10-28-13
Cumulus released Q3 numbers Tuesday, and revenue in July, August, and September was up $5.7 million to $281.1 million (2.1%), compared to $275.4 million for the three months ended September 30, 2012. Cumulus CEO Lew Dickey said 42 of the 60 categories the company tracks showed positive growth in the quarter. (Auto made up 14% of total Q3 revenue.) "We have a well-functioning sales organization today. We have turned nine of our 10 code-red stations around and we're making a stronger effort to execute our sales strategy and sales plan."
This increase was primarily attributable to a $4.6 million increase in local spot advertising revenue, an increase of $2.1 million in national advertising revenue, an increase of $1.3 million in live event revenue, and an increase of $0.9 million in revenue due to the addition of stations in the Bloomington and Peoria markets which were acquired in July 2012, all of which was partially offset by a decrease of $2.9 million in cyclical political revenues.
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