Acme 3Q Net Revenue Rises 3%

Acme Communications today announced its financial results for the third quarter ended Sept. 30. They included net revenues from continuing operations that increased 3% to $4.8 million for the third quarter compared to net revenues of $4.7 million in the third quarter of 2009.

Acme said the increase was driven primarily by higher advertising revenue at its KWBQ-KASY Albuquerque-Santa Fe, N.M., compared to the third quarter of 2009.

Continuing stations’ revenues increased 5% while revenues at its syndicated The Daily Buzz decreased 9% for the quarter compared to the prior year quarter.

Total operating costs increased 9% to $6.0 million for the third quarter compared to $5.5 million for the third quarter of 2009.

Net loss for the third quarter of 2010 was $390,000 compared to a $1.4 million net loss for the third quarter of 2009 due to reduced losses at its continuing operations and net income of $878,000 at its discontinued operations.

Commenting on the quarter’s results, Doug Gealy, Acme president-CEO, said: “Driven by heavy political spending during the back half of third quarter, our market total revenues grew nicely including a small uptick for core advertising categories. We completed the vast majority of our LIN transition process related to our joint sales and shared services agreements by late September. Cost savings and revenue growth continue a positive trend in the fourth quarter 2010. We remain focused on creating opportunities to replicate our LIN deal, and are looking for similar or other arrangements to unlock shareholder value by selling off our remaining assets in a swift orderly fashion.”

The company expects to post its quarterly report on its website at www.acmecommunications.com by Monday, Dec. 13.