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Cumulus Media Nets Revenues of $320.1M for 2004
ATLANTA -- Cumulus Media Inc. today reported net revenues for 2004 of $320.1 million, up 13.4% from 2003. Lew Dickey, chairman, president and chief executive officer, attributed the increase primarily to revenues associated with station acquisitions completed prior to Dec. 31, 2003, and stations operated under the terms of local marketing agreements during periods prior to that date.Cumulus operates seven radio stations in the Youngstown, Ohio, market.Station operating expenses increased to $202.4 million last year, an increase of 12.8% over 2003. Station operating income, defined as operating income before depreciation and amortization, local market area fees, corporate general and administrative expenses, non-cash stock compensation and restructuring charges, increased to $117.7 million, up 14.9% from 2003. Net revenues for the fourth quarter ended Dec. 31, 2004, increased $9.5 million to $84.4 million over year-earlier figures. Station operating expenses increased $4.3 million to $51.9 million, and station operating income increased $5.2 million to $32.5 million. First quarter 2005 pro forma net revenue is expected to grow by 3% to 4% based on first-quarter 2004 pro forma net revenue of $69.5 million. "We expect first quarter 2005 pro forma station operating expenses to grow by 2% to 2.2% based on first-quarter 2004 pro forma station operating expenses of $49.6 million," Dickey said. Visit Cumulus Media Inc.: www.cumulus.com"