Barrington Posts Preliminary 4Q and ’08 Results
(Feb. 25, 2009) HOFFMAN ESTATES, ILL.: If not for an expected $50 million write-down, Barrington Broadcasting’s 2008 results would have looked pretty good. The pure-play television broadcaster posted preliminary revenues of more than $119 million for the year, compared to $112.5 million for 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 ad revenue. 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.
Final results for the quarter and the year are expected to be issued early next month.