National Boosts Barrington’s 2Q
HOFFMAN ESTATES, ILL.: A $1 million bump in its national advertising take elevated Barrington Broadcasting Group in the second quarter. Barrington finished the period ending June 30 with revenues up $32.7 million, up 13.6 percent from a year ago. Net income was $702,000 compared to a net loss of $5.8 million a year ago.
“We were pleasantly surprised by the rebound of national advertising revenues during the quarter. However, we continue to be focused in three areas: 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 second quarter Broadcast Cash Flow results,” said Barrington CEO K. James Yager.
Barrington’s breakdown included the 17 percent rise in national revenues to $7 million. Local was up $900,000, or 5 percent, to $19 million. Political increased by just $100,000 to $1 million.
Retransmission revenues increased $700,000 or 51 percent, to $2.1 million. Other revenues increased $500,000 million, or 15 percent, to $3.6 million.
Net revenues--gross revenues less agency commissions and other direct costs--for the quarter increased 14 percent, or $3.5 million, to $28.1 million.
Operating expenses excluding depreciation, amortization and an impairment of intangible assets and goodwill, increased 1.1 percent, or $200,000, to $19 million.
Broadcast Cash Flow increased 40 percent to $10.8 million.
Results include joint sales and shared service agreements with Granite Broadcasting Corp. related to Granite’s station in Peoria, Ill., and Barrington’s in Syracuse, N.Y., effective March 2, 2009.
Barrington finished 2Q10 with $24.2 million in cash and equivalents and $225 million in long-term debt, including current portion. Its cash position March 31, 2010, was $22.1 million compared to $225.4 million in long-term debt.
-- Deborah D. McAdams
May 6, 2010: “Barrington Rises on Local”
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.
March 16, 2010: “Barrington Drops on Politics”
Barrington Broadcast Group revenues dropped for the fourth quarter and the full year of 2009 on reduced political advertising.
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