Cumulus Releases Year-End Figures

Cumulus Media said net revenues for 2003 were up 11.6% to $282 million, but the numbers jumped mostly to station acquisitions and LMAs.
A different measure of the company’s growth is on a pro-forma basis, calculated as if each station were operated from the beginning of the period and reflecting certain other adjustments. Measured that way, the company said, net revenues for the year were up 0.2%.
In the fourth quarter alone, net revenue was up 5.9%, but pro forma revenue increased only marginally.
Chairman, President and CEO Lew Dickey stated, “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.”