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Positive signs from Cumulus.
Cumulus' third quarter revenue fell 19% compared to a year ago. It's another sign that conditions are improving, since the company’s third quarter drop was less harsh than its year-to date 21% decline. CEO Lew Dickey says large markets are showing more gains than smaller cities, although he's not ready to commit to where revenues will land next year.
For the nine months ended September 30, Cumulus reported a 21.2% net revenue decline, from $236.5 million to $186.4 million.
Continued cost cutting sent station-operating expenses down about 21% for the third quarter and the nine months ended September 30. Cost containment lessened the revenue loss blow, producing a 14.4% third quarter decline in station operating income (from $29.2 million to $25.0 million) and a 20.6 drop for the nine months ended September 30 (from $81.6 million to $64.8 million).
