Young Broadcasting Inc. on Wednesday reported record revenues, operating income and broadcast cash flow for the third quarter, with net revenues rising 64% year-to-year to $57.9 million and operating income increasing 6% over 1996 to $10 million (compared to $9.4 million a year ago).
Figures reflect the revenue bounce provided by Young’s acquisition of KCAL-TV from Disney on Nov. 23, 1996. KCAL, which serves the Los Angeles market, is by far the biggest of Young’s 12 owned-and-operated stations, contributing some 40% of Young’s revenue and 35% of its broadcast cash flow (earnings before interest, taxes, depreciation and amortization).
Young had predicted in early October that the soft Los Angeles TV ad-spending market would impact the broadcaster’s third-quarter earnings by $2 million to $3 million.
Vincent Young, chairman of Young Broadcasting, said in a statement Wednesday that he was “pleased that our stations performed well under variable market conditions.” He also cited KCAL’s persistent increase in market share during the third quarter despite L.A.’s “generally weak” market conditions.