Barrington Drops on Political, Local and National

HOFFMAN ESTATES, ILL.: Barrington Broadcasting Group posted a loss of $3.3 million on revenues of $24.2 million for the three months ending Sept. 30. Revenues were 22 percent down from a year ago when the 20-plus Barrington TV stations pulled in $3.5 million from political advertising, compared to $600,000 this year. Local revenues also diminished 15 percent to $17.1 million. National revenues also fell 31 percent to $6 million.

“Third quarter comparisons were difficult given the political activity that occurred in the same period in 2008,” said James Yager, Barrington CEO. “While we continue to see continued positive results from both revenue and cost-saving initiatives we put in place earlier in the year, weakness in the economy continued to negatively impact us during the quarter. However, we completed our bond buyback program during the quarter which will positively impact us in the future by reducing interest expense.”

Results include joint sales and shared service agreements with Granite Broadcasting related to Granite’s station in Peoria, Ill., and Barrington’s in and Syracuse, N.Y., which became, effective March 2, 2009.

Cash and equivalents as of Sept. 30 was $20.8 million. Long-term debt was $228.3 million.

More on Barrington:
August 12, 2009: “Barrington Posts Loss on Declining Revenues”
Barrington finished the quarter with cash and equivalents of $22 million, and long-term debt of $230.7 million.

May 13, 2009: “Barrington Revenues Fall 17 Percent”
Barrington Broadcasting Group posted 1Q09 revenues of $26 million, down 17 percent from $31.3 million posted a year ago.

April 27, 2009:“Barrington Broadcasting Defaults”
Barrington was one of five corporations that defaulted last week, The Wall Street Journal said, and one of four that were distressed-debt exchanges.