Cumulus Media Inc. sharply decreased net losses compared to the first quarter of last year, when it reported a loss of $114.8 million. For the first quarter of 2003, the company posted a loss of $6.3 million, attributing the improvement to an increase in net revenue, less debt and lower tax payments.
The company purchased 13 stations in Georgia and Florida last quarter, along with other stations in 2002, and saw net revenue jump from $45.1 million to $57.9 million, while station operating expenses increased from $33.6 million to $41 million. Local and national revenue also increased over the prior year’s period.
Last year’s large loss resulted partially from a $41.7 million after-tax loss in Q1 2002 “related to the cumulative effect of a change in accounting principle as a result of adopting” new standards. Income taxes paid decreased from $62.4 million to $5.8 million, which is “comprised entirely of deferred tax expense.”
Cumulus Reports Smaller Net Loss
Cumulus Reports Smaller Net Loss
