The small markets where penny stock company Debut Broadcasting Corporation operates appear to be holding up fairly well. But the company’s Q2 revenue decline was similar to that of other publicly traded broadcasters due to its syndication business.
Debut reported that net revenues were down 19.6% to $548,068. The company said $109,000 of the $142,370 decline was attributable to its syndication business.
For its small market stations, revenues were down in the Greenville, MS market, but up in the Vicksburg, MS market, for a net decline of $33,370.
Like other broadcasters, Debut has been cutting costs. Operating expenses decreased 23.9% to $588,029. Some quick math of net revenues minus operating expenses shows a negative number of $39,961.
In an SEC filing, Debut noted that it does not currently have sufficient capital to make additional acquisitions. It is ongoing negotiations with a lender on a line of credit.