Record core TV advertising, e-Media and retransmission revenue drives record first quarter operating income of $17.5 million and free cash of $12.7 million.
Nexstar Broadcasting Group today reported record financial results for the first quarter ended March 31 with local and national core revenue growing 7.8% to $62.8 million from $58.3 million in the same period a year ago.
Total net revenue grew 19.6% to a record $83.6 million. Among the highlights:
- Local revenue grew 5% to $45.4 million
- National revenue increased 15.6% to $17.4 million
- Political revenue skyrocketed 399% to $2.8 million
- e-Media revenue grew 12.5% to $4.1 million
- Retransmission fee revenue increased 70.2% to $14.5 million
- Management fee revenue was up 292% to $1.9 million
Perry A. Sook, Nexstar chairman, president and CEO, commented: “Nexstar’s growth and operating momentum is accelerating in 2012. In the first quarter we generated significant increases from all of our revenue sources leading to record net revenue, adjusted EBITDA and free cash flow. Nexstar’s 19.6% rise in first quarter net revenue again highlights the value of our long-term strategy to transition the traditional television broadcasting operating model and our locally focused content and advertiser relationships into a diversified model of high margin revenue streams.
“In addition to the solid year-over-year revenue growth related to our success in leveraging and strategically expanding our broadcast platform, Nexstar recorded approximately $2.0 million of management fee revenue in the 2012 first quarter representing the termination payment due the company following the completed sale of the Four Points stations to Sinclair Broadcast Group earlier this year.
“In total, the higher margin retransmission fee, e-Media and management fee revenue grew by 62.3% year-over-year and accounted for 24.6% of 2012 first quarter net revenue compared with 18.1% of revenue in the comparable year ago period.
Read the company’s report here.