Earnings: Young Loses Less - Broadcasting & Cable

Earnings: Young Loses Less

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Net revenue at Young Broadcasting Inc. for the first quarter was $46.8 million, down 3.2% from the same period last year. Net loss for the quarter was $25.4 million, which was 17% less than Young lost in the same quarter of 2006.

Young Chairman and CEO Vincent Young cited a weak automotive market for the low numbers, and was said he was confident a strong election season would boost future earnings. “The Company’s continuing success in reducing costs while at the same time entrepreneurially seizing new revenue ideas has enabled us to maintain cash flow despite the general weakness in automotive, our major advertising category,” he said.The broadcaster owns 10 TV stations: five ABC, three CBS, one NBC and one MyNetworkTV affiliate.

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