Buzz Fuels ACME Revenue Boost
10% revenue jump at syndicated morning program The Daily Buzz helps to fuel ACME Communications in Q2.
By Michael Malone -- Broadcasting & Cable, 8/13/2008 4:15:00 AM
ACME Communications’ net revenues from continuing operations grew 4% to $8.7 million in the second quarter compared with the same quarter a year before.
The increase was attributed to a 3% increase in net revenues at its TV stations and a 10% revenue jump at syndicated morning program The Daily Buzz.
ACME chairman and CEO Jamie Kellner said the company would continue to cut expenses in an effort to boost profitability in a tough economic climate.
"We are pleased to report a net revenue gain during a quarter where most broadcasters experienced year-over-year declines,” he added. “Looking ahead, overall advertising demand, apart from political spending, remains weak, reflecting the economic slowdown. However, we believe significant political spending in several of our markets will allow us to increase our share of nonpolitical dollars, especially in the fall. Given the current environment, we are also focused on reducing station and corporate expenses, while prudently supporting our ability to maximize revenues. Despite a continued difficult M&A [mergers-and-acquisitions] market, we continue to pursue all options for monetizing our station assets in the best interest of our shareholders."
Kellner forecast net revenues to increase 1%-2% in the third quarter over the same quarter a year before and station expenses to increase 1%-2% based on higher programming payments.
ACME owns six stations -- five CW outlets and one MyNetworkTV affiliate.
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