Higher retrans and e-media revenue help offset ad decline and lower political money. Cash flow, however, is down 33.4% and adjusted EBITDA falls by 58.6%.
Nexstar Broadcasting Group today reported financial results for the first quarter ended March 31 and the broadcaster’s net revenue for the quarter totaled $55.5 million, a 12.9% decline from $63.7 million in the first quarter of 2008.
The $63.7 million of 2008 first quarter net revenue is inclusive of approximately $1.7 million of net political advertising revenue, while the 2009 first quarter reflects approximately $0.4 million of net political advertising revenue.
First quarter 2009 total operating expenses declined 11% from the same period in 2008. The company incurred a loss from operations of $1.3 million in the quarter.
Broadcast cash flow totaled $14.2 million in the first quarter of 2009 compared with $21.3 million for the same period in 2008, a drop of 33.4%.
Adjusted EBITDA totaled $7.5 million for the first quarter of 2009, compared to $18.1 million in the first quarter of 2008, a 58.6% drop.
Perry A. Sook, Nexstar chairman, president and chief executive officer, commented: “Nexstar’s first quarter revenue performance again proved to be industry leading. The growth of the company’s diversified high-margin revenue streams softened the impact of the challenging economy. First quarter e-media revenues increased 17.7% to $2.4 million while retransmission consent revenues grew 42.2% to $6.6 million in the first quarter of ’09 compared to the same period last year.”