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Cumulus Says Q4 Revenue up Slightly

There’s a lot to unravel in the Q4 and year-end earnings Cumulus announced today. With the addition of Westwood One and five stations in Fresno the company purchased from Townsquare, Cumulus reported Q4 revenue of $275.5million – an increase of 4.5%. When you strip out those two items, which the company did not have in Q4 of 2012, Cumulus reports an increase in revenue of 1%. CEO Lew Dickey said, “Strong execution, along with continued traction in our key growth initiatives, resulted in pro forma revenue up 1% and Adjusted EBITDA up 6%. In spite of tough political comps, this marked our third consecutive quarter of top and bottom line growth.” We’ll have much more on the Cumulus earnings in our morning headlines.

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