Nexstar 4Q Revenues Rise
March 5, 2009
IRVING, TEXAS: The 50 or so Nexstar Broadcasting TV stations generated revenues of $80.3 million during the three months ending Dec. 31 ’08, the company reported today. The result came in more than 12 percent higher than the $71.6 million Nexstar (NASDAQ: NXST) posted 4Q07.
Net income for the quarter was $5.4 million, excluding a cash impairment that hasn’t yet been calculated and “which could be significant,” the company said. The final impairment will be included in the company’s 10-K filed with the Securities and Exchange Commission.
For the full year, Nexstar posted $285 million in revenues, up by around $18 million over 2007. Full-year net loss was $51.4 million, reflecting impairment of $55.7 million taken in the first three quarters. Final full-year results will also reflect the anticipated 4Q write-down.
Nexstar chalked up $6.3 million in retrans fees for 4Q08, compared to $4.6 million in 4Q07. Full-year retrans was $21.8 million, compared to $17.2 million in ’07. Nexstar announced last month renewed and new retrans deals worth $75 million over the next four years.
Consolidated total net debt was $609.7 million as of Dec. 31, 2008; NXST’s total leverage ratio at that point was 6.18x, still shy of its permitted leverage covenant of 6.5x.
Nexstar’s recent acquisition of WCWJ-TV, the CW affiliate in Jacksonville, Fla., from Media General, remains pending regulatory approval. Its October acquisition of KARZ-TV (formerly KWBF-TV) in Little Rock, Ark., was approved on Feb. 26 by the bankruptcy court. Closing is expected to occur before the end of March.