Acme Enjoys Slight $3.5 Rev Uptick
For the first quarter, the Santa Ana, Calif.-based Acme had a slightly improving financial picture -- revenues were higher, and net losses narrowed. Net revenues were up 5% to $3.5 million in the first quarter from $3.3 million in 2010. The company's net loss for the first quarter of 2011 was $1.7 million compared to a $1.9 million net loss for the first quarter of 2010.
Some of the company's best results came from its syndicated TV show "The Daily Buzz," where revenues increased 16% for the quarter compared to the prior year quarter.
Doug Gealy, president and CEO of Acme, said: "Market conditions continue to improve, and we are cautiously optimistic that this positive trend will continue at our three remaining continuing stations and "The Daily Buzz" through the remainder of the year." He warned, however, that Acme was seeing "softness in the second quarter in the automotive category."
During the second quarter of 2011, ACME completed the sale of three of its stations WBXX-TV, Knoxville, Tenn., WBDT-TV, Dayton, Ohio, and WCWF-TV (formerly WIWB-TV), in Green Bay-Appleton, Wisconsin.
TV operations now consists of its TV duopoly in Albuquerque-Santa Fe, NM, its television station in Madison, Wis., and its Daily Buzz production entity in Orlando, Florida.