Net revenues were down 22% for the ACME Communications TV station group and 4% for the syndicated “The Daily Buzz” as net revenues from continuing operations for the entire company declined 20% to $6.5 million.
Operating costs, meanwhile, dropped 13% to $7.8 million. Broadcast cash flow was a negative $374K compared to a positive $425K a year earlier.
“We are clearly operating in a very challenging marketplace and we are doing everything prudently possible to reduce costs to help minimize the adverse impact this recession is having on our financial performance. On a positive note, despite intense pressure from our more established and higher-rated in-market competitors, we once again delivered a year-over-year increase in our group share of non-political advertising revenues in our markets.” Said ACME CEO Jamie Kellner.
