• by Erik Sass  @eriksass1, August 5, 2009

Rounding out the collection of dismal second-quarter results, Cumulus Media said Wednesday that total radio revenues fell 21% in the second quarter of 2009 compared to the same period in 2008, from $83.6 million to $66 million.

 

Most of this loss came in the form of cash revenues, although a small part was in barter.

The revenue decline dropped almost 13% in station operating income, which slipped from $30.7 million last year to $26.7 million this year, as net income fell 53.5% from $30.3 million to $14.1 million.

Like other big radio broadcasters, Cumulus has slashed operating expenses significantly, reporting an almost 26% drop from $53 million to $29 million. The company attributed this decrease in expenses to personnel reductions and a mandatory one-week furlough, among other measures. Cumulus currently carries about $650 million in debt.

Like other traditional media, the second quarter has not been kind to radio.

Earlier this week, Entercom Communications reported an 18% decline in revenues compared to the same period last year, from $123.8 million to $101.3 million, and Beasley Broadcast Group said revenues fell 24%, from $31 million to $23.6 million. In July, Emmis Communications reported that radio revenues fell 27% in the second quarter of 2009 compared to the same period in 2008 -- from $63.6 million to $46.2 million.