Nexstar Broadcasting reported fourth quarter net revenue of $80.3 million, 12.3% better than the previous year's fourth quarter. Broadcast cash flow was $34.7 million for the quarter, a 23.3% jump from the same period in 2007.
Net revenue for the full year was $284.9 million, $18.1 million better than the full 2007. Broadcast cash flow was $111.7 million for the year, compared to the previous year's $98.5 million.
On February 19, Nexstar announced renewed and new multi-year retransmission-consent agreements, which will contribute more than $75 million in revenues to the company. Around one third of that revenue is expected to be realized in 2009.
"Nexstar's double digit fourth quarter net revenue growth highlights strong year-over-year increases in political, retransmission consent and e-MEDIA revenues which helped to offset the impact of the current economy and soft general advertising environment," said Nexstar Chairman, President and CEO Perry Sook. "Fourth quarter net revenue of $80.3 million included approximately $16.6 million of net political advertising revenue and full year 2008 net political advertising revenue reached $28 million, in line with our expectations. In 2008, e-MEDIA revenue increased 100% over 2007 levels while full year retransmission consent revenue rose 27% to $21.8 million."
Sook declined to forecast the near term. "Given the uncertain economic environment, the company has elected to discontinue the practice of providing quarterly guidance for net revenue, station operating expenses and corporate overhead," Nexstar said in a statement.