Media General executives characterize 2015 as “transformational.”
In an earnings call with analysts executives credited automotive advertising and pay-TV subscriber fees for offsetting a decline in digital revenues as the company reworked that business.
Media General President/CEO Vincent Sadusky looks forward to political and Olympic advertising in 2016.
In the fourth quarter, net revenues increased 69% to $366 million, compared to $217 million in the prior year. Operating income was $55 million, compared to operating income of $39 million in the prior year.
Total net debt outstanding (including capital leases) as of the end of 2015, net of cash, was $2.2 billion, compared to $2.4 billion for the same period the prior year. Cash and cash equivalent balances at the end of the year were $41 million, compared to $44 million for the same period in the prior year.
For full year 2015, net revenues increased 93% to $1.3 billion, compared to $675 million in the prior year. Operating income was $82 million, compared to operating income of $115 million in the prior year. Operating income included a non-cash, goodwill impairment charge of $53 million in the third quarter.