Hearst-Argyle Television Inc. said Friday that its fourth-quarter broadcast cash flow
dropped 31 percent to $74 million on a 15 percent revenue drop to $172 million.
Full-year BCF and revenue figures were $261 million (down 28 percent) and $641
(down 14 percent), respectively.
CEO David Barrett said that despite the soft ad market, the group
surpassed expected revenue and cash-flow expectations for the fourth quarter.
He added that the group kept yearly expenses at roughly the
same level as 1998 and that it was able to maintain a 41 percent BCF margin.