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Net Revenues at Cumulus Media are $65.5 Million
ATLANTA -- Cumulus Media Inc. reports that net revenues for the first quarter of 2004 increased from $58 million to $65.5 million, a 12.9% increase from the first quarter of 2003, primarily as a result of revenues associated with stations acquired or stations operated under the terms of a local marketing agreement subsequent to March 31, 2003, and organic revenue growth over the company's existing station platform."Through our strong operating performance and important strategic acquisitions, we continue to execute on our strategy of building a strong platform that generates tremendous free cash flow, and we are well-positioned to be the premier consolidator in our target space of markets ranked 50-250," comments Lew Dickey, chairman, president and chief executive officer.A division of Cumulus Broadcasting operates several radio stations in northeast Ohio and western Pennsylvania: WHOT-FM, WQXK-FM, WYFM FM, WROK-FM, WSOM-AM, WBBW-AM, WPIC-AM, WWIZ-FM and WLLL FM.Station operating expenses increased from $41.1 million to $46.3 million, primarily as a result of increased expenses associated with stations acquired or stations operated under the terms of a local marketing agreement subsequent to March 31, 2003. Station operating income (defined as operating income before depreciation and amortization, LMA fees, corporate general and administrative expenses, non-cash stock compensation and restructuring charges (credits)) increased from $16.9 million to $19.2 million.On a pro forma basis, which includes the results of all stations operated during the three month period under the terms of local marketing agreements and station acquisitions completed during the three month period as if each were operated from or consummated at the beginning of the periods presented, net revenues for the first quarter of 2004 were $66.3 million, up from $63.4 million in the first quarter of 2003. Pro forma station operating income increased from $17.3 million to $19.1 million. The pro forma results exclude the results of operations of nine stations serving Rochester, Minn., and six stations serving Sioux Falls, S.D., acquired on March 29-31 and the results of Broadcast Software International.On March 29-31, 2004, Cumulus completed three acquisitions of nine radio stations serving the Rochester, Minn., market and six radio stations serving the Sioux Falls, S.D., market for 3,569,135 shares of the Company's Class A Common Stock and $1.2 million in cash.Cumulus Media Inc. is the second largest radio company in the United States based on station count. Giving effect to the completion of all announced pending acquisitions, Cumulus Media will own and operate 302 radio stations in 61 mid-size and smaller U.S. media markets.Visit Cumulus Media Inc.: www.cumulus.com"