Nexstar Broadcasting Group Reports 2005 Fourth Quarter and Year-End Results.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Nexstar Broadcasting Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NXST) today reported financial results for the fourth quarter and year ended December December: see month. 31, 2005. Summary 2005 Fourth Quarter and Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Highlights: Reported total net revenue for the 2005 fourth quarter was $61.5 million, a decrease of 12.8% from net revenue of $70.5 million in the 2004 fourth quarter. Nexstar's guidance, issued on November November: see month. 2, 2005, was for total net revenue in the 2005 fourth quarter of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $58.0 to $59.0 million. For the full year, reported total net revenue for 2005 was $226.1 million, a decrease of 8.0% from net revenue of $245.7 million in 2004. The lower total reported net revenue in the three and twelve-month period ended December 31, 2005 compared with the same periods in 2004 reflects the significant reduction in political spending in a non-election year. The following table summarizes reported highlights for the three and twelve-month periods ended December 31, 2005:
(dollars and Three Months Ended Twelve Months Ended
shares in December 31, December 31,
millions, except
per share data)
------------------- -------------------
2005 2004 Change 2005 2004 Change
--------- -------- ------ --------- --------- ------
Gross local and
national
advertising
revenue,
excluding
political $60.1 $57.7 4.2% $221.5 $219.7 0.8%
Gross political
advertising
revenue $0.9 $12.9 (93.0)% $2.3 $26.7 (91.4)%
Total gross
local, national
and political
advertising
revenue $61.0 $70.6 (13.6)% $223.8 $246.4 (9.2)%
Total net revenue
(1) $61.5 $70.5 (12.8)% $226.1 $245.7 (8.0)%
Station direct
operating
expenses, SG&A
expenses and
cash program
payments $35.0 $34.3 2.0% $131.8 $129.7 1.6%
Broadcast cash
flow (2) $21.0 $29.6 (29.1)% $74.5 $95.2 (21.7)%
Corporate
expenses $3.7 $4.1 (9.8)% $11.7 $10.9 7.3%
Adjusted EBITDA
(2) $17.3 $25.5 (32.2)% $62.8 $84.2 (25.4)%
Net income (loss)
attributable to
common
shareholders $(6.1) $0.7 - $(48.7) $(20.5)(137.6)%
Diluted net
income (loss)
per share
attributable to
common
shareholders $(0.22) $0.03 - $(1.72) $(0.72)(138.9)%
Weighted basic
and diluted
shares
outstanding 28.4 28.4 - 28.4 28.4 -
Free cash flow
(2) $5.2 $12.1 (57.0)% $13.5 $31.2 (56.7)%
(1) Total net revenue is the sum of total gross advertising
revenue, network compensation, trade and barter revenue, and
other sources of revenue, less certain commissions.
(2) "Broadcast cash flow", "adjusted EBITDA" and "free cash flow"
are non-GAAP financial measures. For a definition of these
measures and reconciliation to GAAP financial results, please
see the "Definitions and Disclosure Regarding non-GAAP
Financial Information" section and supplemental reconciliation
tables at the end of this release.
CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Comment Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, "Nexstar concluded 2005 with strong fourth quarter results that exceeded the high end of the revenue guidance range for every metric that was provided. This performance was largely driven by company-wide success in consultative selling Consultative selling emphasizes customer needs and meeting those needs with solutions combining products and/or services. A consultative salesperson typically provides detailed instruction or advice on which solution best meets these needs. that illustrates to potential new local advertisers the reach, effectiveness and value of television advertising. This success was very evident as during the quarter, our stations generated approximately $3.5 million in new local direct billings direct billing Managed care The submission of bills for services rendered–eg lab work directly to the party–ie Pt or financially responsible third party–insurance company, for whom the service was performed, rather than to the physician who ordered the test and we continue to focus on developing new-to-television advertisers as one of the primary means of growing our business. "Nexstar was active and successful throughout 2005 with several important initiatives that are expected to enhance operating results throughout 2006 and beyond. First, we reached definitive retransmission consent Retransmission consent is an option granted to US television stations as part of the law that granted such stations the option to elect must-carry rights. Under retransmission consent, a full-power US television station may elect to negotiate with a cable system operator for agreements with approximately 150 cable companies in our coverage universe, which will result in substantial cash payments to the company over a multi-year period. The supplemental retransmission Retransmission might refer to:
An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. marketplace growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. . Second, we initiated Local Service Agreements with the Sinclair Fox affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. in Rochester Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. , NY in the third quarter of 2005, and in 2006 Nexstar's cash flows from the market will reflect a full year benefit of these agreements. Third, we secured multi-year affiliation affiliation (  fil´ēā´sh agreements for over a dozen stations in 2005. Fourth, with
the redemption The liberation of an estate in real property from a mortgage.Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of our 12% Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes in last year's second quarter Nexstar materially reduced its interest expense thereby enhancing its free cash flow going forward." Additional Expense Detail on Reported 2005 Fourth Quarter Results Depreciation and amortization was $10.5 million in the fourth quarter of 2005, compared to $10.8 million in the fourth quarter of 2004. The decline in depreciation and amortization expense for the fourth quarter of 2005 is primarily the result of assets at certain stations becoming fully amortized. Interest expense in the fourth quarter of 2005 was $11.9 million, compared to $13.3 million for the same period in 2004. The decrease is primarily attributed to the April 2005 redemption of all $160.0 million in aggregate principal amount of our outstanding 12% Senior Subordinated Notes due April 1, 2008, partially offset by the April 2005 issuance of the $75.0 million in the aggregate principal amount of 7% Senior Subordinated Notes due 2014, higher interest rates and a greater amount of debt outstanding incurred in 2005 under our and Mission Broadcasting Mission Broadcasting, Inc. is a television station group that owns 15 television stations operated by Nexstar Broadcasting. The group's President is David S. Smith. The broadcasting group was founded in 1998 and was founded by Smith[1]. Inc.'s senior credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Cash interest for the fourth quarter of 2005 was $8.7 million, compared to $10.1 million for the same period in 2004. Cash interest excludes amortization of debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay costs and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of the discount on Nexstar's 11.375% senior discount notes and 7% senior subordinated notes. Capital expenditures in the fourth quarter of 2005 were $3.4 million, compared to $3.2 million in the fourth quarter of 2004. Liquidity and Cash Flow Free cash flow for the 2005 fourth quarter was $5.2 million, compared to $12.1 million in the year-ago quarter. The decrease in free cash flow for the 2005 fourth quarter is primarily due to a decline in political advertising revenue compared to the year-ago fourth quarter. At December 31, 2005, the Company's total debt was approximately $646.5 million and cash balances were $13.5 million. Nexstar Broadcasting, Inc., a subsidiary of the Company, and Mission Broadcasting, Inc., are borrowers under senior secured credit facilities. As defined per the credit agreement, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: total debt was $531.7 million at December 31, 2005, net of cash on hand, which resulted in a leverage ratio as defined per the credit agreement of 8.3x, compared to a permitted leverage covenant covenant (kŭv`ənənt), agreement entered into voluntarily by two or more parties to do or refrain from doing certain acts. In the Bible and in theology the covenant is the agreement or engagement of God with man as revealed in the of 8.5x under the new credit facilities. Covenants under the credit facilities exclude Nexstar Finance Holdings, Inc.'s 11.375% notes, which have accreted to $101.3 million as of December 31, 2005. Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Credit Facility In October October: see month. 2005, Nexstar Broadcasting, Inc., an indirect operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Nexstar, and Mission Broadcasting, Inc., borrowers under the senior secured credit facilities, successfully amended the facilities to adjust certain financial covenants under the agreements. Pursuant to the amendments, the maximum consolidated total and senior leverage ratios (as defined per the credit agreements) for Nexstar and Mission were adjusted to 8.5x and 5.5x times, respectively, with quarterly reductions starting in the period commencing January January: see month. 1, 2006. As of December 31, 2005, Nexstar had $175.4 million outstanding under its facility, while Mission had $172.3 million outstanding under its facility. Based on the covenant calculations, as of December 31, 2005, there was approximately $15 million of total available borrowings that could be drawn under the Nexstar and Mission senior secured credit facilities. Retransmission Consent Agreements On February February: see month. 1, 2006, Nexstar announced that it had reached multi-year retransmission consent agreements with approximately 150 cable operators within the 27 markets in which the Company broadcasts, which in aggregate have approximately 4 million subscribers. In addition, Nexstar has established retransmission agreements with both direct broadcast satellite providers This is a list of direct broadcast satellite providers, operating around the world. Africa South Africa and southern Africa
India
Summary 2006 First Quarter Outlook Nexstar today issued the following outlook for the three-month period ending March 31, 2006:
2006 First Quarter Estimates Three Months Ended
(in millions) March 31,
--------------------
2006 2005 Approximate
Estimate Actual Change
------------- ------ -----------
Total Net Revenue $56.0 - 57.0 $52.7 6.3 - 8.2%
Station Operating Expenses $38.5 - 39.0 $36.9 4.3 - 5.7%
Corporate Overhead $3.3 - 3.5 $2.8 17.9 - 25.0%
Total net revenue is comprised of gross local, national and political advertising revenue, revenue related to retransmission agreements, trade and barter barter: see exchange. barter Direct exchange of goods or services without the use of money or any other intervening medium of exchange. Barter is conducted either according to established rates of exchange or by bargaining. revenue, and other sources of revenue, less certain commissions. The Company's expectation for total net revenue growth of 6.3% to 8.2% for the period ending March 31, 2006 assumes "core" gross local and national revenue growth of approximately 5% - 7% and total gross political revenue of approximately $1.0 million - $1.5 million (in the quarter ended March 31, 2005 the Company recorded gross political advertising revenue of $0.3 million). Station operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. include the direct expenses, trade and barter expense and program amortization costs associated with the operation of the Company's television stations. The anticipated increase in corporate overhead in the quarter ending March 31, 2006 compared with the same period in 2005 includes approximately $0.4 million of non-cash employee stock option expense. The Company's financial outlook for the first quarter ending March 31, 2006 assumes there will be no new acquisitions or local service agreements entered into during the period. The outlook is subject to, and could be affected by: economic developments, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. developments, the timing of any investments, dispositions or other transactions, and major news events, among other circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Reference is made to the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement regarding forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. comments at the end of this press release. While the Company may, from time to time, issue updated guidance, it assumes no obligation to do so. Fourth-Quarter Conference Call Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question and answer session. A live audio webcast of the call will be accessible to the public on the Company's web site, www.nexstar.tv. A recording of the webcast will subsequently be archived on the site. The dial in number for the audio conference call is 800/967-7135, (719/457-2626 for international callers); no access code is needed. A replay of the call will be available through March 9, 2006 by dialing 888/203-1112, (719/457-0820 for international callers), and entering access code 3923814. Definitions and Disclosures Regarding non-GAAP Financial Information Broadcast cash flow is calculated as operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. plus corporate expenses plus depreciation and amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and broadcast rights (excluding barter) plus other non-recurring items minus broadcast rights payments. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become is calculated as broadcast cash flow less corporate expenses. Free cash flow is calculated as income from operations plus depreciation and amortization of intangible assets and broadcast rights (excluding barter), less payments for broadcast rights, cash interest expense, capital expenditures and net cash taxes. Broadcast cash flow, adjusted EBITDA and free cash flow results are non-GAAP financial measures. Nexstar believes the presentation of these non-GAAP measures are useful to investors because they are used by lenders to measure the Company's ability to service debt; by industry analysts to determine the market value of stations and their operating performance; by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) and fund ongoing operations and working capital needs. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company's business. For a reconciliation of these non-GAAP financial measurements to the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial results cited in this news announcement, please see the supplemental tables at the end of this release. About Nexstar Broadcasting Group, Inc. Nexstar Broadcasting Group owns, operates, programs or provides sales and other services to 47 television stations in 27 markets in the states of Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). , Texas,
Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , Louisiana Louisiana (ləwē'zēăn`ə, l ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Arkansas Arkansas, river, United StatesArkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Company's television station group includes affiliates of NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , CBS (Cell Broadcast Service) See cell broadcast. , ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , Fox and UPN UPN User Principal Name (Microsoft Windows 2000) UPN United Paramount Network UPN Unión del Pueblo Navarro (Navarrese People Union) UPN Umgekehrte Polnische Notation , and reaches approximately 7.0% of all U.S. television households. The following is a list of Nexstar's owned properties, as well as those with which it has local service agreements:
Market
Rank(1) Market Station Affiliation Status (2)
------ -------------------------------- ------- ----------- ----------
8 Washington, DC/Hagerstown, MD(3) WHAG NBC O&O
54 Wilkes Barre-Scranton, PA WBRE NBC O&O
WYOU CBS LSA
57 Little Rock-Pine Bluff, AR KARK NBC O&O
77 Springfield, MO KOLR CBS LSA
KSFX(4) Fox O&O
79 Rochester, NY WROC CBS O&O
WUHF Fox LSA
81 Shreveport, LA KTAL NBC O&O
82 Champaign-Springfield-Decatur,
IL WCIA CBS O&O
WCFN UPN O&O
100 Evansville, IN WTVW Fox O&O
104 Ft. Smith - Fayetteville - KFTA/
Springdale - Rogers, AR KNWA NBC O&O
106 Ft. Wayne, IN WFFT Fox O&O
117 Peoria-Bloomington, IL WMBD CBS O&O
WYZZ Fox LSA
131 Amarillo, TX KAMR NBC O&O
KCIT Fox LSA
KCPN-LP -- LSA
133 Rockford, IL WQRF Fox O&O
WTVO ABC LSA
135 Monroe, LA-El Dorado, AR KARD Fox O&O
140 Beaumont-Port Arthur, TX KBTV NBC O&O
142 Erie, PA WJET ABC O&O
WFXP Fox LSA
144 Wichita Falls, TX- Lawton, OK KFDX NBC O&O
KJTL Fox LSA
KJBO-LP UPN LSA
145 Joplin, MO-Pittsburg, KS KSNF NBC O&O
KODE ABC LSA
146 Lubbock, TX KLBK CBS O&O
KAMC ABC LSA
150 Terre Haute, IN WTWO NBC O&O
WFXW(5) Fox LSA
159 Odessa-Midland, TX KMID ABC O&O
164 Abilene-Sweetwater, TX KTAB CBS O&O
KRBC NBC LSA
166 Utica, NY WUTR ABC LSA
WFXV Fox O&O
WPNY-LP UPN O&O
171 Billings, MT KSVI ABC O&O
KHMT Fox LSA
172 Dothan, AL WDHN ABC O&O
197 San Angelo, TX KSAN NBC LSA
KLST CBS O&O
201 St. Joseph, MO KQTV ABC O&O
(1) Market rank refers to ranking the size of the Designated Market
Area ("DMA"), in which the station is located in relation to other
DMAs. Source: Investing in Television Market Report 2005 4th
Edition, as published by BIA Financial Network, Inc.
(2) O&O refers to stations that Nexstar owns and operates. LSA, or
local service agreement, is the general term we use to refer to a
contract under which we provide services to a station owned and/or
operated by an independent third party. Local service agreements
include time brokerage agreements, shared services agreements,
joint sales agreements, and outsourcing agreements.
(3) Although WHAG is located within the Washington, DC DMA, its signal
does not reach the entire Washington, DC metropolitan area. WHAG
serves the Hagerstown, MD sub-market within the DMA.
(4) Effective January 17, 2005, KDEB changed its call letters to KSFX.
(5) Effective June 1, 2005, WBAK changed its call letters to WFXW.
Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. -tables follow-
Nexstar Broadcasting Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
------------------------------------
2005 2004 2005 2004
-------- ------- -------- --------
(Unaudited) (Unaudited)
Revenue (excluding trade and
barter) $64,190 $74,030 $236,381 $259,664
Less: commissions (8,303) (10,184) (30,686) (35,005)
-------- ------- -------- --------
Net broadcast revenue (excluding
trade and barter) 55,887 63,846 205,695 224,659
Trade and barter revenue 5,638 6,617 20,358 21,081
-------- ------- -------- --------
Total net revenue 61,525 70,463 226,053 245,740
-------- ------- -------- --------
Operating expenses:
Station direct operating
expenses, net of trade
(exclusive of depreciation and
amortization shown separately
below) 16,009 15,103 60,798 58,426
Selling, general, and
administrative expenses
(exclusive of depreciation and
amortization shown separately
below) 16,638 16,554 61,302 60,725
Merger related expenses - - - 456
Loss on property held for sale - - 616 -
Loss (gain) on asset disposal,
net 203 331 232 146
Time brokerage agreement
expenses - 143 8 653
Trade and barter expense 5,453 6,587 19,766 20,965
Corporate expenses 3,696 4,080 11,667 10,941
Amortization of broadcast
rights, excluding barter 2,161 2,627 9,810 11,458
Amortization of intangible
assets 6,472 6,266 26,511 26,463
Depreciation 3,987 4,511 16,733 17,949
-------- ------- -------- --------
Total operating
expenses 54,619 56,202 207,443 208,182
-------- ------- -------- --------
Income from operations 6,906 14,261 18,610 37,558
Interest expense, including
amortization of debt financing
costs (11,928) (13,260) (47,260) (52,265)
Loss on extinguishment of debt - - (15,715) (8,704)
Interest income 69 51 213 113
Other income (expenses), net 4 694 380 5,077
-------- ------- -------- --------
Income (loss) before income taxes (4,949) 1,746 (43,772) (18,221)
Income tax expense (1,158) (1,548) (4,958) (4,385)
-------- ------- -------- --------
Income (loss) before minority
interest in consolidated entity (6,107) 198 (48,730) (22,606)
Minority interest in consolidated
entity - 543 - 2,106
-------- ------- -------- --------
Net income (loss) attributable to
common shareholders $(6,107) $741 $(48,730)$(20,500)
======== ======= ======== ========
Basic and diluted net income
(loss) per share:
Net income (loss) attributable
to common shareholders $(0.22) $0.03 $(1.72) $(0.72)
Weighted average number of shares
outstanding:
Basic and diluted 28,363 28,363 28,363 28,363
-tables follow-
Nexstar Broadcasting Group, Inc.
Reconciliation Between Actual Consolidated Statements of Operations
and Broadcast Cash Flow/Adjusted EBITDA (Non-GAAP Measures)
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(Unaudited) (Unaudited)
Income from operations $6,906 $14,261 $18,610 $37,558
Add:
Depreciation 3,987 4,511 16,733 17,949
Amortization of intangible
assets 6,472 6,266 26,511 26,463
Amortization of broadcast
rights, excluding barter 2,161 2,627 9,810 11,458
Merger and related expenses - - - 456
Loss on property held for
sale - - 616 -
Loss (gain) on asset
disposal (including
deferred gain recognition),
net 203 331 232 146
Time brokerage agreement
expenses - 143 8 653
Corporate expenses 3,696 4,080 11,667 10,941
Program buyouts - - - 55
Less:
Payments for broadcast
rights 2,384 2,622 9,704 10,520
--------- --------- --------- ---------
Broadcast cash flow $21,041 $29,597 $74,483 $95,159
Less:
Corporate expenses 3,696 4,080 11,667 10,941
--------- --------- --------- ---------
Adjusted EBITDA $17,345 $25,517 $62,816 $84,218
========= ========= ========= =========
Nexstar Broadcasting Group, Inc.
Reconciliation Between Actual Consolidated Statements of Operations
and Free Cash Flow (Non-GAAP Measure)
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(Unaudited) (Unaudited)
Income from operations $6,906 $14,261 $18,610 $37,558
Add:
Depreciation 3,987 4,511 16,733 17,949
Amortization of intangible
assets 6,472 6,266 26,511 26,463
Amortization of broadcast
rights, excluding barter 2,161 2,627 9,810 11,458
Loss on property held for
sale - - 616 -
Loss (gain) on asset
disposal (including
deferred gain recognition),
net 203 331 232 146
Less:
Payments for broadcast
rights 2,384 2,622 9,704 10,520
Cash interest expense 8,705 10,085 35,079 40,482
Capital expenditures 3,372 3,182 14,016 10,552
Cash taxes, net of refunds 68 16 236 818
--------- --------- --------- ---------
Free Cash Flow $5,200 $12,091 $13,477 $31,202
========= ========= ========= =========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion