Acme Communications Reports Q2 Loss

Aug 9, 2004  •  Post A Comment

Jamie Kellner’s Acme Communications on Monday reported a narrowed second-quarter loss, as the station group booked higher advertising revenue despite ratings declines at its nine WB-affiliated television stations.

The Santa Ana, Calif.-based station group reported a loss of $2.8 million, or 17 cents a share, compared with red ink of $14.4 million, or 37 cents a share, a year ago. Revenue rose 6 percent to $12.2 million.

The company attributed the improved loss number to an improvement in operating income and a reduction in interest expense and debt retirement costs resulting from the company’s repayment of a portion of its debt with the proceeds of the sale of television stations in Portland, Ore., and St. Louis.

Acme managed to increase advertising revenue by 6 percent despite a lack of political advertising spending and ratings weakness at The WB.

“We are hopeful that the WB Network will rebound from this season’s declines, and coupled with the improvements in our syndicated programming lineup this fall, we believe that we will regain our ratings momentum during the fourth quarter,” Mr. Kellner said.