Nexstar Broadcasting Group reported second-quarter earnings Wednesday, with revenues totaling $62.2 million, a 12% decline from the same period a year ago, when the company had record second-quarter earnings of $70.6 million. The Irving, Tex.-based company attributed to the decline to the recession's impact on ad spending and the 77% drop in political spending in a non-election year.
However, the company also reported a 56% jump, to $4.1 million, in revenues from retransmission consent agreements, "e-Media initiatives" and management fees.
The company reported income from operations totaling $9 million, down from $16.2 million the year prior, and broadcast cash flow of $20.1 million, down from $28.3 million the year prior. Adjusted EBITDA was $16.4 million, down from $24.8 million, while free cash flow was $5 million, compared with $11.1 million last year.
"Nexstar's second quarter and year-to-date results demonstrate that the Company continues to be an industry leader in revenue performance in good times and bad," said Nexstar chairman, president and CEO Perry Sook in a statement. "Second quarter results are in-line with our operating expectations for the current environment as strong aggregate year-over-year increases in retransmission consent and e-MEDIA revenues, and the recognition of initial management fee revenue, partially mitigated the softness in spot revenue related to weak national and local economies.
Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to 63 television stations in 34 markets.