4-29-14
With automotive, healthcare, and insurance the top three categories, Cumulus increased same-station revenue in the first quarter of 2014 by 2.9 percent. The company did not provide too much detail on top-line sales during the earnings call, focusing mostly on providing details about the inegration of Westwood One and the rollout of NASH. Cumulus CEO Lew Dickey (pictured) told investors that for Q2 core stations are pacing flat, local is up, and national is down.
Here are a few more details about the Q1 numbers:
On a pro forma basis, in the first quarter of 2014, net revenue increased $10.5 million (3.7%), to $292.0 million, from $281.5 million. The increase was due to $3.1 million in advertising revenue, of which $2.2 million was from a LMA in Chicago entered into in January 2014. The company reported a $9.9 million decline in network spot sales and the loss of approximately $2.2 million of third-party network station compensation. There was also $13 million in revenue to the company for reduced producer revenue shares at WestwoodOne. Digital advertising from Rdio, streaming, and digital commerce increased $4.5 million. There was a $1.3 million increase in political advertising revenue, and a $1.6 million increase in affiliate license fees and other non ad-based revenue.
