Acme Communications reported third quarter net revenues of $3.5 million, down 8% from the same quarter a year before. Acme completed the sale of WBXX Knoxville, WBDT Dayton and WCWF Green Bay (formerly WIWB) in May; the three are treated as discontinued operations for all periods presented.
Continuing operations consist of Acme's duopoly in Albuquerque-Santa Fe, its station in Madison, Wis. and its Daily Buzz production facility in Orlando. Acme continues to look to unload its existing assets.
Acme cited decreased revenue for Daily Buzz and a 9% decrease in station revenue.
Total operating costs dropped 18% in the quarter.
"Unfortunately, adverse market conditions in the third quarter resulted in decreased advertising demand at our stations and at the Daily Buzz," said Doug Gealy, president and CEO. "We continue to be focused on our exit strategy of liquidating our remaining assets while maximizing shareholder value in the process."
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