No surprise: political advertising of nearly $5 million was the major contributor to top-line increase. Core came in at 5%.
Young Broadcasting reported today that its net revenue in the second quarter of 2006 grew 11.6% over the same quarter of 2005, thanks largely to $4.8 million in political advertising.
Revenue for the quarter was $56.8 million compared with $50.9 million in the prior year.
Core revenue (all revenue but political) was up 5%, the company said.
Much of the strength can be attributed to the Third Leg local sales program the company has been implementing at its stations, Young said.
Automotive revenue across the group was up 3% in the quarter.
Young said it also benefited from the resurgence of the San Francisco market, the largest in which the 10-station group operates.
Young’s independent station in the market, KRON, saw a second-quarter increase in gross local, national and political revenues of 26.1% compared to the prior year, significantly outpacing overall market growth of 16.4%, the company said.
Operating income for the group was up significantly to $7.6 million, but high interest payments ($16.4 million in the quarter) kept the company’s bottom line red. The net loss was nearly $11 million or 52 cents per share.