Nexstar reports 4Q, full year 2012 revenue

$116.2 million in year's final quarter is another new record; company's full-year revenue of $378.6 million is 23% higher than '11

Nexstar Broadcasting, which owns ABC affiliate WEHT in Evansville and NBC affiliate WTWO in Terre Haute (and operates CW affiliate WTVW and ABC affiliate WAWV for Mission Broadcasting), today reported financial results for the fourth quarter and year-ended December 31, 2012.

The company saw a nearly 35% increase in the fourth quarter, bringing in a record $116.2 million.  For the full year, Nexstar's increase was 23%.  The company's 2012 revenue of $378.6 million bested 2011's $306.5 million.

“The 34.8% rise in fourth quarter net revenue concluded what was already a record year financially for Nexstar,” said the company's chairman, president and CEO, Perry Sook.  “Our strong financial results were primarily driven by record-breaking political advertising sales, higher core television ad revenue, growing retransmission consent revenues, and our 24th consecutive quarter of e-Media revenue increases.  We also benefited from a month of operations related to the accretive acquisition of ten television stations from Newport Television.  Fourth quarter BCF, EBITDA and free cash flow increases of 61.2%, 62.6% and 87.2%, respectively, reflect significant margin growth related to the leverage in our operating model as well as the value of our initiatives to diversify revenues, maximize  the political advertising opportunity, manage costs and actively expand our operations through strategic, accretive station acquisitions.”

Sook added that the company last week paid its first-ever dividend ($0.12 per share) to the holders of its Class A and Class B common stock, and said that Nexstar has “ample liquidity to reduce leverage, evaluate additional accretive station acquisitions and pursue other initiatives to enhance long-term shareholder value.”