Acme Communications Narrows Quarterly Loss
Acme Communications Inc., the Santa Ana television station owner, said its second-quarter loss narrowed to $1.8 million, or 11 cents a share, from a deficit of $2.8 million, or 17 cents a share, a year earlier.
Flat ratings at its stations, combined with shrinking national advertising revenue, left Acme with negative cash flow for the quarter.
The company said it would be in violation of its credit agreements in the third quarter, but officials said they hoped to restructure those deals.
Revenue for the period ended June 30 rose 1%, to $12.3 million.
Acme said it agreed to sell its Salt Lake City station, KUWB-TV, to radio giant Clear Channel Communications for $18.5 million in cash. The sale, which requires Federal Communications Commission approval, is scheduled to be completed later this year.
ACME owns nine TV stations, eight of which are affiliates of the WB network.
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