Granite Broadcasting Posts Wider Quarterly Loss

Mar 9, 2005  •  Post A Comment

Granite Broadcasting reported a widened fourth-quarter loss Wednesday despite getting a small lift from political advertising spending and a slight increase in national advertising revenue.

The New York-based company, which owns eight network-affiliated television stations, reported a fourth-quarter loss of $30.2 million, compared with a year-earlier loss of $15.2 million. Revenue rose 6 percent to $31.6 million.

For the year, Granite posted a loss of $83.3 million, versus year-earlier red ink of $59.9 million. Revenue for 2004 hit $113.8 million, up from a year-earlier figure of $108.5 million.

The company’s revenue gains came from the $5.1 million in political advertising booked in the quarter, which helped amid flat local advertising revenue growth and a 1 percent increase in national advertising revenue.