Company posts big gains in retransmission revenue, political advertising
Nexstar Broadcasting released its second quarter earnings this morning, and the results show another new record for the Texas-based TV group.
The company, which owns WEHT Local (Evansville) and WTWO-NBC 2 (Terre Haute) and operates Local 7 WTVW (Evansville) and WAWV-ABC (Terre Haute) for Mission Broadcasting, took in a record $88.9 million for the quarter ending June 30. That's a 17.7% increase over 2Q2011.
Digging deeper into the numbers, local and national ad revenue rose 6.7%, but the big growth came in retransmission revenue (up 77.7%) and political advertising (up 194.4%).
The company also improved its free cash flow by 92.7% for the quarter compared to the same period last year.
"Nexstar’s corporate and operating teams are generating strong returns from our existing base of operations with another quarter of record operating results," said Perry Sook, Nexstar's president, chairman and CEO.
"Our current platform is on track to generate the highest annual free cash flow in the Company’s history as expected revenue increases combined with operating and cost efficiencies and annual cap-ex commitments of approximately $16 to $17 million positions Nexstar to generate record free cash flow growth over the record 2010 levels of $60.1 million," Sook added. "We look forward to the completion of the Newport station acquisitions later this year or early next year which will increase to 67 the number of stations that Nexstar owns, operates, programs or provides services to."
Through the first six months of 2012, Nexstar has eliminated $31.1 million dollars of debt, chopping that amount from $640.4 million at the end of 2011 to $609.3 million as of June 30. The pending $285.5 million acquisition of 12 Newport stations in Arkansas, New York, Tennessee and Utah, which was announced last month, will likely affect that number somewhat.
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