Debut Broadcasting Does Better Than Expected
November 13, 2008 at 10:40 AM (PT)
Radio station owner and syndicator DEBUT BROADCASTING saw its net revenue increase slightly in Q3 '08 over the same time last year, thanks largely to a 180% increase in advertising revenue through its owned and managed radio stations versus comparable advertising revenue in the same quarter in 2007.
On a quarter-over-quarter basis, DEBUT BROADCASTING achieved net revenue of $741,074 for the third quarter of 2008, a slight increase of $14,636 in net revenue, versus net revenue of $726,438 for the prior quarter ended June 30th, 2008. More importantly, the company swung from a net loss of $263,285 during the second quarter of 2008 to EBITDA positive results of $78,606 for the third quarter of 2008.
On a more traditional comparative basis, DEBUT net revenue for the third quarter of 2008 was $476,544 higher than the net revenue of $264,530 the company generated during the third quarter of 2007. At the same time Debut noted that approximately $220,000 of the net revenue growth experienced by the company in the third quarter of 2007 was specifically related to the growth of five radio stations in the GREENVILLE, MS area, and the acquisition of WBBV/VICKSBURG, MS. Additional increases in revenue related to growth in core syndication activities.
Additionally, for the nine months ended SEPT. 30th 2008, DEBUT generated net revenue of $1.92 million and a net loss of $594,848 versus net revenue of $528,605 and a net loss of $1.24 million for the comparable year ago nine-month period (ended Sept. 30, 2007).
"We are very pleased to be able to announce that we have achieved operational profitability (before interest, tax, depreciation and amortization) a full 90 days ahead of schedule," DEBUT CEO STEVEN LUDWIG said. "This is a huge accomplishment that required the best work of everyone on the DEBUT team, and I thank them for their efforts. Although our net revenue was only slightly ahead of last quarter's results, we feel good about what we achieved during the quarter given the challenges faced by so many other companies during the quarter. On top of that, the fourth quarter is traditionally our strongest quarter of the year, so we're looking forward to great things this last part of the year."