis, which includes the results of all stations
operated during the period under the terms of local marketing
agreements and station acquisitions completed during the year as if
each were operated from or consummated at the beginning of the periods
presented, excluding the results of operations of two stations serving
Kansas City, Missouri acquired on December 18, 2003, and excluding the
results of Broadcast Software International, net revenues for the
twelve months ended December 31, 2003 increased $0.5 million to $284.5
million, an increase of 0.2% from 2002. Pro forma Station Operating
Income (defined as operating income (loss) before depreciation,
amortization, LMA fees, corporate general and administrative expenses,
non-cash stock compensation and restructuring charges; and with the
same exclusions) increased $0.5 million to $103.3 million, an increase
of 0.5% from 2002.
Interest expense decreased by $9.1 million or 28.8% to $22.6
million for the twelve months ended December 31, 2003 as compared with
$31.7 million in the prior year. This decrease was primarily due to
lower interest expense associated with lower outstanding levels of the
Notes during the current year, as well as the redemption of all
outstanding Notes as of July 2003.
The Company recognized losses on the early extinguishment of debt
of $15.2 million for the twelve months ended December 31, 2003. Losses
in the current year relate to 1) the redemption of $13.7 million of
the Notes in July 2003, 2) the repurchase of $30.1 million of the
Notes, 3) the redemption of $88.8 million of the Notes as part of a
tender offer and consent solicitation completed in April 2003 and 4)
the retirement of the Company's existing $175.0 million eight-year
term loan facility in connection with refinancing activities also
completed in April 2003. Related to the July 2003 redemption of $13.7
million of the Notes, the Company paid $0.7 million in redemption
premiums and wrote-off $0.3 million of debt issuance costs. Related to
the open market repurchases of $30.1 million of the Notes, the Company
paid $2.4 million in redemption premiums and wrote-off $0.7 million of
debt issuance costs. In connection with the tender offer and the
redemption of the Notes, the Company paid $6.0 million in redemption
premiums, $0.2 million in professional fees and wrote-off $2.0 million
of previously capitalized debt issuance costs. Related to the
extinguishment of the Company's $175.0 million eight-year term loan,
the Company paid $1.5 million in professional fees and wrote-off $1.4
million of previously capitalized debt issuance costs. Losses on the
early extinguishment of debt in the prior year were comprised of a
$6.3 million loss as a result of the syndication and arrangement of a
new credit facility and related retirement and write-off of debt
issuance costs related to the pre-existing credit facility and a $2.8
million extinguishment loss recorded in connection with the repurchase
of $27.4 million in aggregate principal of the Notes.
Income tax expense decreased $51.7 million to $24.7 million during
the twelve months ended December 31, 2003, as compared with $76.4
million during the prior year. Tax expense incurred in the current
year, comprised entirely of deferred tax expense, was recorded to
establish valuation allowances against net operating loss
carry-forwards generated during the period. Tax expense in the prior
year was comprised primarily of a non-cash charge recognized to
establish a valuation allowance against the Company's deferred tax
assets upon the adoption of SFAS No. 142, "Goodwill and Other
Intangible Assets."
Net income for the twelve months ended December 31, 2003 totaled
$5.0 million for the reasons discussed. The reported net loss in the
prior year totaled $(92.8) million for the reasons discussed above and
due to a $41.7 million after-tax loss incurred in the prior year
related to the cumulative effect of a change in accounting principle
as a result of adopting SFAS No. 142.
Preferred stock dividends and accretion of discount decreased
$25.4 million to $1.9 million for the twelve months ended December 31,
2003 as compared with $27.3 million during the prior year. This
decrease was attributable to lower accrued dividends for the period as
compared with the prior year due to fewer outstanding shares of the
issue and redemption premiums paid during the prior year in connection
with certain repurchases of the issue. In July 2003 the Company
redeemed all outstanding shares of the issue.
Leverage and Financial Position
Capital expenditures for the three months ended December 31, 2003
totaled $2.9 million.
Including the results of all pending acquisitions operated as of
December 31, 2003, the ratio of net long-term debt to trailing
12-month pro forma Adjusted EBITDA as of December 31, 2003 is
approximately 5.3x.
Acquisitions and Dispositions
On December 18, 2003, the Company completed the acquisition of two
radio stations in Kansas City, Missouri from Syncom Radio Corporation
and Allur-Kansas City, Inc. for 483,671 shares of the Company's Class
A Common Stock, $5.0 million in cash and a $10.0 million promissory
note. The Company has the option and intends to repay the promissory
note with shares of Company's Class A Common Stock.
Non-GAAP Financial Measures
Cumulus Media Inc. utilizes certain financial measures that are
not calculated in accordance with 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. Adjusted EBITDA is defined as operating income before
depreciation and amortization, LMA fees, non-cash stock compensation
and restructuring charges. Free Cash Flow is defined as Adjusted
EBITDA less LMA fee expense, net interest expense, dividends on the
Series A Preferred Stock, income taxes paid and maintenance/investment
capital expenditures.
Although Station Operating Income, Adjusted EBITDA and Free Cash
Flow are not measures calculated in accordance with GAAP, management
believes that they are useful to an investor in evaluating the Company
because they are measures that are widely used in the broadcasting
industry to evaluate a radio company's operating performance. Further,
we use these measures as the key measurements of operating efficiency,
overall financial performance and profitability. More specifically,
Station Operating Income measures the amount of income generated each
period solely from the operations of the Company's stations that is
available to be used to service debt, pay taxes, fund capital
expenditures and fund acquisitions. Adjusted EBITDA measures the
amount of income generated each period that could be used to service
debt, pay taxes, fund capital expenditures and fund acquisitions after
the incurrence of corporate general and administrative expenses. Free
Cash Flow measures the amount of income generated each period that is
available and could be used to make future payments of contractual
obligations, fund acquisitions or make discretionary repayments of
debt, after the incurrence of station and corporate expenses, funding
of capital expenditures, payment of LMA fees and debt service.
Nevertheless, these measures should not be considered in isolation or
as substitutes for net income (loss), operating income, cash flows
from operating activities or any other measure for determining the
Company's operating performance or liquidity that is calculated in
accordance with GAAP. As these measures are not calculated in
accordance with GAAP, they may not be comparable to similarly titled
measures employed by other companies.
Forward-Looking Statements
Certain statements in this release, including statements relating
to the integration of acquisitions and any earnings or revenue
projections, are "forward-looking" statements, which are statements
that relate to Cumulus Media Inc.'s future plans, revenues, 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 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 or postpone 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, 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 for the year
ended December 31, 2002. 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 based on station count. Giving effect to the completion
of all announced pending acquisitions and divestitures, Cumulus Media
Inc. will own and operate 294 radio stations in 59 mid-size and
smaller U.S. media markets. The Company's headquarters are in Atlanta,
Georgia, 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 5:00
p.m. Eastern Time to discuss fourth quarter results. To access this
teleconference live, please visit the company's web site at
www.cumulus.com or dial (484) 630-8922 for domestic and 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
February 24, 2004. Domestic and international callers can access the
replay by dialing (402) 220-9730.
CUMULUS MEDIA INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
----------- ------------ ---------- ----------
Revenues $ 82,014 $ 77,925 $ 309,459 $ 278,320
Less: agency
commission (7,103) (7,172) (27,488) (25,723)
----------- ------------ ---------- ----------
Net revenues 74,911 70,753 281,971 252,597
Operating expenses:
Station operating
expenses, excluding
depreciation,
amortization and LMA
fees 47,640 43,922 179,536 159,766
Depreciation and
amortization 5,121 3,332 19,445 16,865
LMA fees 383 1,051 1,591 1,368
Corporate general and
administrative
(excluding non-cash
stock compensation
expense) 3,393 3,263 13,374 13,710
Non-cash stock
compensation 272 (166) 490 171
Restructuring charges
(credits) (66) (40) (334) (971)
----------- ------------ ---------- ----------
Total operating
expenses 56,743 51,362 214,102 190,909
----------- ------------ ---------- ----------
Operating income 18,168 19,391 67,869 61,688
----------- ------------ ---------- ----------
Nonoperating income
(expense):
Interest expense (5,098) (8,077) (22,586) (31,705)
Interest income 101 517 602 2,479
Loss on early
extinguishments of
debt -- (2,824) (15,243) (9,115)
Other income
(expense), net (668) 498 (923) 1,957
----------- ------------ ---------- ----------
Total nonoperating
expenses, net (5,665) (9,886) (38,150) (36,384)
----------- ------------ ---------- ----------
Income before
income taxes 12,503 9,505 29,719 25,304
Income tax expense (7,606) (3,703) (24,678) (76,357)
----------- ------------ ---------- ----------
Income (loss)
before the
cumulative effect
of a change in
accounting
principle, net of
tax 4,897 5,802 5,041 (51,053)
Cumulative effect of a
change in accounting
principle, net of tax -- -- -- (41,700)
----------- ------------ ---------- ----------
Net income (loss) 4,897 5,802 5,041 (92,753)
Preferred stock
dividends and
redemption premiums -- 7,711 1,908 27,314
----------- ------------ ---------- ----------
Net income (loss)
attributable to
common stockholders $ 4,897 $ (1,909) $ 3,133 $(120,067)
=========== ============ ========== ==========
Basis income (loss) per
common share
Income (loss) per common
share before the
cumulative effect
of a change in
accounting
principle $ 0.07 $ (0.03) $ 0.05 $ (1.44)
Cumulative effect
of a change in
accounting
principle -- -- -- (0.76)
----------- ------------ ---------- ----------
Income (loss) per
common share $ 0.07 $ (0.03) $ 0.05 $ (2.20)
=========== ============ ========== ==========
Diluted income (loss)
per common share
Income (loss) per common
share before the
cumulative effect of a
change in accounting
principle $ 0.07 $ (0.03) $ 0.05 $ (1.44)
Cumulative effect
of a change in
accounting
principle -- -- -- (0.76)
----------- ------------ ---------- ----------
Income (loss) per
common share $ 0.07 $ (0.03) $ 0.05 $ (2.20)
=========== ============ ========== ==========
Weighted average basic
common shares
outstanding 65,518 62,713 64,306 54,467
=========== ============ ========== ==========
Weighted average
diluted common shares
outstanding 68,629 62,713 66,934 54,467
=========== ============ ========== ==========
-0-
Reconciliation of Non-GAAP Financial Measures to GAAP Counterparts
The following table reconciles operating income, the most directly
comparable financial measure calculated and presented in accordance
with GAAP, to Station Operating Income and Adjusted EBITDA (dollars in
thousands).
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
---------- ---------- ---------- -----------
Operating income $ 18,168 $ 19,391 $ 67,869 $ 61,688
Non cash stock
compensation 272 (166) 490 171
Restructuring charges (66) (40) (334) (971)
LMA fees 383 1,051 1,591 1,368
Depreciation and
amortization 5,121 3,332 19,445 16,865
--------- --------- --------- ----------
Adjusted EBITDA $ 23,878 $ 23,568 $ 89,061 $ 79,121
Corporate general and
administrative 3,393 3,263 13,374 13,710
--------- --------- --------- ----------
Station Operating Income $ 27,271 $ 26,831 $ 102,435 $ 92,831
========= ========= ========= ==========
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).
-0-
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
---------- ---------- ---------- -----------
Operating income $ 18,168 $ 19,391 $ 67,869 $ 61,688
Add:
Non cash stock
compensation 272 (166) 490 171
Restructuring charges (66) (40) (334) (971)
Depreciation and
amortization 5,121 3,332 19,445 16,865
Less:
Interest expense, net
of interest income (4,997) (7,560) (21,984) (29,226)
Capital expenditures (2,873) (3,092) (9,629) (9,577)
Income taxes paid -- -- (153) --
Preferred dividends -- (487) (658) (12,294)
--------- --------- --------- ----------
Free Cash Flow $ 15,625 $ 11,378 $ 55,046 $ 26,656
========= ========= ========= ==========
-0-
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Three Months Ended
December 31, 2003
(dollars in thousands)
Historical Pro
GAAP Adjustments Forma
Results
---------- ----------- --------
Net Revenue $ 74,911 $ (659) (1) $74,252
Station Operating Expenses $ 47,640 $ (467) (2) $47,173
Station Operating Income $ 27,271 $ (192) $27,079
Corporate Overhead $ 3,393 -- $ 3,393
Adjusted EBITDA $ 23,878 $ (192) $23,686
(1) Reflects the elimination of revenues from Broadcast Software
International ($513) and from two stations serving Kansas City
acquired on December 18, 2003 ($146).
(2) Reflects the elimination of operating expenses from Broadcast
Software International ($367) and from two stations serving Kansas
City acquired on December 18, 2003 ($100).
-0-
Cumulus Media Inc.
Reconciliation between Historical GAAP Results
And Pro Forma Results for the Twelve Months Ended
December 31, 2003
(dollars in thousands)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- ---------
Net Revenue $281,971 $ 2,544 (3) $284,515
Station Operating Expenses $179,536 $ 1,726 (4) $181,262
Station Operating Income $102,435 $ 818 $103,253
Corporate Overhead $ 13,374 -- $ 13,374
Adjusted EBITDA $ 89,061 $ 818 $ 89,879
(3) Reflects the addition of revenues related to stations acquired
in Q3 2003 ($4,482), offset by the elimination of revenues from
Broadcast Software International ($1,792) and from two stations
serving Kansas City acquired on December 18, 2003 ($146).
(4) Reflects the addition of expenses related to stations acquired
in Q3 2003 ($3,398), offset by the elimination of operating expenses
from Broadcast Software International ($1,563) and from two stations
serving Kansas City acquired on December 18, 2003 ($109).
CAPITALIZATION
(dollars in thousands)
December 31, December 31,
2003 2003
Actual Pro Forma(1)
------------- --------------
Cash and cash equivalents $ 6,720 $ 6,720
============ =============
Long-term debt, including current
maturities:
Bank Debt 477,344 477,909
------------ -------------
Total Stockholders' equity 784,303 784,303
------------ -------------
Total capitalization $ 1,261,647 $ 1,262,212
============ =============
(1) Pro forma for cash borrowings needed to complete the pending
acquisitions.
Net Debt to TTM Pro Forma Adjusted EBITDA (2) 5.3x
(2) Ratio calculated as (dollars in thousands):
Funded debt as of December 31, 2003 $ 477,344
Plus: Cash required to complete pending
acquisitions operated
at December 31, 2003 7,285
Less: Cash balance as of December 31, 2003 (6,720)
Net Debt as of December 31, 2003 477,909
Divided by Trailing Twelve Months Pro Forma
Adjusted EBITDA
(includes the results of all pending acquisitions) 89,879
Ratio 5.3x
-0-
CUMULUS MEDIA INC.
2003 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 December 31, 2003:
Avg
Station Station
Station Operating # of Operating Operating
Income Margin % Markets Revenue Income Income %
--------------------------- -------- -------- ---------- ---------
greater than 35.0% 26 170,917 78,165 45.7
25.0% to 34.9% 14 51,353 16,199 31.5
20.0% to 24.9% 3 9,272 2,136 23.0
10.0% to 19.9% 7 20,845 2,997 14.4
0.0% to 9.9% 3 6,352 292 4.6
less than 0.0% 2 3,257 (950) -29.2
-------- -------- ---------- ---------
Subtotal 55 261,996 98,839 37.7
Trade, Other -- 22,519 4,414 19.6
-------- ---------- ---------
Totals 55 284,515 103,253 36.3
Pro Forma for the Trailing Twelve months ended September 30, 2003:
Avg
Station Station
Station Operating # of Operating Operating
Income Margin % Markets Revenue Income Income %
----------------------------- -------- --------- ---------- ----------
greater than 35.0% 26 $171,109 $78,967 46.2%
25.0% to 34.9% 14 52,124 16,571 31.8%
20.0% to 24.9% 4 13,097 2,789 21.3%
10.0% to 19.9% 7 18,334 2,477 13.5%
0.0% to 9.9% 2 5,290 417 7.9%
less than 0.0% 2 3,231 (730) (22.6%)
-------- --------- ---------- ----------
Subtotal 55 $263,185 $100,491 38.2%
Trade, Other -- 21,318 3,571 16.8%
--------- ---------- ----------
Totals 55 $284,503 $104,062 36.6%
Activity for Q4 2003
Net
Markets Markets Markets Change Markets
Station Operating at Moving Moving In at
Income Margin % 9/30/03 Out In Category 12/31/03
------------------------- -------- ------- ------- --------- ---------
greater than 35.0% 26 0 0 -- 26
25.0% to 34.9% 14 1 1 -- 14
20.0% to 24.9% 4 2 1 (1) 3
10.0% to 19.9% 7 1 1 -- 7
0.0% to 9.9% 2 0 1 1 3
less than 0.0% 2 0 0 -- 2
Total 55 4 4 -- 55
--30--JAH/at*
CONTACT: Cumulus Media Inc., Atlanta
Marty Gausvik, 404/949-0700
KEYWORD: GEORGIA
INDUSTRY KEYWORD: ENTERTAINMENT CABLE TELEVISION/RADIO EARNINGS
SOURCE: Cumulus Media Inc.
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