Cumulus Media Inc.(CMLS), a leading media company, has released its unaudited condensed consolidated financial statements for the second quarter ended June 30, 2023. The company reported a net loss of $1.1 million for the quarter. Despite challenges, Cumulus Media generated revenue of $210.1 million during this period.
Net Income/Loss
Cumulus Media Inc. experienced a net loss of $1.1 million in the second quarter of 2023. This financial performance was affected by various factors, including operating expenses and non-operating expenses.
Revenue
During the second quarter of 2023, Cumulus Media Inc. recorded total net revenue of $210.1 million. This revenue figure reflects the company's performance across its media assets and operations.
Overview
Cumulus Media Inc. reported a mixed financial performance for the second quarter of 2023. While revenue reached $210.1 million, the company faced challenges resulting in a net loss of $1.1 million.
The condensed consolidated balance sheets show that the company's total assets stood at $1.52 billion as of June 30, 2023, compared to $1.61 billion on December 31, 2022. The decrease in assets is attributed to changes in current assets, including cash and cash equivalents, accounts receivable, and trade receivables.
On the liabilities side, the company's total liabilities were $1.14 billion as of June 30, 2023, compared to $1.20 billion on December 31, 2022. The decrease in liabilities is mainly due to a reduction in accounts payable and accrued expenses.
Cumulus Media Inc. reported a decrease in net income for the second quarter compared to the same period in the previous year. The company's net income for the second quarter of 2022 was $8.7 million, significantly higher than the current net loss of $1.1 million.
The decline in net income can be attributed to various factors, including increased content costs, selling, general, and administrative expenses, and depreciation and amortization expenses. Additionally, the gain on early extinguishment of debt in the previous year contributed to the difference in net income.
Despite the challenges faced during the second quarter, Cumulus Media Inc. remains committed to its media operations and is actively working on strategies to improve its financial performance in the future.
The financial statements and results discussed above are unaudited, and readers are encouraged to refer to the accompanying notes for a detailed breakdown of the financial data.