Granite Broadcasting Corp. posted a bigger second-quarter loss Monday amid a 38% slide in broadcast cash flow and an 8% decline in revenue that execs blamed on the sale of a Texas TV station.
The New York-based company, which operates nine TV stations, marked a loss of $9.5 million in the latest quarter compared with red ink of $7.4 million in the same period a year ago. Its revenue dropped to $70.9 million from a year-ago $74.8 million.
Granite said results were affected by the sale of an Austin TV station in August 1999 and included pro-forma comparisons that eliminated the property from year-ago figures. Those comparisons showed a more modest 17% drop in broadcast cash flow and a 3% boost in net revenue.
“Overall, our station group results reflect the strength of our big three affiliates as well as continuing investments in our developing (stations),” chairman and CEO W. Don Cornwell said.
Granite shares closed down 6¢ at $6.19 on Monday.