Nexstar
Broadcasting Group reported first quarter net revenue of $68.6 million, 23.7%
better than the $55.5 million it reported in the first quarter of 2009. Local
advertising revenue was up 16.2% and national revenue climbed 21.8%.
Nexstar
reported a 39.9% increase in retransmission consent revenue in the quarter, to
$7.4 million, and a 25.9% increase in e-MEDIA revenues-representing $3 million
in online business.
"Nexstar's record first
quarter net revenue reflects solid growth from all of our revenue sources and
again demonstrates the value and success of our diversification strategies,"
said Nexstar Chairman/President/CEO Perry A. Sook. "Our 23.7% rise in first
quarter net revenue drove record first quarter BCF, EBITDA and free cash flow,
highlighting the significant operating leverage in our business model."
Sook said first quarter
automotive advertising rose 40% over the same quarter a year ago.
Nexstar also recorded
approximately $0.5 million of management fee revenue in 2010's first
quarter.
The
Irving, Texas based broadcaster owns, operates or provides services for 62 TV
stations in 34 markets.
