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MediaCo Holding Inc (MDIA-2.78%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenues of $29,859,000, which is a significant increase from $6,447,000 in the same quarter of the previous year. This increase is primarily due to the Estrella Acquisition.
Operating expenses excluding depreciation and amortization were $32,672,000, compared to $7,175,000 in the same quarter of the previous year. This increase is attributed to the additional costs from the Estrella Acquisition.
Corporate expenses for the quarter increased to $2,319,000 from $1,095,000 in the previous year, primarily due to higher professional service fees.
Depreciation and amortization expenses rose to $1,741,000 from $130,000 in the previous year, reflecting the impact of new assets acquired.
The company recorded a net income of $54,926,000 for the quarter, compared to a net loss of $2,316,000 in the previous year. This improvement is largely due to a gain from the change in fair value of warrant shares liabilities.
Interest expense increased significantly to $3,274,000 from $87,000, due to additional long-term debt related to the Estrella Acquisition.
MediaCo reported a provision for income taxes of $342,000, compared to $84,000 in the previous year, primarily due to changes in deferred tax liabilities.
The company has experienced diminished revenues and profitability, driven in part by weaker sales for its annual Summer Jam concert, and expects these conditions to continue for an undetermined period of time.
The filing also details the company's liquidity position, with cash, cash equivalents, and restricted cash of $10,154,000 as of September 30, 2024, and a negative working capital of $14,146,000.
The company anticipates meeting its liquidity needs for the next twelve months with cash on hand, additional draws on its First Lien Term Loan, and projected cash flows from operations.
MediaCo continues to evaluate potential acquisitions and disposals, aiming to enhance its long-term value and leverage its strengths.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mediaco Holding Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.