Barrington Broadcasting Group announced first quarter net
revenues of $26.6 million for the first quarter, an 18.4% increase over the
same quarter last year. Net revenues are gross revenues minus agency
commissions and other direct costs.
Gross first quarter revenues were $31 million, an 18.9%
boost over the same quarter a year ago.
Barrington's
local revenues increased 10.5%, to $18.2 million, national revenues increased
11.2%, to $6.5 million, and political spending was up $0.9 million to $1.0
million.
Barrington
reported retransmission consent revenues of $2 million, a 54.2% increase over
the same quarter last year.
"The momentum that the company experienced in late 2009
continued into the first quarter of 2010," said Barrington Broadcasting CEO K.
James Yager. "We remain committed to the company's three key priorities of
re-engineering of our station-level operations, development of direct local
sales strategies, and the growth of the stations' local digital platforms. Our
focus on these areas contributed to record first quarter Broadcast Cash Flow
results."
Operating expenses decreased 2.6% to $19.5 million,
"primarily as a result of workforce reductions that occurred in 2009 as well as
a reduction of operating expenses at our station in Peoria
due to the joint sales and shared services agreements with Granite Broadcasting
effective March 2, 2009," said Barrington
in a statement.
Broadcast cash flow for the quarter increased 101.6% to $8.8
million.
Barrington
is owned and controlled by the investment firm Pilot Group. Its stations include
WNWO Toledo and WSTM Syracuse.
