Cumulus Media (CMLS) saw its loss widen to $543.68 million, or $18.57 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.60 million, or $0.16 a share.
Revenue during the quarter dropped 3.01 percent to $299.54 million from $308.82 million in the previous year period.
Operating loss for the quarter was $568.58 million, compared with an operating income of $28.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $56.86 million compared with $63.05 million in the prior year period. At the same time, adjusted EBITDA margin contracted 143 basis points in the quarter to 18.98 percent from 20.42 percent in the last year period.
Mary Berner, president and chief executive officer of Cumulus Media Inc. said, "We entered 2016 with a singular objective: to fix the core business problems - poor culture, poor ratings and poor operational execution - which was essential to establishing a foundation on which to build improved financial results. Throughout the year we made significant progress addressing each of these areas, most visibly in ratings growth where we've outperformed the industry for 15 straight months. In fact, with two back-to-back quarters of revenue share increases on the station side, a trend which continued through January, we have early evidence that, despite a tough industry environment, our foundational work is beginning to translate into improved financial performance."
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