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Nexstar Broadcasting Second Quarter Net Revenue Rises 42.0% To A Record $126.2 Million

Stocks in this article: NXST

-tables follow-

 

Nexstar Broadcasting Group, Inc. Condensed Consolidated Statements of Operations - UNAUDITED(in thousands, except per share amounts)

 
 
     

Three Months Ended June 30,

   

Six Months Ended June 30,

2013     2012 2013     2012
(Unaudited) (Unaudited)
Net revenue $ 126,211   $ 88,864   $ 238,416   $ 172,506  
 
Operating expenses: (income):

Station direct operating expenses, net of trade, depreciationand amortization

34,408

19,941 66,999 40,511

Selling, general, and administrative expenses net ofdepreciation and amortization

30,691 22,014 59,451 43,728
(Gain) loss on asset disposal, net (5 ) (2 ) 2 (21 )
Trade and barter expense 7,608 5,041 14,965 10,036
Corporate expenses 6,879 5,119 13,612 10,533
Amortization of broadcast rights, excluding barter 3,311 2,062 6,280 4,173
Amortization of intangible assets 6,914 5,511 14,904 11,115
Depreciation   8,213     5,715     16,193     11,463  
Total operating expenses   98,019     65,401     192,406     131,538  
Income from operations 28,192 23,463 46,010 40,968
 
Interest expense, net (16,903 ) (12,574 ) (33,452 ) (25,483 )
Loss on extinguishment of debt - (497 ) - (497 )
Other Expense   (84 )   -     (168 )   -  
Income before income taxes 11,205 10,392 12,390 14,988
Income tax expense   (4,838 )   (1,574 )   (5,318 )   (3,154 )
 
Net income   6,367     8,818     7,072     11,834  
 
 
Basic net income per share 0.22 0.31 0.24 0.41
Basic weighted average number of shares outstanding 29,604 28,875 29,533 28,841
 
Diluted net income per share 0.20 0.29 0.23 0.39
Diluted weighted average number of shares outstanding 31,325 30,341 31,189 30,490
 
 

Nexstar Broadcasting Group, Inc. Reconciliation of Broadcast Cash Flow and Adjusted EBITDA (Non-GAAP Measures) UNAUDITED(in thousands)

 
     

Three Months Ended June 30,

   

Six Months Ended June 30,

Broadcast Cash Flow and Adjusted EBITDA: 2013     2012 2013     2012
 
Income from operations: $ 28,192 $ 23,463 $ 46,010 $ 40,968
Add:
Depreciation 8,213 5,715 16,193 11,463
Amortization of intangible assets 6,914 5,511 14,904 11,115
Amortization of broadcast rights, excluding barter

3,311

2,062

6,280

4,173

(Gain) loss on asset disposal, net (5 ) (2 ) 2 (21 )
Corporate expenses 6,879 5,119 13,612 10,533
 
Less:
Payments for broadcast rights   3,679     2,200     7,379   4,513  
 
Broadcast cash flow 49,825 39,668 89,622 73,718
 
Less:
Corporate expenses   6,879     5,119     13,612   10,533  
 
Adjusted EBITDA $ 42,946   $ 34,549   $ 76,010 $ 63,185  
 
 

Nexstar Broadcasting Group, Inc. Reconciliation of Free Cash Flow (Non-GAAP Measure) UNAUDITED(in thousands)

 
     

Three Months Ended June 30,

   

Six Months Ended June 30,

Free Cash Flow: 2013     2012 2013     2012
 
Income from operations: $ 28,192 $ 23,463 $ 46,010 $ 40,968
 
Add:
Depreciation 8,213 5,715 16,193 11,463
Amortization of intangible assets 6,914 5,511 14,904 11,115
Amortization of broadcast rights, excluding barter 3,311 2,062 6,280 4,173
Loss on asset disposal, net (5 ) (2 ) 2 (21 )
Non-cash stock option expense 499 211 994 428
 
Less:
Payments for broadcast rights 3,679 2,200 7,379 4,513
Cash interest expense 16,054 11,822 31,772 23,904
Capital expenditures 5,703 3,121 12,483 7,164
Cash income taxes, net of refunds   1,224     479     2,123   522  
 
Free cash flow $ 20,464   $ 19,338   $ 30,626 $ 32,023  
 




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