05.06.2010 02:25 PM
Barrington Rises on Local Revenues
HOFFMAN ESTATES, ILL.: Barrington Broadcasting Group was up 19
percent for the first quarter. Revenues totaled $31 million for the 22 TV
stations, compared to $26 million for 1Q10. The increase was attributed to
local revenues, up by nearly 11 percent to $18.2 million. National revenues
were up 11 percent to $6.5 million. Political rose tenfold to $1 million.
Retrans yielded $2 million, up 52 percent.
Gross revenues less agency commissions and other direct costs were $26.6
million, up 18 percent. Net loss was $1.9 million compared to net income of
$43.6 million a year ago, when Barrington posted a non-operating gain of $54.1
million on a debt repurchase and one for $470,000 related to the BAS
Broadcast cash flow increased 102 percent to $8.8 million.
“The momentum that the company experienced in late 2009 continued into the
first quarter of 2010,” said Barrington chief James Yager. “We remain committed
to the company’s three key priorities of re-engineering of our station-level
operations, development of direct local sales strategies, and the growth of the
stations’ local digital platforms. Our focus on these areas contributed to
record-first quarter broadcast cash flow results.”
Cash and equivalents at the end of the quarter were $22.1 million. Long-term
debt was $225.4 million.
-- Deborah D. McAdams