Young Flat For Q3, Will Count KRON For Q4
Operating expenses decline as broadcaster continues cost reduction plan.
By Michael Malone -- Broadcasting & Cable, 11/18/2008 5:24:00 AM
Net revenue at Young Broadcasting was $36.2 million, down .4% from the same quarter last year. Operating expenses for the quarter declined 6.1% compared to the same quarter last year as the broadcaster continues an ambitious cost reduction plan.
Station operating performance for the quarter, defined as operating income, plus non-cash compensation to employees, corporate overhead, depreciation and amortization, was $11.6 million. That’s up 12% when compared with the same quarter in 2007.
KRON San Francisco is reported as a discontinued operation held for sale in the earnings, as Young continues to try to unload the MyNetworkTV affiliate. In the report, Young said “there are no current active discussions with possible buyers of KRON.” While the company will continue to shop KRON, Young will count KRON into its fourth-quarter earnings.
Young owns 10 television stations. It did not hold a conference call to report third-quarter earnings, and chairman Vincent Young did not issue a statement.
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