EARNINGS: Nexstar Reports "Record-Setting" First Quarter
By Michael Malone -- Broadcasting & Cable, 5/8/2007 7:39:00 AM
Nexstar Broadcasting announced net revenue for the first quarter of 2007 was up 3.7% to $62.1 million, ahead of the $59.8 million posted in the first quarter last year. Nexstar reported a basic and diluted net loss per share of $0.32 for the first quarter, compared with a basic and diluted net loss per share of $0.26 in the first quarter of 2006.
Gross local and national advertising revenues increased by 4.1% in the first quarter of 2007 compared with 2006. Broadcast cash flow rose 4.6% to $20.8 million, compared with $19.8 million in the first quarter of 2006. EBITDA totaled $17.7 million for the first quarter of 2007, a 6.6% increase over Q1 2006.
Nexstar Chairman, President and CEO Perry Sook cited station acquisitions and retransmission consent fees as reasons for the bump. "The record setting first quarter revenue, operating income, broadcast cash flow and EBITDA reflects the selective expansion of our station portfolio through the accretive acquisition of WTAJ-TV in Johnstown/Altoona, Pennsylvania," he stated, "growth in retransmission consent revenue and modest initial contributions from the Company’s new media initiatives, our newest revenue stream."
Nexstar owns 49 stations in 29 markets.
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