- Fresh out of a Chapter 11 reorganization, Cumulus Media (NASDAQ:CMLS) has posted Q2 earnings where revenues and EBITDA declined slightly Y/Y.
- Net income of $706.1M included an after-tax gain of $671M associated with its emergence from bankruptcy (in a plan that became effective June 4).
- Key operating performance measures and financial results weren't materially affected by the reorganization, Cumulus says.
- “In the second quarter, we emerged from Chapter 11 with new and supportive ownership, a billion dollars less debt and results that demonstrate our operational and financial momentum, despite industry challenges and the distractions posed by our Chapter 11 proceedings," says CEO Mary Berner.
- EBITDA that declined 1.5% Y/Y actually grew 5.5% when normalizing results for $4.8M in write-offs "related to United States Traffic Network’s well-publicized financial problems," she notes.
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Conference call to come at 4:30 p.m. ET.
- Press release