Barrington Posts Preliminary Results
March 20, 2009
HOFFMAN ESTATES, ILL.
Barrington Broadcasting posted preliminary revenues of more than $119 million for 2008, compared to $112.5 million in 2007. Cash flow—adjusted earnings before income tax, interest expenses, depreciation and amortization—was $40.7 million for 2008 versus $35.7 million in ’07.
The increase was pinned on the uptick in political ad revenue, which offset declines in national and local. For the three months ending Dec. 31, 2008, Barrington posted preliminary revenues of $32.5 million versus $30.4 million for the year-earlier period. Cash flow is projected to be $12.6 million versus $10.6 million the year before.
The preliminary results don’t include an expected $50 million write-down on intangibles. The $50 million is in addition to an $18.5 million impairment the company took during 3Q08. Barrington owns and/or operates 23 TV stations in mid-sized markets.