ACME’s net revenues for the fourth quarter rose 37% over the fourth quarter of 1998 to $17.6 million. Broadcast cash flow increased 20% to $5.0 million and adjusted earnings before interest, taxes, depreciation and amortization increased 17% to $4.0 million versus the comparable prior year periods.
For the twelve months ended December 31, 1999, ACME’s net revenues increased 37% to $60.0 million compared to 1998 and broadcast cash flow increased 26% to $14.4 million. Adjusted EBITDA for the twelve months ended December 31, 1999, after excluding a $3 million third quarter non-recurring charge related to the Company’s September 1999 initial public offering, increased 26% over 1998 EBITDA to $11.0 million.
The improved broadcast cash flow results for both the quarter and year-to-date periods are net of losses approximating $.7 million and $2.6 million, respectively, relating to the combined start-up losses attributable to ACME’s KWBQ in Albuquerque, launched in March 1999, and the three early-stage development stations serving Dayton, Green Bay and Champaign-Decatur acquired from Paxson Communications in June 1999.
On a same station basis, reflecting the results of stations owned or operated by ACME for the full comparable periods, fourth quarter net revenues rose 27% and broadcast cash flow increased 30%. For the year, same station net revenues increased 24% and broadcast cash flow increased 37%.
Jamie Kellner, Chief Executive Officer and Chairman of ACME, commented: We delivered another quarter of strong top-line growth and increased operating results, as measured by both broadcast cash flow and adjusted EBITDA, despite a relatively soft advertising marketplace during the fourth quarter in most of the nation’s mid-sized television markets. Our flagship station serving St. Louis, KPLR, once again ranked as the number one WB Network affiliate in the country in prime time during November and continues to be one of the top two stations in St. Louis in many of our key demographic categories and day parts. In addition, our station group continues to benefit from consistent ratings growth at our other stations which all showed rating increases for WB Network prime time and set station highs for viewership during the November ’99 sweeps period. Looking ahead, we remain focused on improving ratings, expanding distribution and circulation, and strengthening our station group to allow us to continue to grow our revenue and cash flow.
