Cumulus Media Inc. (CMLS) saw its loss narrow to $7.40 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $14.43 million, or $0.49 a share.

Revenue during the quarter went down marginally by 1.68 percent to $264.03 million from $268.53 million in the previous year period. Gross margin for the quarter expanded 98 basis points over the previous year period to 98.97 percent. Total expenses were 92.23 percent of quarterly revenues, down from 96.23 percent for the same period last year. This has led to an improvement of 401 basis points in operating margin to 7.77 percent.

Operating income for the quarter was $20.52 million, compared with $10.11 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $38.73 million compared with $41.93 million in the prior year period. At the same time, adjusted EBITDA margin contracted 95 basis points in the quarter to 14.67 percent from 15.62 percent in the last year period.

Mary Berner, president and chief executive officer of Cumulus Media Inc. said, "Our first quarter represents a clear inflection point in our turnaround, as the downward trajectory of recent years has been reversed. With clear evidence that our strategy is working, we remain committed to the rigorous execution of the initiatives that are critical to keeping the Company on a sustained growth path."