11.10.2009 01:00 PM
Barrington Drops on Political, Local and National
HOFFMAN ESTATES, ILL.: Barrington Broadcasting Group posted a loss
of $3.3 million on revenues of $24.2 million for the three months ending Sept.
30. Revenues were 22 percent down from a year ago when the 20-plus Barrington
TV stations pulled in $3.5 million from political advertising, compared to
$600,000 this year. Local revenues also diminished 15 percent to $17.1 million.
National revenues also fell 31 percent to $6 million.
“Third quarter comparisons were difficult given the political activity that
occurred in the same period in 2008,” said James Yager, Barrington CEO. “While
we continue to see continued positive results from both revenue and cost-saving
initiatives we put in place earlier in the year, weakness in the economy
continued to negatively impact us during the quarter. However, we completed our
bond buyback program during the quarter which will positively impact us in the
future by reducing interest expense.”
Results include joint sales and shared service agreements with Granite
Broadcasting related to Granite’s station in Peoria, Ill., and Barrington’s in
and Syracuse, N.Y., which became, effective March 2, 2009.
Cash and equivalents as of Sept. 30 was $20.8 million. Long-term debt was
More on Barrington:
August 12, 2009: “Barrington Posts Loss
on Declining Revenues”
Barrington finished the quarter with cash and equivalents of $22 million,
and long-term debt of $230.7 million.
May 13, 2009: “Barrington Revenues
Fall 17 Percent”
Barrington Broadcasting Group posted 1Q09 revenues of $26 million, down 17
percent from $31.3 million posted a year ago.
April 27, 2009: “Barrington Broadcasting
Barrington was one of five corporations that defaulted last week, The
Wall Street Journal said, and one of four that were distressed-debt