Cumulus Media (CMLS) Tops Q2 EPS by 57c, Revenues Miss

Cumulus Media (NASDAQ: CMLS) reported Q2 EPS of ($1.79), $0.57 better than the analyst estimate of ($2.36). Revenue for the quarter came in at $146.02 million versus the consensus estimate of $153.07 million.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, "Despite the COVID-19 pandemic’s material impact on revenue, the Company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD. Ending the quarter with nearly $200 million of cash, we have also entered into an agreement to monetize our tower portfolio for more than $210 million, proceeds which will further add to our liquidity and contribute to significant incremental debt paydown. Our demonstrated ability to rise to a challenge, strong liquidity position and resilient balance sheet are critical assets as we operate through this uncertain environment, and we believe we remain very well-positioned to drive long-term shareholder value through continued aggressive debt reduction and the execution of our growth initiatives."

For earnings history and earnings-related data on Cumulus Media (CMLS) click here.

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