08.04.2010 01:00 PM
Nexstar’s Loss Widens on Record Revenues
IRVING, TEXAS: Revenues for Nexstar’s 62 television stations rose
significantly in the second quarter, but net loss rose on higher operating
expenses. Net revenues for the second quarter were a record $74.5 million, up 20
percent from last year. Net loss was $9.4 million, or 33 cents a share, versus
$1.2 million or 4 cents a share.
Total operating expenses were $60.6 million versus $53.1 million, when Nexstar
logged a $4.5 million gain on asset exchange and disposal. Free cash flow was
$10.9 million versus nearly $5 million last year.
Local gross revenues were up 8 percent to $43.3. million. National was up 33
percent to $16.1 million. The two combined yielded a rise in core revenues of
14 percent. Political pulled in $6.8 million versus $826,000 last year.
Retransmission was $7.3 million versus $6.4 million. Management revenues were
flat at $500,000, and network compensation fell 5 percent to $505,000.
“The advertising recovery shows no signs of abating and the second half of 2010
presents Nexstar with prospects for continued growth from all of our revenue
sources, including significant political advertising revenue contributions,”
Nexstar chief Perry Sook said. “The expected revenue increases combined with
operating and cost efficiencies and limited 2010 cap-ex commitments position
Nexstar to generate record free cash flow in 2010 which will be applied to
further reduce debt and focus on new value creation initiatives.”
Nexstar finished the quarter with $7.8 million in cash and $654.5 million in
total debt. As of Dec. 31, 2009, Nexstar had $12.8 million in cash and owed
$670.4 million. Shares of Nexstar (NASDAQ: NXST) remained mostly flat today at
$5.55. They’re up 37 percent year-to-date.
-- Deborah D. McAdams
May 12, 2010
Logs Record Revenues”
Nexstar’s 62 TV stations pulled off a record quarter but swung back to a
loss for the first quarter of 2010.
March 9, 2010
: “Nexstar Swings to
Profit in 4Q”
Nexstar’s 63 TV stations generated net income of $967,000 on revenues of $73.9
million for the quarter ending Dec. 31, 2009.