03.05.2009 04:10 PM
Nexstar 4Q Revenues Rise

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. 

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

Thursday 10:05 AM
NAB Requests Expedited Review of Spectrum Auction Lawsuit
“Broadcasters assigned to new channels following the auction could be forced to accept reductions in their coverage area and population served, with no practical remedy.” ~NAB

202 Communications /   Friday 12:41 PM
Albis Technologies Appoints New Head of Access Solutions
ignite strategic communications /   Thursday 03:48 PM
2015 HPA Tech Retreat(r) Unveils Expanded Session Schedule

Featured Articles
Discover TV Technology