NEW YORK — A one-time charge for early repayment of bonds caused Granite Broadcasting Corp.’s bottom line loss to more than double to $7.4 million in the third quarter, although operational earnings improved, the company said Tuesday.
Granite said strong revenue gains at most of its stations led to a 26% revenue gain to $37.1 million in the quarter, pushing earnings before interest, taxes, depreciation and amortization up 34% to $14.5 million.
Granite’s net loss declined 38% to $2.1 million before an extraordinary one-time charge of $5.2 million, related to the repayment of $60 million of bonds outstanding with money raised from a new bank credit line.
Granite chairman Don Cornwell said the quarterly cash flow improvement reflected “double-digit national revenue increases” at the company’s four ABC affiliates and two CBS affiliates, as well as a substantial cut in costs at its two Michigan stations.
Cornwell added that Granite’s three NBC affiliates did not perform as well because the NBC stations benefited from the Olympic Games last year.