Cumulus Media Inc. (CMLS) Monday reported a wider loss for the fourth quarter, mainly on the back of expenses related to impairment of intangible assets.
For the three months, the firm posted net loss of $84.79 million or $0.51 per share, wider than the prior-year loss of $13.13 million or $0.14 per share.
Three analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.06 for the reporting period. Analyst estimates typically exclude one-time items.
Revenue for the quarter witnessed an increase at $284.19 million from $281.26 million a year earlier. Analysts expected slightly higher revenue at $287.10 million. The company said the increase reflected the impact of an increase in political advertising.
The firm spent $114.7 million on impairment of intangible assets as opposed to nil last year.
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