Acme Communications’ net revenue from continuing operations was $6.5 million in the first quarter, a 20% decrease from the same quarter last year.
“The decrease was driven by sharply lower advertising demand resulting in a 22% decrease in net revenues at our television stations and a 4% revenue decrease at The Daily Buzz,” Acme said in a statement.
Total operating costs decreased 13% to $7.8 million for the first quarter, while station cash-based operating expenses decreased 11%.
"We are clearly operating in a very challenging marketplace and we are doing everything prudently possible to reduce costs to help minimize the adverse impact this recession is having on our financial performance,” said Acme Chairman/CEO Jamie Kellner. “On a positive note, despite intense pressure from our more established and higher-rated in-market competitors, we once again delivered a year-over-year increase in our group share of non-political advertising revenues in our markets."
Acme owns six stations.