Debut Increases Revenue, Cuts Losses
May 16, 2008 at 4:17 PM (PT)
DEBUT BROADCASTING announced that it generated net revenue of $451,345, an increase of $187,878 or 41%, over the same quarter of 2007. As a result of the increased costs for legal, accounting, audit and administrative fees, DEBUT's overall loss for the three-month period ending MARCH 31st, 2008 was $260,796, compared to $109,480 at the end of 1Q 2007.
However, the first quarter 2008 loss has narrowed significantly when compared on a quarter-by-quarter basis to the fourth quarter 2007. Debut had lowered its net operating loss by more than 50% from 4Q '07 (ended DECEMBER 31st) to the first quarter of 2008.
"Since we formed DEBUT BROADCASTING last year, we have operated on the guiding principle that we could grow our business by aggregating a growing portfolio of undervalued and under-utilized media properties, create operating synergies by combining these properties under a unifying and directed operational approach, and drive costs down to generate profits on growing revenue," DEBUT BROADCASTING CEO STEVEN LUDWIG said. "When we compare our last three quarters of activity, it shows that we are well on our way to accomplishing these objectives as we cut our expenses by more than half in the past six months.
"We continue to see gains in our revenue on a quarter-by-quarter basis, however our strongest quarters are yet to come, which is typical in the radio business. New initiatives in our radio syndication operation undertaken in the second half of last year are yielding revenue increases in the second quarter, a trend we believe will continue through the balance of this year."