ACME Communications (ACME) Reports a Q1 Loss, Comments on Q2

May 14, 2008 9:20 AM EDT

ACME Communications, Inc. (Nasdaq: ACME) reports a Q1 loss of $0.10 compared to a loss of $0.07 from continuing operations ($1.51 including discontinued operations) for the same period last year.

Our net revenues from continuing operations increased 13% to $8.2 million for the first quarter compared to net revenues of $7.2 million in the first quarter of 2007. The increase was driven by a 2% increase in net revenues at our television stations and the inclusion of The Daily Buzz in our consolidated first quarter 2008 results compared to the first quarter of 2007 when the venture's results were accounted for using the equity-method. Operating expenses, which include the cost of The Daily Buzz, were up 12% to $9.0 million compared to $8.1 million for the first quarter of 2007.

Based on our current sales pacings, we expect second quarter 2008 net revenues at our continuing stations to increase 3-5% over our second quarter 2007 station net revenues of $8.3 million and we expect cash-based station expenses to increase 3-5% above the levels of the prior year quarter on higher programming payments. We expect resulting broadcast cash flow for the second quarter of 2008 to be in the range of $1.0 - $1.2 million, compared to broadcast cash flow of $761,000 for the second quarter of 2007.

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