Acme Net Revenue Down 10% - Broadcasting & Cable

Acme Net Revenue Down 10%

Company remains in offload mode
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Acme Communications reported net revenue of $4 million in the fourth quarter of 2010, a 10% decrease from the fourth quarter of 2009. Continuing stations' revenues increased 7% and revenues at Acme's syndicated program The Daily Buzz increased 22% for the quarter.

Total operating costs decreased 25% to $6.5 million for the fourth quarter.

Acme's net loss for the fourth quarter of 2010 was $5.3 million, compared to a $4.5 million net loss for the fourth quarter of 2009.

LIN Media is in the process of acquiring WBDT Dayton and WCWF (formerly WIWB) Green Bay, while Lockwood Broadcast Group is purchasing Acme's WBXX Knoxville.

"During this past year we made significant progress on our overarching goal of monetizing our assets for the benefit of our shareholders," said Doug Gealy, Acme president and CEO. "With our stations in Knoxville, Dayton and Green Bay expected to be sold in the current quarter, we expect to begin returning a meaningful portion of the cash component of those proceeds to our shareholders and will work to reduce corporate costs to reflect the reduced scale of our operations."

Gealy said the company was "surprised and disappointed" in a court decision involving MMT, its former rep firm. "We have appealed this decision and expect to ultimately prevail on the merits of our case and our counterclaims," he said. "We will likely set aside cash to cover the bond required to proceed with our appeal."

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