Granite Broadcasting posts $9.45 million February operating income

By Caroline Salls

Pittsburgh, March 15 - Granite Broadcasting Corp. reported $9.45 million of operating income for February on $9.11 million in net revenues, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

For the period of Dec. 1 to Jan. 31, the company posted a $387,364 operating loss on $19 million in net revenues.

The net income for February was $23.44 million, up from a $6.88 million net loss for the previous period.

Cash and cash equivalents on Feb. 28 were $31.71 million, compared with $17.06 million at the end of January.

Granite, a New York-based owner and operator of network-affiliated television stations, made a pre-packaged Chapter 11 filing on Dec. 11. Its Chapter 11 case number is 06-12984.

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