Press Releases
Barrington reports first quarter operating results
May 7, 2006 — Hoffman Estates, IL
Barrington Broadcasting Group LLC ("Barrington") announced today its financial results for the three months ended March 31, 2007.
Barrington's combined financial results for the first quarter presented below are actual results and Barrington's combined financial results for the quarter ended March 31, 2006 presented below are presented on a pro forma basis as if all acquisitions completed in 2006 were completed on January 1, 2006. Highlights are as follows:
- Gross revenues for the quarter ended March 31, 2007 decreased 2.6% to $30.5 million from $31.3 million for the quarter ended March 31, 2006. The decrease was primarily due to decreases in national revenues as well as political revenues. National revenues decreased 7.6%, or $0.7 million, to $9.1 million. Political revenues decreased $0.8 million to $.0.3 million for the quarter ended March 31, 2007. Local revenues increased $1.0 million, or 5.6%, to $19.1 million.
- Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended March 31, 2007 decreased 2.5% to $26.0 million from $26.7 million for the quarter ended March 31, 2006.
- Operating expenses for the quarter ended March 31, 2007, not including depreciation and amortization, remained unchanged at $20.3 million from the quarter ended March 31, 2006.
- Broadcast Cash Flow (as defined herein) for the quarter ended March 31, 2007 decreased 7.0% to $6.9 million from $7.4 million for the quarter ended March 31, 2006.
For more information regarding this financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the full PDF of this press release.
Barrington's actual combined financial results for the quarter ended March 31, 2007 compared to Barrington's actual combined financial results for the quarter ended March 31, 2006, which 2006 results do not include substantially all stations acquired in 2006, are presented below. Highlights include:
- Net revenues for the quarter ended March 31, 2007 increased to $26.0 million from $8.6 million for the quarter ended March 31, 2006. Operating expenses, not including depreciation and amortization, increased to $20.3 million from $6.9 million for the first quarter of 2006. The increases were primarily due to the stations acquired from Raycom Media, Inc. in August 2006. The results of those stations are not included in the results for the quarter ended March 31, 2006.
K. James Yager, Chief Executive Officer, commented that "2006 1st quarter results included national revenues from the Winter Olympics on our NBC stations as well political revenues realized in the 1st quarter of 2006. However, I am pleased with the growth in our local revenues for the past quarter as well as our cost containment year over year".
Conference Call
As previously announced, Barrington will host a conference call to discuss its first quarter results at 11:00 AM (EDT) on Tuesday, May 8, 2007. The dial-in information for the earnings call is as follows: 1-800-218-0530. A telephonic replay of the earnings call will be available beginning on May 8, 2007 at 1:00 PM (EST) and remain available for 30 days. To access the replay, call 1-800-405-2236 (domestic callers) or 1-303-590-3000 (international callers) and enter access code 11089274#.
During the conference call, representatives of Barrington may discuss and answer one or more questions concerning Barrington's business and financial matters. The responses to these questions, as well as other matters discussed during the call, may contain information that has not been previously disclosed.
Quarterly Report
The information in this press release should be read in conjunction with the financial statements and footnotes contained in Barrington's quarterly report for the quarter ended March 31, 2007 which will be posted on the company website (www.barringtontv.com) on May 8, 2007.
Non-GAAP Financial Measures
Broadcast Cash Flow, EBITDA and Adjusted EBITDA (each as defined in the attachments to this press release) are non-GAAP financial measures (i.e., they are not measures of financial performance under generally accepted accounting principles) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with GAAP. Broadcast Cash Flow, EBITDA and Adjusted EBITDA, as used herein, are not necessarily comparable to similarly titled measures of other companies. For definitions of and additional information regarding Broadcast Cash Flow, EBITDA and Adjusted EBITDA and a reconciliation of such measures to the most comparable measures calculated in accordance with GAAP, please see the attachments to this press release.
Broadcast Cash Flow, EBITDA and Adjusted EBITDA are measures commonly used by financial analysts in evaluating performance of companies, including broadcast companies. Accordingly, Barrington believes that Broadcast Cash Flow, EBITDA and Adjusted EBITDA may be useful in assessing Barrington's operating performance and its ability to meet its debt service requirements. Barrington also believes that these measures allow a standardized comparison between companies in the broadcast industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies.
About Barrington
Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently owns and operates twenty network affiliated television stations and operates a twenty first station under a local marketing agreement. Barrington is owned and controlled by Pilot Group, with management as its partner. Pilot Group is a non-traditional private investment firm founded in 2003 by a group of operating executives who actively help its management partners achieve their goals.
Forward Looking Statements
The statements in this press release that are not historical facts are forward-looking statements that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. These risks and uncertainties include, but are not limited to, uncertainties relating to Barrington's significant amount of debt, Barrington's ability to maintain its network affiliations, Barrington's ability to generate advertising revenues, cyclical or other trends in advertising spending, the regulatory environment for Barrington's industry, competition in Barrington's markets and Barrington's ability to integrate the acquisition of television stations from Raycom Media, Inc. and certain of its subsidiaries and achieve certain cost savings. Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein.
Download the full press release, including pro forma information.
For further information contact:
Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com