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TheStreet Open House

Nexstar Broadcasting First Quarter Net Revenue Rises 19.6% To A Record $83.6 Million

Stocks in this article: NXST

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported record financial results for the first quarter ended March 31, 2012 as summarized below:

       

Summary 2012 First Quarter Highlights

 

 

Three Months Ended

($ in thousands)

March 31,
2012     2011     Change
Local Revenues $ 45,433     $ 43,257 +5.0 %
National Revenues $ 17,406       $ 15,061   +15.6 %
Local and National Core Revenue $ 62,839 $ 58,318 +7.8 %
 
Political Revenues $ 2,794 $ 560 +398.9 %
e-Media Revenue $ 4,133 $ 3,673 +12.5 %
Retransmission Fee Revenue $ 14,496 $ 8,517 +70.2 %
Management Fee Revenue $ 1,961 $ 500 +292.2 %
Network Comp, Other $ 792 $ 841 (5.8 )%
Trade and Barter Revenue $ 4,988       $ 4,887   +2.1 %
Gross Revenue $ 92,003 $ 77,296 19.0 %
Less Agency Commissions $ 8,361       $ 7,351   13.7 %
Net Revenue $ 83,642 $ 69,945 19.6 %
 
 
Income from Operations $ 17,505 $ 9,166 91.0 %
 
Broadcast Cash Flow (1) $ 34,050 $ 24,833 37.1 %
Broadcast Cash Flow Margin (2) 40.7 % 35.5 %
 
Adjusted EBITDA (1) $ 28,636 $ 20,015 43.1 %
Adjusted EBITDA Margin (2) 34.2 % 28.6 %
 
Free Cash Flow (1) $ 12,685 $ 3,627 249.7 %
 

(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’s growth and operating momentum is accelerating in 2012. In the first quarter we generated significant increases from all of our revenue sources leading to record net revenue, adjusted EBITDA and free cash flow. Nexstar’s 19.6% rise in first quarter net revenue again highlights the value of our long-term strategy to transition the traditional television broadcasting operating model and our locally focused content and advertiser relationships into a diversified model of high margin revenue streams.

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