Perry A. Sook
Thank you, Lori, and good morning, everyone. Thank you, all, for joining us to review Nexstar's third quarter 2011 operating results. Our Chief Financial Officer, Tom Carter, is on the call with me today. Brian Jones, our Co-Chief Operating Officer, is also here this morning.
The 2011 third quarter was a very active and productive period for Nexstar as we extended our strong operating and financial momentum while continuing to build our platform for further growth. Nexstar's record third quarter revenue reflects our eighth consecutive quarter of core television advertising revenue growth, which was complemented by significant double-digit revenue gains in every one of our non-television advertising revenue sources.
Nexstar's third quarter results again highlight the value created by our revenue diversification initiatives, our select accretive station acquisitions and our continued success in generating new local direct advertising.The revenue reported this morning is an all-time third quarter record for Nexstar that stands over our 15-year history and reflects the company's success in overcoming a $6.7 million year-over-year political revenue decline as well as the challenges experienced by several of the major Japanese auto manufacturers following the earthquake and tsunami of earlier this year.In addition to the record Q3 revenue, during the past quarter, we further optimized our station portfolio through accretive transactions including the completion of the purchase of WFRV-TV in Green Bay and WJMN-TV in Michigan. We also significantly expanded the number of hours per week of proprietary local programming, primarily additional local news that we produce. We added an ABC affiliation in Terre Haute, Indiana. And we agreed to acquire WEHT-TV, Evansville, Indiana's ABC affiliate, which upon closing later this year, will create Nexstar's 22nd duopoly market.We've participated in the launch of Bounce TV, the nation's first over-the-air broadcast television network targeted specifically to African-American audiences. We launched that in 10 of our markets. And we further expanded our mobile offerings to bring local advertisers more innovative solutions that yield high interaction, sustainability and ROI while supporting our strategy of developing hyperlocal content in verticals for both consumers and advertisers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV