Allbritton released some preliminary financial results for
its second fiscal quarter (ended March 31) on Friday (April 16) and the news is
good.
According to the company, net revenues were up 14% to $45
million compared to $39.6 million for third-quarter 2009.
Excluding political, local and national ad revenue was up
15% to $37 million form $32.8 million for 3Q 2009.
Automotive advertising, a key local news category especially
hard hit by the recession, was up 54%, though the company did not break out the
figures. It did say the category represents 17% of total revenue for the
quarter. Allbritton did to its part to try to help out local dealers by giving
some cash to employees if they would agree to use it to buy a new or used car
from one of those dealers.
The company also announced an offer to buy back $455 million
in notes on (at 7.75% interest) due in 2012. Allbritton will pay a premium
of a little over $1.15 on the dollar. At the same time it is issuing $455
million in new notes (combined with its revolving credit
facility) to pay off the old ones and the premium.
Allbritton owns seven TV stations and 24-hour local cable
news channel, NewsChannel 8.
The company will report its results to the SEC by May 17.
