Small market TV group owner Barrington Broadcasting Group reported that net revenues were up 19.1% to 28.8 million in Q3 and CEO Jim Yager expressed optimism that growth will continue through Q4. Business is so good, it seems, that bond analysts and investors had not a single question to ask in the company’s quarterly conference call.
Gross revenues (before agency commissions and such) were up 20.1% to $33.8 million. Barrington reported that the gain was primarily attributable to political revenues jumping to $3.7 million from only a half million a year earlier and a 10.7% increase in national spot revenues to $6.7 million. Local was up, but not as much, rising 3.2% to $17.7 million. Other revenues, including online and retrans, gained 29.3% to $5.7 million.
COO Chris Cornelius reported that core advertising, excluding political, increased 5.2% in Q3 to $24.4 million. As has been the case with many other broadcasters, automotive was a big growth driver, up 31.7%. Online revenues were up 14% and retransmission consent fees gained 51%.
Broadcast cash flow (BCF) increased 48.1% in the quarter to $11.5 million. Cornelius noted that BCF was slightly above the third quarter of 2008.
“In summary I would say we are relatively pleased with the results for third quarter and we are reasonably optimistic that our growth in revenue and BCF will continue in the fourth quarter of 2010,” Yager said to wrap up.