Wednesday, August 31, 2005

Nexstar, Mission drowning in red ink

Nexstar Broadcasting, owner of KSNF in Joplin and KSFX in Springfield, and Mission Broadcasting, owner of KODE in Joplin and KOLR in Springfield, had a combined debt of $422 million as of March 31, according to a prospectus filed June 28 with the Securities and Exchange Commission.
In an area of the report reserved for possible risks the companies faces, Nexstar officials said, "We and Mission have a history of net losses and a substantial accumulated deficit.
We had consolidated net losses of $20.5 million, $71.8 million and $99.1 million for the years ended December 31, 2004, 2003 and 2002. In addition, as of March 31, 2005, we and Mission had a combined accumulated deficit of $422.8 million. We and Mission may not be able to achieve or maintain profitability."

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