Argyle Television releases quarterly results

Business Wire,  May 14, 1997  

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EBITDA was $4.9 million for the first quarter of 1997, a 2.1 percent increase over the $4.8 million earned during the same 1996 period.

The broadcast-cash-flow increase resulted primarily from the acquisition of the Arkansas stations during June 1996 net of the effects of the Gannett swap, which occurred on Jan. 31, 1997.

The broadcast-cash-flow margin decrease was due primarily to the addition of WLWT and KOCO pursuant to the Gannett swap and the Arkansas stations, all of which have had lower margins than the historical margins of the Argyle station group.

Pro Forma Results

The pro forma results for the quarter ended March 31, 1997, for WNAC, WAPT, KITV, the Arkansas stations, WLWT and KOCO are compared with the pro forma results for the quarter ended March 31, 1996, for the same stations. Both quarters include the elimination of certain transaction-related expenses and other combining adjustments.

For comparability purposes, only the broadcast cash flow for WNAC has been included in total revenues for all periods. Pro forma results do not give effect to any other opportunities or strategies that may be available to management for margin improvement in connection with the Gannett swap, or to synergies or economies of scale that may result because of the Hearst transaction.

On a pro forma basis, total revenues for the three months ended March 31, 1997, were $18.9 million, up 3.3 percent over total revenues of $18.3 million for the same 1996 period; broadcast cash flow for the three months ended March 31, 1997, was $6.7 million, up 1.5 percent over broadcast cash flow of $6.6 million for the same 1996 period; and EBITDA for the three months ended March 31, 1997, was $5.7 million, up 1.8 percent over EBITDA of $5.6 million for the same 1996 period.

Excluding the differential in pro forma political revenues between quarters, the increase in total revenues was 5.0 percent, broadcast cash flow was 6.3 percent and EBITDA was 7.5 percent. -0-