Paxson Communications Reports Fourth Quarter and Full Year 1999 Results; Company Delivers Breakeven Results Just 16 Months After PAX TV Launch
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--March 13, 2000--Paxson Communications Corporation (AMEX:PAX), the owner and operator of the nation's largest broadcast television station group and the PAX TV network, today reported financial results for the quarter and year ending December 31, 1999. During the quarter ending December 31, 1999, the Company achieved break even results just sixteen months since the launch of the Company's PAX TV family television network in August 1998. The fourth quarter's operating income improved to $0.8 million, before depreciation, amortization, stock-based compensation, time brokerage and affiliation fees, from a loss of ($38.6) million one year ago. This improvement reflects the significant increase in advertising revenues generated during the fourth quarter of 1999 as PAX TV launched its new fall line-up. These results were achieved as total revenues for the quarter ending December 31, 1999 nearly doubled, rising 88.7% from the fourth quarter of 1998, to $80.7 million.
This is good stuff, once they change the boring programming things will really rock. DQ |
