Cumulus Q4 Pacing up 8.3%. Q3 Pacing Flat
Dickey says the 4th quarter of 2012 is pacing up nearly 8% with nearly no political advertising in that projection. A big reason for the good looking final three months of the year is easy comps from 2011. Dickey said when Cumulus took over Citadel (the deal closed in September 2011) it was a distracted business. "That's primarily driving this. We are making progress with these underperforming assets."
The 3rd quarter is pacing flat according to Dickey. "Things fell off in April, August and beyond feel a little better." Categories that performed well for the company were automotive (up 6.3%), Financial services (up 3.2%), Home Improvement (up 2.5%) and Restaurants (up 2%). Retail, Healthcare and Telcom were all down about 4%. Cumulus is still on target to hit its goal of $30 million in political advertising in 2012. Most of the is expected to come in after Labor day when the Presidential race heats up.
On the expense side, Dickey says the company will save another $15 Million in Q3 from synergies created when taking over Citadel. That would brings the total savings to $54 Million, "with more to come in Q3".
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