Cumulus loses $144 million for 3Q 2009…
The reason was an additional $173 million writedown of the value of station licenses… cash flow was just about the same as their debt interest. Cash on hand went down because they repaid $49 million owed on their credit facility (they still owe about $600 million – the total of all company assets is only $338 million).. They took a $27 million “profit” on the future income tax benefit of the current period’s loss.
