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Contact: Stephen Gibson
FOR IMMEDIATE RELEASE
April 16, 2010
ALLBRITTON COMMUNICATIONS COMPANY
ANNOUNCES PRELIMINARY FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2010
Arlington, VA, April 16, 2010 Allbritton Communications Company (ACC) announced today certain preliminary results for the quarter ended March 31, 2010.
We expect to report the following:
Net revenues to increase by 14% to approximately $45 million as compared to $39.6 million of net revenues from continuing operations for the same quarter in 2009.
Local and national advertising revenue, which excludes political advertising revenue, to increase by 15% to approximately $37 million, as compared to $32.8 million for the same quarter in 2009.
The automotive category, which represents approximately 17% of our revenue for the quarter ended March 31, 2010, to increase by 54% as compared to the same quarter in 2009.
Subscriber fees to increase by approximately 20% over $3.9 million for the quarter ended March 31, 2009.
During the three months ended March 31, 2010, we made net repayments under our senior credit facility of $16.5 million, resulting in a reduction of our outstanding balance under the facility from $28.5 million at December 31, 2009 to $12.0 million at March 31, 2010. We expect to report consolidated cash and cash equivalents as of March 31, 2010 of approximately $3.5 million.
The preliminary data included in this report has been prepared by and is the responsibility of ACCs management. The results discussed above may change based on the completion of the quarterly closing and review procedures by our management and completion of review procedures by our independent registered public accounting firm, PricewaterhouseCoopers LLP. PricewaterhouseCoopers LLP has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.
The following information was filed by Allbritton Communications Co on Friday, April 16, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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