LIN Television Corp. reported a 15.7% decrease in its broadcast cash flow for its second quarter.
For the quarter ended June 30, 2001, LIN reported cash flow of $30.1 million, down from $35.7 million for the second quarter of 2000. Net revenues were $73.0 million, a 6.1% drop from net revenues of $77.8 million during the second quarter of 2000. LIN's net loss was $12.0 million for the second quarter of 2001, against a net loss of $6.6 million for the second quarter of 2000. That reflects an extraordinary charge of $6.8 million before taxes during
the quarter due to the early elimination of debt.
Two bond offerings yielded approximately $269 million, with $35 million reserved to fund station acquisitions in Buffalo, New York and in Puerto Rico. The acquisition of the Buffalo station drew $25 million of that, while $11 million was used for acquisition of the stations in Puerto Rico. - Richard Tedesco