Acme Revenues Down 3% in Fourth Quarter

Still focused on "liquidating remaining assets"

By Michael Malone -- Broadcasting & Cable, 6/27/2012 4:51:46 PM

Acme Communications reported fourth quarter 2011 revenue of $3.4 million, down 3% from the same quarter in 2010. In May of 2011, Acme completed the sale of WBXX Knoxville, WBDT Dayton and WCWF Green Bay-Appleton. Earlier this year, Byrne Acquisition Group acquired Acme's WBUW Madison. The results of those stations are treated as discontinued operations.

Continuing operations consist of KWBQ and KASY in Albuquerque-Santa Fe along with a satellite station in Roswell (KRWB), and The Daily Buzz, LLC.

Acme's net income for the fourth quarter of 2011 was $2 million, compared to a $5.3 million net loss for the fourth quarter of 2010.

"We continue to be focused on our exit strategy of liquidating our remaining assets," said Doug Gealy, Acme president and CEO, "and will continue to further reduce our corporate infrastructure."