Cumulus Media Inc (CMLS) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $46.32 million, or $ 1.58 a share in the quarter, against a net loss of $542.18 million, or $18.57 a share in the last year period.
Revenue during the quarter went down marginally by 1.14 percent to $286.14 million from $289.44 million in the previous year period.
Operating income for the quarter was $113.02 million, compared with an operating loss of $567.21 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.88 million compared with $70.62 million in the prior year period. At the same time, adjusted EBITDA margin contracted 906 basis points in the quarter to 15.34 percent from 24.40 percent in the last year period.
Mary Berner, president and chief executive officer of Cumulus Media Inc. said, “A year into our turnaround effort, we have made considerable progress against our operational priorities while leading the industry in ratings growth. Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years. As we seek to maintain the momentum of our initial strategies, we have now also launched a focused effort to improve sales execution as the next logical step in our turnaround plan.”
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
