Broadcasting service provider Cumulus Media Inc. (CMLS) Monday reported a wider net loss for the fourth quarter, primarily on hefty charges related to goodwill impairment. Lower revenues, amid economic downturn, impacted the results.
Fourth quarter net loss widened to $393.72 million or $9.55 per share from $154.00 million or $3.56 per share in the prior-year quarter.
On average, three analysts polled by Thomson Reuters expected earnings of $0.11 per share for the quarter.
Quarterly results were impacted by a charge of $498.90 million related to impairment of goodwill and intangible asset.
Revenues for the quarter dropped 11.1% to $75.06 million from $84.40 million in the year-ago quarter, in line with Street estimates of $75.49 million.
On a pro forma basis, which excludes the results of Caribbean stations (sold in November 2007), for the period October 1, 2007 through November 31, 2007, net revenues decreased from $84.1 million to $75.1 million, a decrease of 10.8% from the same period in 2007.
Operating loss for the quarter was $480.15 million, compared to operating loss of $122.34 million in the year-earlier quarter. Operating expenses was up at $555.21 million, compared to $206.75 million in the same quarter a year ago.
For full-year 2008, net loss widened to $361.67 million or $8.55 per share from $223.80 million or $5.18 per share last year.
Revenues for the year decreased to $311.54 million from $328.33 million in the prior year.
Street Analysts expected earnings of $0.52 per share, on revenues of $311.91 million for the quarter.
CMLS is currently trading at $0.93, down $0.01 or 1.32%, on the Nasdaq.
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