• by Wayne Friedman , May 15, 2009

Nexstar Broadcasting Group turned around first-quarter financial results to post a profit from last year's loss. But other troubling areas remain.

Net revenue for the quarter slipped 13% to $55.5 million, a 12.9% decline from $63.7 million in the first quarter of 2008. Broadcast cash flow went south -- $14.2 million versus $21.3 million. Overall, earnings before interest taxes, depreciation, and amortization went in the same direction, to $7.5 million from $18.1 million.

First-quarter net income went to $6.1 million from a loss of $15.3 million. The company was able to trim total operating expenses 11% from the same period in 2008.

Other positive results included Internet revenues climbing 17.7% to $2.4 million, while retransmission consent revenues grew 42.2% to $6.6 million. First-quarter political advertising revenue slipped to $400,000 from $1.7 million in the same period in 2008.

In midday trading, Nexstar stock was up 5% to $0.86.

Nexstar owns, operates, programs or provides sales and other services to 63 television stations in 34 markets. Nexstar said it was reviewing strategic alternatives for the future -- including, but not limited to, the sale of the company. It has hired Goldman, Sachs & Co. to help it conduct the review.