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Nexstar Broadcasting Reports Fourth Quarter Net Revenue Of $86.2 Million

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported financial results for the fourth quarter and full year ended December 31, 2011 as summarized below:

Summary 2011 Fourth Quarter and Full Year Financial Highlights

             

($ in thousands)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2011   2010   Change     2011   2010   Change
Local Revenues $ 49,303   $ 47,141 +4.6% $ 181,569   $ 173,901 +4.4%
National Revenues $ 18,009   $ 16,139 +11.6% $ 65,728   $ 61,995 +6.0%
Local and National Core Revenue $ 67,312 $ 63,280 +6.4% $ 247,297 $ 235,896 +4.8%
 
Political Revenues $ 2,007 $ 22,632 (91.1)% $ 6,326 $ 39,318 (83.9)%
e-Media Revenue $ 4,261 $ 3,941 +8.1% $ 16,224 $ 13,821 +17.4%
Retransmission Fee Revenue $ 10,294 $ 7,632 +34.9% $ 37,393 $ 29,911 +25.0%
Management Fee Revenue $ 4,221 $ 3,874 +9.0% $ 6,189 $ 5,674 +9.1%
Network Comp, Other $ 772 $ 1,147 (32.7)% $ 3,294 $ 4,320 (23.8)%
Trade and Barter Revenue $ 6,057   $ 5,878 +3.0% $ 21,457   $ 19,727 +8.8%
Gross Revenue $ 94,924 $ 108,384 (12.4)% $ 338,180 $ 348,667 (3.0)%
Less Agency Commissions $ 8,722   $ 11,328 (23.0)% $ 31,689   $ 35,317 (10.3)%
Net Revenue $ 86,202 $ 97,056 (11.2)% $ 306,491 $ 313,350 (2.2)%
 
Gross Revenue Excluding Political Revenue $ 92,917 $ 85,752

+8.4%

$ 331,854 $ 309,349

+7.3%

 
Income from Operations $ 17,634 $ 30,910 (43.0)% $ 47,993 $ 67,548 (28.9)%
 
Broadcast Cash Flow (1) $ 34,931 $ 47,068 (25.8)% $ 115,856 $ 132,203 (12.4)%
Broadcast Cash Flow Margin (2) 40.5% 48.5% 37.8% 42.2%
 
Adjusted EBITDA (1) $ 29,579 $ 42,170 (29.9)% $ 96,076 $ 112,313 (14.5)%
Adjusted EBITDA Margin (2) 34.3% 43.4% 31.3% 35.8%
 
Free Cash Flow (1) $ 15,304 $ 29,702 (48.5)% $ 34,192 $ 60,119 (43.1)%
      (1)   Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.
 
(2) Broadcast cash flow margin is broadcast cash flow as a percentage of net revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue.
 

CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “Nexstar ended 2011 on a strong note with fourth quarter core revenue growth of 6.4%, marking the highest level of quarterly core revenue growth during the year and our ninth consecutive quarter of core television advertising revenue growth. Nexstar’s full year 2011 core local and national revenue rose 4.8%, which was in line with our expectations, while net revenue declined just 2.2% despite the cyclical impact of an approximately $33 million variance in political advertising in 2011. Overall, Nexstar’s fourth quarter and full year results again highlight the value of our focus on generating new local direct advertising and revenue diversification as well as completing select accretive station acquisitions.

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