ACKERLEY COMMUNICATIONS REPORTS THIRD-QUARTER RESULTS
ACKERLEY COMMUNICATIONS REPORTS THIRD-QUARTER RESULTS SEATTLE, Nov. 26 /PRNewswire/ -- Ackerley Communications Inc.
(AMEX: AK) reported sales for the third quarter ended Sept. 30 were $37.6 million, a 9-percent decrease from revenues during the same quarter a year earlier. Revenues for the first three quarters of 1991 were $130.8 million, virtually flat with the $131.1 million from last year. The company attributed the reduction in revenues to the continuing effects of the recession that are being felt by its operating subsidiaries throughout the United States.
Adjusted operating profit (defined as net revenue less operating expenses plus other income before depreciation, amortization and interest) -- the "cash flow" by which the company measures its performance -- for the third quarter decreased to $5.6 million from $7.2 million a year earlier. Adjusted operating profit for the first nine months of 1991 also decreased to $20.2 million from $23.9 million during the same period in 1990. Operating expenses for the third quarter have been reduced by $2.1 million, or 7 percent, from a year earlier. The company showed a net loss applicable to common shares of $6.3 million, or 41 cents per share, for the quarter ended Sept. 30, compared to a net loss of $5.4 million, or 35 cents per share, for the comparable quarter last year. For the first three quarters, the company had a net loss applicable to common shares of $14.8 million, or 96 cents per share, compared to a loss during the same period a year earlier of $12.4 million, or 81 cents per share. Ackerley Communications is a multimedia advertising business, with interests in outdoor advertising, airport display advertising, broadcasting and professional sports, specifically the Seattle SuperSonics. The company provides display advertisements in more than 130 airport terminals throughout the United States. Its outdoor advertising division serves the metropolitan markets of Boston and Worcester, Mass.; Miami, Ft. Lauderdale and West Palm Beach, Fla.; Seattle and Tacoma, Wash.; and Portland, Ore. Ackerley's broadcasting properties include television stations KVOS-TV in Bellingham, Wash.; WIXT-TV in Syracuse, N.Y.; KKTV-TV in Colorado Springs, Colo.; KCBA-TV in Salinas and KGET-TV in Bakersfield, Calif. Ackerley also owns radio stations WAXY-FM in Ft. Lauderdale, Fla.; KJR-AM and KLTX-FM in Seattle; and KGON-FM and KFXX-AM in Portland, Ore. ACKERLEY COMMUNICATIONS INC. FINANCIAL HIGHLIGHTS (In millions, except per share amounts) Three Months Nine Months Ended Sept. 30: 1991 1990 1991 1990 Revenue $37.6 $41.4 $130.8 $131.1 Adjusted operating profit before depreciation, amortization and interest expenses 5.6 7.2 20.2 23.9 Net loss applicable to common share equivalents (6.3) (5.4) (14.8) (12.4) Weighted average 15.4 15.4 15.4 15.4 -0- 11/26/91 /CONTACT: Susan Mortensen of Ackerley Communications, 206-624-2888/ (AK) CO: Ackerley Communications ST: Washington IN: ADV ENT SU: ERN
LM-JH -- SE002 -- 7265 11/26/91 12:01 EST
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|Date:||Nov 26, 1991|
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