Monday, March 2, 2015

Cumulus Short of Expectations Despite Revenue Growth

Cumulus Media Inc. today announced operating results for the three months and year ended December 31, 2014.

Highlights For Q4:
  • On an actual basis, net revenue for the three months ended December 31, 2014 increased $53.8 million, or 19.5%, to $329.2 million, compared to $275.5 million for the three months. 
  • The increase resulted from increases of $31.6 million, $10.8 million, $9.1 million and $2.2 million in broadcast advertising, digital advertising, political advertising and license fees and other revenue, respectively. 
  • The broadcast advertising increase was primarily attributable to the addition of the operations of WestwoodOne, which was acquired on December 12, 2013, and several new stations being operated under local marketing agreements ("LMAs") in Chicago and San Jose, CA. 
  • The increases were partially offset by decreases in local spot and national spot revenue. 
  • The increase in digital advertising was primarily due to increased Rdio user generation activity and digital commerce generated by our Sweetjack platform. 
  • The increase in political advertising revenue was due to additional activity associated with mid-term and gubernatorial elections in 2014, the even numbered year for elections.
Highlights For 2014:
  • On an actual basis, net revenue for the year ended December 31, 2014 increased $237.3 million, or 23.1%, to $1,263.4 million, compared to $1,026.1 million for the year. 
  • The increase resulted from increases of $178.7 million, $30.3 million, $16.2 million and $12.1 million in broadcast advertising, digital advertising, political advertising and license fees and other revenue, respectively. 
  • The broadcast advertising increase was primarily attributable to the addition of the operations of WestwoodOne, which was acquired on December 12, 2013, and several new stations being operated under LMAs in Chicago and San Jose, CA. The increases were partially offset by decreases in local spot and national spot revenue. 
  • The increase in digital advertising was primarily due to increased Rdio user generation activity and digital commerce generated by our Sweetjack platform. The increase in political advertising revenue was due to additional activity associated with mid-term and gubernatorial elections in 2014.

No comments:

Post a Comment