The company blames the recession and says it’s been focusing intently on reducing costs. It was able to chop its costs 21% compared to the third quarter of last year. So even though its revenues were down close to 20%, the operating income margins at publicly-held Cumulus actually grew, from 36.5% to about 38%. Free cash flow was cut in half, from $16.6 million to $8.5 million. The largest number on the third quarter financials is $173 million. That’s the impairment charge taken as a non-cash writedown on the value of its stations. Note that the public Cumulus Media manages the privately-held Cumulus Media Partners, consisting of larger-market stations. CEO Lew Dickey told this morning’s conference call “the larger markets appear to be gaining revenue traction ahead of” the small and medium markets. He reveals that third quarter revenue for CMP was down about 16% – better than the portfolio of the publicly-held Cumulus. The results of CMP are not included in those for Cumulus Media – except for the quarterly management fee paid to Cumulus. Follow the stock price of Cumulus (“CMLS”).