Please wait while we load the requested 10-K report or click the link below:
|For Immediate Release|
NEXSTAR BROADCASTING GROUP REPORTS FOURTH QUARTER
AND FULL YEAR 2008 OPERATING RESULTS
- Record Setting Net Revenues, Broadcast Cash Flow Meet Company Guidance -
Irving, TX March 13, 2009Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) today reported its financial results for the fourth quarter and year ended December 31, 2008.
Summary 2008 Fourth Quarter Highlights:
Net revenue for the quarter ended December 31, 2008 rose 12.3% to $80.3 million from $71.6 million in the fourth quarter of 2007. Nexstars fourth quarter 2008 net loss and net loss per share was approximately $21.3 million and $0.75, respectively. During the 2008 fourth quarter, Nexstar incurred a non-cash impairment charge of $33.9 million. As required by SFAS 142 Goodwill and other intangibles assets, Nexstar tests the impairment of its intangible assets whenever events or changes in circumstances indicate that such assets might be impaired. Broadcast cash flow totaled $34.7 million in the fourth quarter of 2008, a 23.3% increase from $28.2 million in the same period in 2007. Adjusted EBITDA increased 25.6% to $30.3 million for the fourth quarter of 2008, compared with $24.1 million in the fourth quarter of 2007, while fourth quarter 2008 free cash flow totaled $7.3 million.
Summary 2008 Full Year Highlights:
For the 2008 full year, net revenue was $284.9 million, an $18.1 million increase over $266.8 million for 2007. Reflecting a total of approximately $89.6 million of non-cash contract termination fees and non-cash impairment charges, Nexstars full year 2008 net loss and net loss per share was approximately $78.1 million and $2.75, respectively. Broadcast cash flow in 2008 was $111.7 million compared to $98.5 million for 2007. Adjusted EBITDA totaled $96.2 million for 2008 compared to $85.1 million for 2007, while free cash flow totaled $26.3 million in 2008.
The following information was filed by Nexstar Media Group, Inc. (NXST) on Friday, March 13, 2009 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.
View differences made from one year to another to evaluate Nexstar Media Group, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Nexstar Media Group, Inc..