Key Developments For Cumulus Media Inc.
Cumulus Media Inc. (CMLS.O) (Nasdaq)
Cumulus Media, Inc. Announces CFO Resignation
Cumulus Media, Inc. announced that effective immediately Martin R. Gausvik, Executive Vice President and Chief Financial Officer, has resigned from the Company to pursue other opportunities. J.P. Hannan, currently Vice President and Controller of the Company, will serve as the Company`s Interim CFO.
Cumulus Media, Inc. Announces Third Amendment to Credit Facility
Cumulus Media, Inc. announced that it has entered into an amendment to its senior secured credit facility, which was overwhelmingly approved by the lenders. The amendment provides the Company with compliance relief from its principal financial covenants, including leverage and fixed charge ratios, until March 31, 2011. Under the amendment, the Company will be required through December 31, 2010 to maintain minimum liquidity and consolidated EBITDA levels. Further details concerning the amendment will be contained in a current report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. In connection with the amendment, the Company has voluntarily prepaid $32.5 million of the outstanding principal amount of the term loan, so that as of June 29, 2009, the Company had outstanding borrowings of approximately $647.9 million under the senior secured credit facility. In addition, the Company has agreed to issue warrants to the lenders who consented to the amendment exercisable for an aggregate of 1,250,000 shares of the Class A common stock of the Company. The Company`s sole financial advisor in connection with the amendment was Citadel Securities, a division of Citadel Derivatives Group LLC.
Cumulus Media, Inc. Announces Share Repurchase
Cumulus Media, Inc. announced that the Board of Directors granted authority for a $75.0 million share repurchase program. During the third quarter the Company purchased 1,310,882 shares of Class A Common Stock at an average per-share price of $2.90, or an aggregate of approximately $3.8 million. During the nine months ended September 30, 2008 the Company purchased 1,592,810 shares of Class A Common Stock at an average per-share price of $3.15, or an aggregate of approximately $5.0 million.
Cumulus Media, Inc. Issues Q4 2008 Outlook Below Analysts' Estimates
Cumulus Media, Inc. announced that for the fourth quarter of 2008, revenue is currently anticipated to decline 9.0% to 11.0% as compared to the fourth quarter of 2007. The Company reported revenue of $84.40 in the fourth quarter of 2007. According to Reuters Estimates, analysts were expecting the Company to report revenue of $78.99 million for the same period.
Cumulus Media, Inc. Issues Q3 2008 Revenue Guidance Below Analysts' Estimates
Cumulus Media, Inc. announced that for third quarter of 2008, it expects revenue to decline 3.0%-4.0% as compared to the third quarter of 2007. The Company reported revenues of $84.18 million in third quarter of 2007. According to Reuters Estimates, analysts were expecting the Company to report revenues of $82.12 million for third quarter of 2008.
