KCET-TV, the independent public TV station in Los Angeles, has offered a grim financial report, but executives downplayed the losses and said that the company’s finances have improved since the report was prepared, the Los Angeles Times’ Show Tracker reports.

The company lost $12.5 million for the fiscal year ended June 30, the story reports. That came after losing $7.4 million in the prior fiscal year, the piece adds.

“To pay for basic expenses, the company was forced to borrow nearly $3 million from restricted funds earmarked for specific purposes, although it has since paid back that money,” the article reports.

The report adds: “Officials at KCET — which left PBS amid acrimony in late 2010 and is the home of such fare as the newsmagazine ‘SoCal Connected’ — says the Dec. 6 accountants’ report makes the situation sound more dire than it is and that the company’s finances have improved since then.”

A representative for the station said the financial report is a “snapshot of past performance and does not reflect our current financial health.” Through layoffs and other measures, the company has trimmed its expenses and balanced its budget, she added.