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Young’s profits go downward

1st-qtr. net loss widens to $7.3 mil

NEW YORK — Young Broadcasting announced Thursday that its net loss for the first quarter had widened 32% to $7.3 million, while revenues rose 5.4% to $64.6 million.

Even adding back a one-time $1.4 million charge — attributed to the company’s acquisition of TV representation firm Adam Young Inc. in February — Young’s operating income of $10 million for the quarter ended March 31 was flat.

Earnings before interest, taxes, dividends and amortization, managed to increase 4.6% to $24.8 million, however, allowing chairman Vincent Young to observe: “The first quarter showed continued growth by all of our stations.”

In addition to Adam Young, New York-based Young owns 12 TV stations, six of which are ABC affiliates, and one of which is KCAL in Los Angeles.

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