Mixed Results for Granite

Aug 11, 2005  •  Post A Comment

Granite Broadcasting posted mixed second-quarter results Thursday, as the broadcasting group fell deeper into the red but saw its revenue improve during the period.

The company reported a second-quarter loss of $16 .2 million, compared with red ink of $15.7 million a year ago. Revenue rose 6 percent to $31 million.

The factor driving both the wider loss and the revenue improvement was the inclusion of two stations in Fort Wayne, Ind., and Duluth, Minn., which are owned by Malara Broadcast Group but are operated by Granite under a shared-services agreement. Granite was able to book more revenue as a result of the stations, but operating expenses also increased, the company said.