ACME Communications reported that Q3 revenues rose 5% to $8.5 million. That was due to only a 1% increase at its stations, but supercharged by a 67% revenue increase for its syndicated “The Daily Buzz.” So, broadcast cash flow was up 24% for the quarter to $640,000.
“We are pleased to report a net revenue gain at our stations during a quarter which saw increasing weakness in non-political revenues as it progressed. Our results were driven by our ability to drive increased viewing and revenue shares as we benefited from a stronger programming slate. Looking ahead, the advertising downturn has accelerated in the fourth quarter and we expect to face a very difficult operating environment well into 2009. Given the depressed state of the economy, we will continue to focus on reducing our station and corporate expenses, while prudently supporting our ability to maximize revenues,” said CEO Jamie Kellner.
ACME owns five CW affiliates and one MyNetworkTV affiliate in five markets, along with producing “The Daily Buzz” which airs on 140 stations. The company had been actively selling off its television stations, but no sales have been announced recently following the severe downturn in the capital markets.