Acme Revenue Down 21%

Company will restructure payment plans to program suppliers

By Michael Malone -- Broadcasting & Cable, 8/17/2009 5:15:21 PM

Acme Communications reported second quarter revenue of $6.9 million, down 21% from the same quarter last year. Acme’s six stations reported a 23% decrease in revenue, while its syndicated morning program The Daily Buzz saw its revenue go up 6% on “higher advertising sales driven by broader advertiser acceptance of the show.”
 
Total operating costs decreased 65% to $7.8 million for the second quarter, compared to $22.4 million for the second quarter of 2008.
 
Acme reported six month revenue from continuing operations of $13.4 million, down 20% from the first six months of 2008.
 
Acme Chairman/CEO Jamie Kellner cited the miserable economy for the broadcaster’s negative numbers. "We continue operating in a very challenging marketplace and we are doing everything prudently possible to reduce costs to help minimize the adverse impact that this difficult economic environment is having on our financial performance,” he said. “We have entered into agreements with certain of our key program suppliers to restructure our program payments which we believe, together with our current revolving credit facility, will give us financial flexibility to weather this economic storm.”