UPDATE: Cumulus Media Posts Lower Q4 Earnings

reported a drop in its profit for the fourth quarter on Monday. The Atlanta, Georgia-based company posted quarterly net income of $3.4 million, or $0.02 per share, compared to $150.9 million, or $0.66 per share, in the year-ago period. Its revenue climbed 19.5% to $329.2 million from $275.5 million, while revenue on a pro forma basis rose 0.3%, to $329.2 million. However, analysts were expecting earnings of $0.09 per share on revenue of $333.20 million. Its adjusted EBITDA surged to $90.4 million from $84 million. Content costs for the quarter surged 55.4% to $116.7 million. Capital expenditures for the quarter increased to $5.6 million from $2.6 million. Cumulus Media shares gained 0.50% to close at $4.01 yesterday.