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Thursday, March 8, 2012

Nexstar fourth quarter, full-year revenue down from 2010

UPDATE, 11:35 a.m.:  In a conference call this morning, Nexstar head Perry Sook said that the company continues to explore "strategic alternatives" which could include a sale of the company, as announced last summer. "Discussions are still ongoing on a various array of fronts," he said. "Things move slower than we all would like but the pencils are not down on this. There are still discussions about various alternatives and we continue to weigh what is in the long term best interest of shareholders." Sook added that he expects that a decision of some kind will be reached before the one-year anniversary of the announcement, which would be in July.

PREVIOUSLY:  Nexstar Broadcasting Group this morning released its fourth quarter and full year revenue figures for 2011, and the numbers are not good, although that's been the norm of late for most broadcasting companies.

Hit hard by a 91% drop in political ad dollars, Nexstar's net revenue for the fourth quarter was down 11.2% ($86.2 million vs. $97.05 million for the same period in 2010).  For the full year, the company's net revenue was down 2.2%, to $306.5 million.  In 2010, the company took in $313.35 million.

Core revenue was up, however, with local and national advertising showing gains.  Also on the positive side of the ledger, e-Media and retransmission fee revenues - the latter of which saw a 34.9% uptick for the quarter and 25% for the year - helped to partially offset the declines in political dollars.

For the full year, the company reduced its total debt obligation from $643.1 million to $640.4 million.

"Overall, Nexstar’s fourth quarter and full year results again highlight the value of our focus on generating new local direct advertising and revenue diversification as well as completing select accretive station acquisitions," said Nexstar chairman, president and CEO Perry Sook.

In his report, Sook points to signs which indicate strong performance ahead for the company in 2012.  With the company's acquisition of two CBS affiliates in Wisconsin and Michigan, as well as the purchase of WEHT Local here last year, as well as continuing increases in revenue, Sook said that he expects the company to continue performing well.

On the expense side of the ledger, Nexstar has budgeted $17 million for capital expenditures in 2012.  It was not stated in the report where that money will be spent.

You can read Nexstar's full report by clicking here.

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