Cumulus Posts Strong Q2 Performance

Cumulus Media Inc. second quarter net revenues increased $11.8 million to $86.3 million, a 15.8% increase from the second quarter of 2003, primarily as a result of revenues associated with station acquisitions and stations operated under the terms of local marketing agreements during the same period.
Station operating expenses increased $8.6 million to $52.6 million, an increase of 19.4% over the second quarter of 2003, primarily as a result of expenses associated with station acquisitions and stations operated under the terms of local marketing agreements during periods subsequent to June 30, 2003. 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 (credits)) increased $3.2 million to $33.7 million, an increase of 10.6% from the second quarter of 2003, for the reasons discussed above.