Barrington Loss Widens for 2008
March 17, 2009
HOFFMAN ESTATES, ILL.: Net revenues for Barrington’s 23 TV stations came in at $119 million for 2008, up 6 percent from the comparable 2007 figure. Gross revenues, with include agency commission and other direct costs, were nearly $140 million compared to $132 million the previous year. The increase was attributed to political revenues, up by a factor of 7.5, to $14.5 million, from ’07.
National ad revenues were down for the year 12 percent to $34 million; local fell 4 percent to $78 million.
Net loss was $39 million, compared to a net loss of $25 million for 2007, though an expected $50 million impairment charge has yet to be factored in, and will be included in the company’s annual report.
For the quarter ending Dec. 31, 2008, Barrington posted net revenues of $32.5 million, and gross revenues of $38.1 million, up 7 and 8 percent respectively. Net loss was $4.1 million compared to $4.4 million in 4Q07.
Both full year and 4Q included results from WGTU-TV, the ABC in Traerse City, Mich., and WGTQ, it’s full-time satellite. Barrington started operating the stations Tucker Broadcasting of Traverse City as of April 1.
Cash flow--adjusted earnings before income tax, interest expenses, depreciation and amortization--was $40.5 million for 2008 versus $35.7 million in ’07.