That was what analysts had been expecting, but they won't get to talk to CEO Lew Dickey about it, since Cumulus Media isn't doing conference calls while its 1.3 billion bucks going private transaction is pending. The company's announcement says Q3 is pacing down 1%.
For Q2, revenues were down just a few thousand bucks, so flat at 87.3 million. Station operating income (SOI), however, was up 4.9% to 33.8 million as Cumulus cut out some costs. Net income was six cents per share, beating the Thomson/First Call consensus by two cents. On a pro forma basis, Cumulus reported that revenues were up 1.1% and SO up 4.9%. The pro forma numbers exclude the stations in Houston and Kansas City that Cumulus Media contributed to Cumulus Media Partners LLC – the private company that owns the former Susquehanna Radio stations, with Cumulus as manager and part owner.
