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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