ACME Communications reported revenues from continuing operations of $8.4 million in the fourth quarter of 2007, an 8% boost from the same quarter in 2006.
That excludes the results of a Decatur, Ill., station that was sold in October.
Net revenues for the quarter from ACME’s six stations dropped 4% compared with the same quarter the year before. Net revenue for ACME’s The Daily Buzz syndicated morning program was $884,000, the first-ever quarterly profit for Buzz.
For the full year, station revenue dropped 4% compared to 2006. This was offset by a 118% increase in Daily Buzz revenue, leaving overall revenues unchanged at $32 million. ACME’s full-year loss from continuing operations was $6.7 million compared with $6.3 million for 2006.
ACME chairman and CEO Jamie Kellner cited increased competition and a soft business market as reasons for the declines.
"As expected, the fourth quarter proved to be a difficult operating environment for our stations, which lost share in the face of a soft market and increased competition from our in-market competitors,” he said. “Cash-based operating expenses at our stations were driven primarily by higher program payments and our decision to invest aggressively on promotion in support of the November sweeps. At The Daily Buzz, we're pleased that we were able to achieve our first effective break-even for the show and are hopeful that the show will generate positive cash flow for the full year of 2008.”
ACME owns five The CW outlets and one MyNetworkTV outlet.
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