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/ 11.03.2010 12:00AM
Political Power Helps Nexstar Cuts Losses
IRVING, TEXAS: Nexstar cut its losses in the third quarter on
stronger cash flow powered by political spending. The TV station group reported
a net loss of nearly $3 million on revenues of $73.1 million for 3Q10, compared
to a loss of $18.4 million on $60 million last year. Broadcast cash flow grew
55 percent to $28.8 million, fed by a 565 percent boost in political spending
totaling $6.7 million.
“Core local and national revenue increased for the fourth consecutive quarter,”
said Nexstar chief Perry Sook. “Local advertising, our largest revenue source,
grew at a higher rate in the third quarter than in the second quarter or the
first half of 2010, despite tougher prior year comps. The automotive
advertising rebound continues with category revenue rising 33 percent on a
year-over-year basis and reaching the highest quarterly dollar level thus far
in 2010.”
Across Nexstar’s 62 TV stations, e-Media revenues rose 21 percent to $3.6
million. Retransmission was up 23 percent to $7.6 million. Management fee
revenues rose 60 percent to $800,000, while “other” revenues rose 46 percent to
$568,000. Network compensation revenues dropped 3 percent to $500,000.
Nexstar finished the quarter with $17.8 million in cash versus $12.8 million as
of Dec. 31, 2009. Total debt was $646 million versus $670.4 million at the end
of 2009. Shares of Nexstar (NASDAQ: NXST) remained relatively flat at around
$5.83.
-- Deborah D. McAdams
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Thursday 12:00AM
Broadcasters File Suit Against FCC’s Political File Rules
“The FCC decision to put the political files online will bring broadcasters into the 21st century, and will make already public information more easily accessible to everyone.” Free Press Senior Policy Counsel Corie Wright.