Net revenue and Adjusted EBITDA were both up for Cumulus Media in Q2, as the company’s net income improved considerably.
There’s also more cash on hand. While the company’s total debt remains unchanged — at $2.42 billion — this was a good Q2, thanks to Westwood One.
Cumulus released its Q2 results right at the Closing Bell on Wall Street on Monday, and the company’s consolidated net revenue climbed 1.2%, to $290.5 million from $287.2 million.
Breaking out the net revenue, the Radio Station Group saw a dip, with its net revenue moving to $208.6 million, from $210 million.
The all-important gain came at Cumulus’ Westwood One division, where net revenue climbed to $81.2 million, from $76.5 million.
WW1 now accounts for 28% of Cumulus revenue, compared to 27% in Q2 2016.
Net income gained for both the Radio Station Group and for WW1, and Cumulus’ total net income soared to $5.67 billion (19 cents per share) from $1.07 billion (4 cents). At the Radio group, net income was statistically flat, moving to $46.8 million from $46.4 million For WW1, net income soared from $887,000 to $11 million.
Consolidated Adjusted EBITDA grew to $67.4 million, from $63.2 million.
In prepared comments made ahead of a 4:30pm Eastern conference call with Wall Street financial analysts, Cumulus Media President/CEO Mary Berner said, “Our second quarter results provide further evidence of the success of our turnaround strategies, as we posted a year-over-year increase in Adjusted EBITDA for the first time in over three years despite what continues to be a tough market environment.”