UPDATED AT 5:45pm ET
Cumulus Media currently operates in two reportable segments: its group of AM and FM radio stations, and its Westwood One national radio arm.
Is one unit performing better than the other? Yes.
It’s the shrinking collection of AMs and FMs, based on net income shifts.
For the three months ending June 30, the Cumulus Radio Station Group saw its net revenue dip to $193.16 million, from $203.45 million.
Divisional net income, however, was seen — coming in at $92.97 million.
In Q2 2018, the radio station group logged a net loss of $488.45 million. How so? Some $541.9 million in “reorganization items” tied to the pending emergence from bankruptcy make the numbers a bit difficult to compare on their face.
A similar situation is the case for Westwood One, as net revenue climbed to $85.76 million, from $81.28 million.
Net income for WWO in Q2 2019 was $11.6 million. In Q2 2018, the division net income was $259.42 million, with a $251.67 million reorganizational loss logged.
Perhaps a better way to judge how Cumulus performed is by looking at adjusted EBITDA for the station group. It dipped to $52.22 million, from $60.68 million, as WWO’s adjusted EBITDA moved to $17.87 million, from $14.24 million.
Investors seem to be pleased with the results, although trading was light for CMLS. At the Closing Bell on Thursday, Cumulus was up 16% to $14.62.
Volume was nearly 70,000 shares; average volume for Cumulus is 108,635 shares.
