05.13.2009 02:30 PM
Barrington Revenues Fall 17 Percent

HOFFMAN ESTATES, ILL.: Barrington Broadcasting Group posted 1Q09 revenues of $26 million, down 17 percent from $31.3 million posted a year ago. The drop was attributed to a 14 percent decline in local revenues, to $16.5 million; and a 30 percent decline in national revenues, to $5.8 million. Political was also down from $1.5 million last year to $200,000 for the quarter ending March 31. Revenues defined as “other” increased 71 percent to $3.6 million.

Operating expenses, sans depreciation and amortization, decreased 6.4 percent to $20.0 million from $21.4 million, primarily as a result of workforce reductions that occurred last year. Related severance cost increased by $400,000 during the quarter.

Broadcast cash flow fell 38 percent to $4.4 million from $7 million for 1Q08. Net income of $43.4 million--compared to a loss of $7.3 million last year--resulted from a debt repurchase in February, when Barrington’s owner, Pilot Group, contributed $16 million to the company.

That same month, Barrington entered an amended credit agreement allowing it to use up to $13 million for a year to retire portions of its 10 ½ percent senior notes due 2014. During the quarter, Barrington said it repurchased $67.8 million in aggregate principal of the notes for $11.6 million. In connection with the repurchase, Barrington realized income of $54.1 million, which it recorded in the quarter. Additional repurchases may occur depending on market conditions, Barrington said. -- Deborah D. McAdams 



Comments
Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found




Tuesday 06:00 AM
Eleven FCC Scenarios for The 600 MHz Band Plan
I suspect that the estimated $44 billion of auction proceeds do not take into account the fact that some spectrum the FCC will buy cannot be resold because it must be used as guard intervals in the 600 MHz band plan.~ Charles W. Rhodes

Wall Street Communications /   Friday 07:53 PM
Archimedia Technology at the 2015 NAB Show

 
Featured Articles
Discover TV Technology