This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nexstar Broadcasting Group's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: NXST

Perry Sook

Thank you, Latif, and good morning, everyone. Thank you very much for joining us to review Nexstar's second quarter 2011 operating results. Tom Carter, our Chief Financial Officer, is also here with me this morning. Nexstar's strong operating and financial momentum continues in 2011 as reflected by our record second quarter revenue and EBITDA and our strong free cash flow. These are all-time second quarter records over our 15-year history, and they reflect our success in overcoming a negative $4.8 million year-over-year delta on political revenue as well as the auto industry disruptions caused by the earthquake in Japan.

The ongoing advertising rebound in our markets and Nexstar's effectiveness in driving new-to-television local direct billings drove our seventh consecutive quarter of core television advertising revenue growth. Core being defined as local and national advertising. The 4.3% rise in core ad revenue growth and another period of double-digit increases in e-MEDIA and retransmission fee revenue more than replaced the record levels of political revenue we recorded in last year's Q2. At the same time, we continue to make tangible progress in streamlining our capital structure, reducing leverage, lowering our weighted average cost of debt and expanding our station base. Also, vertically integrating aspects of our e-MEDIA operations through the accretive acquisition of .Biz.

We are excited about our 2 new CBS affiliates, which we recently added, as well as our acquisition, as I mentioned of Internet technology provider, GoLocal.Biz, both of these deals bringing Nexstar financial and strategic benefits which I will review in more detail in just a few minutes.

Before we get deeper into our discussion this morning, I want to quickly address a piece of housekeeping with respect to the announcement on July 21, that our company's board of directors decided to explore and evaluate strategic alternatives intended to maximize shareholder value including a possible sale of the company. As we indicated on July 21, Nexstar does not intend to disclose developments with respect to the strategic review progress until such time as the Board has approved the transaction or otherwise, deems disclosure-appropriate. As such, we will not be making comments on this topic on the call today.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs