The quarterly reporting cycle is over, but here’s one last report we looked up from the tiniest publicly traded radio company. Debut Broadcasting reported that it generated $525,802 in net revenues for Q3, down 29% from a year ago.
The overall decline was due to a $354,000 drop related to the syndication business. Revenue increased for the company’s small market radio stations in Mississippi, offsetting the overall loss for the quarter.
This note appeared in Debut’s SEC filing for Q3: “On August 22, 2002, the company signed an unsecured promissory note with Citadel Broadcasting to alleviate pass through bad debt due to the temporary collapse of the national advertising market in late 2001. Over the life of the agreement, the company made principle and interest payments to Citadel Broadcasting totaling $350,467. During the three months ended September 30, 2009 the company settled the agreement, resulting in a one time gain on settlement of $340,539.”
With that one-time gain, the bottom line net income for Debut in Q3 was $166,510, compared to a loss of $70,767 a year ago.