Tuesday, Acme Communications Inc. (ACME) reported a wider net loss for the second quarter, hurt mainly by a non-cash impairment charge.
The company posted a net loss of $11.2 million or $0.70 per share, compared to a loss of $1.8 million or $0.11 per share in the prior year quarter.
During the latest quarter, the company assessed its intangible assets for possible impairment as of June 30, 2008, due to a significant drop in the price of its common stock. As a result of this impairment testing, the company recorded a non-cash impairment charge $12.0 million relating to its broadcast licenses for the second quarter of 2008.
Net revenues from continuing operations increased 4% to $8.7 million for the second quarter from $8.3 million in the same quarter of last year, driven by higher revenues at television stations and The Daily Buzz.
For the first half of 2008, the company reported a net loss of $12.8 million or $0.80 per share, compared to net income of $22.4 million or $1.40 per share in the corresponding period last year.
Net revenues for the year-to-date period increased to $16.8 million from $15.6 million in the preceding year period.
ACME closed Tuesday's regular trading session at $1.18, down 5 cents or 3.67%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.