Revs up 85.1% in 12 month period
Station group behemoth Paxson Communications has reported that after its first full year since the launch of Pax TV, the company has achieved “breakeven results” for the quarter ended Dec. 31.
During the fourth quarter, the company posted an operating profit of $800,000, excluding time brokerage and affiliation fees, depreciation and amortization and stock-based compensation.
For the 12-month period, total revenues rose 85.1% to $284.4 million, driven by increases in advertising, especially during the fourth quarter.
Net loss for the year was $160.4 million, nearly double the $88.3 million loss from 1998.
Sixteen months after Pax TV began airing, and about three months after Paxson partnered with NBC, company revenues for the fourth quarter rose 88.7% over the year earlier period to $80.7 million. Net operating loss for the quarter was $24.5 million, compared with $65.8 million the year prior.
“During the third quarter, our 39% growth in revenues over the third quarter allowed Pax TV to reach breakeven years earlier than any of the three recent network television programmers,” Paxson CEO Jeff Sagansky said. “As our relationship with NBC continues to develop, the company is well positioned to take advantage of the numerous operating, programming and revenue generating opportunities ahead in 2000.”