Barrington Reports Third Quarter Operating Results
(firmenpresse) - SCHAUMBURG, IL -- (Marketwire) -- 11/07/11 -- Barrington Broadcasting Group LLC ("Barrington") announced today its financial results for the three months and nine months ended September 30, 2011. Highlights are as follows:
Gross revenues for the quarter ended September 30, 2011 decreased 5.6% to $31.9 million from $33.8 million for the quarter ended September 30, 2010. The decrease was primarily due to a decrease in political revenues of $3.5 million to $0.3 million. Local revenues increased $1.2 million, or 7.0%, to $18.9 million, and national revenues increased $0.5 million, or 6.8%, to $7.1 million. Retransmission revenues increased $0.3 million, or 16.1%, to $2.5 million. Other revenues decreased $0.5 million, or 12.7%, to $3.1 million.
Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended September 30, 2011 decreased 4.8%, or $1.4 million, to $27.4 million from $28.8 million for the quarter ended September 30, 2010.
Operating expenses for the quarter ended September 30, 2011, not including depreciation and amortization, increased $1.0 million, or 5.3%, to $19.6 million from $18.6 million for the quarter ended September 30, 2010. The increase was primarily due to increased sales commissions and programming fees.
Broadcast Cash Flow (as defined herein) for the quarter ended September 30, 2011 decreased 20.5% to $9.1 million from $11.5 million for the quarter ended September 30, 2010.
Gross revenues for the nine months ended September 30, 2011 increased 0.5% to $98.0 million from $97.5 million for the nine months ended September 30, 2010. The increase was primarily due to an increase in local revenues of $3.1 million, or 5.7%, to $58.0 million, and an increase in national revenues of $1.2 million, or 6.1%, to $21.4 million. Political revenues decreased $4.7 million to $1.1 million. Retransmission revenues increased $1.2 million, or 19.7%, to $7.4 million, and other revenues decreased $0.3 million, or 3.3%, to $10.1 million.
Net revenues (gross revenues less agency commissions and other direct costs) for the nine months ended September 30, 2011 increased 0.9%, or $0.8 million, to $84.3 million from $83.5 million for the nine months ended September 30, 2010.
Operating expenses for the nine months ended September 30, 2011, not including depreciation and amortization, increased $0.9 million, or 1.6%, to $58.1 million from $57.2 million for the quarter ended September 30, 2010.
Broadcast Cash Flow for the nine months ended September 30, 2011 decreased 4.0% to $29.8 million from $31.1 million for the nine months ended September 30, 2010.
"Our continued focus on local sales combined with national and retransmission revenue growth produced positive results this quarter. We continue to be committed to the Company's three key priorities of re-engineering of our station-level operations, development of direct local sales strategies, and the growth of the stations' local digital platforms," said K. James Yager, Chief Executive Officer of Barrington Broadcasting.
As previously announced, Barrington will host a conference call to discuss its third quarter results at 3:00 PM (ET) on Monday, November 7, 2011. The dial-in information for the earnings call is as follows: 1-877-941-1467. A telephonic replay of the earnings call will be available beginning on November 7, 2011 at 5:00 PM (ET) and remain available for 30 days. To access the replay, call 1-800-406-7325 (domestic callers) or 303-590-3030 (international callers) and enter access code 4480216#.
During the conference call, representatives of Barrington may discuss and answer one or more questions concerning Barrington's business and financial matters. The responses to these questions, as well as other matters discussed during the call, may contain information that has not been previously disclosed.
The information in this press release should be read in conjunction with the financial statements and footnotes contained in Barrington's quarterly report for the quarter ended September 30, 2011 which will be posted on Barrington's website () on November 11, 2011. Barrington's results for the quarter ended September 30, 2011 are subject to the completion of its quarterly report for such period.
Broadcast Cash Flow, EBITDA and Adjusted EBITDA (each as defined in the attachments to this press release) are non-GAAP financial measures (i.e., they are not measures of financial performance under generally accepted accounting principles) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with GAAP. Broadcast Cash Flow, EBITDA and Adjusted EBITDA, as used herein, are not necessarily comparable to similarly titled measures of other companies. For definitions of and additional information regarding Broadcast Cash Flow, EBITDA and Adjusted EBITDA and a reconciliation of such measures to the most comparable measures calculated in accordance with GAAP, please see the attachments to this press release.
Broadcast Cash Flow, EBITDA and Adjusted EBITDA are measures commonly used by financial analysts in evaluating performance of companies, including broadcast companies. Accordingly, Barrington believes that Broadcast Cash Flow, EBITDA and Adjusted EBITDA may be useful in assessing Barrington's operating performance and its ability to meet its debt service requirements. Barrington also believes that these measures allow a standardized comparison between companies in the broadcast industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies.
Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations. Barrington is owned and controlled by Pilot Group, with management as its partner. Pilot Group is a non-traditional private investment firm founded in 2003 by a group of operating executives who actively help its management partners achieve their goals.
The statements in this press release that are not historical facts are forward-looking statements that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. Such factors include those risks described from time to time in Barrington's quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington's website. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein.
For further information, contact:
Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel 847 884 1877
Fax 847 755 3045
Email
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Datum: 07.11.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 84549
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SCHAUMBURG, IL
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