Despite a reported improvement in net losses, Cumulus Media Corp.s share price continued its decline last Friday, posting a 52-week low of $11.6875 per share.
By BroadCasting & Cable Staff -- Broadcasting & Cable, 4/16/2000 8:00:00 PM
Despite a reported improvement in net losses, Cumulus Media Corp.'s share price continued its decline last Friday, posting a 52-week low of $11.6875 per share. In its revised yearly financial report, filed that day with the Securities and Exchange Commission, the radio-station group owner says it lost $13.6 million last year, rather than the $20.8 million loss reported on March 16. Cumulus also restated its 1998 loss, saying it was $8 million not the $13.7 million previously reported. The loss improved in 1998 because, Cumulus said, a 1999 year-end tax review found a $4.9 million tax benefit reported as a $126,000 tax provision. These changes join others that have rattled Cumulus' stock: Last month, the company said it had overreported some 1999 revenue and broadcast cash flow, including $700,000 in revenue in 1Q and 3Q and the same amount in BCF in 3Q. Disclosure of those "reallocations" led to a stock dive of 43% the week of March 13-17. Last Friday's filing also notes that, if Cumulus has to break contracts for pending acquisitions because it can't issue more stock or find a debt financier, it could be liable for about $67.2 million worth of radio station purchase prices.
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