|FOR IMMEDIATE RELEASE|
FEBRUARY 3, 2005
|CONTACT: Pacifica Radio
Pacifica Radio Reports Strong Financial Gains
BERKELEY -- February 3 -- The five-station Pacifica Radio network posted its third straight annual surplus this past fiscal year, continuing the non-profit network's best financial run in its 55-year history, Pacifica announced today.
Pacifica's overall revenues totaled $16.04 million in the fiscal year ending September 30, 2004 (FYE04), according to Chief Financial Officer Lonnie Hicks. Operating expenses reached $15.38 million.
"This is another important milestone for the network and it will allow us to focus our energies on expanding our affiliate network, promoting our diverse peace and justice programming nationally, and digitizing and upgrading our broadcast facilities," said Pacifica Executive Director Dan Coughlin.
Pacifica CFO Lonnie Hicks said that a series of internal cost controls and one-month reserve requirements were critical to ensuring the network's financial health in recent years.
Between FYE01 and FYE04, listener support climbed 60 percent. Overall revenues grew from $10.98 in FYE01 to $16.04 in FYE04. Net assets increased from $1.9 million in FYE01 to $5.3 million in FYE04.
While listener support fueled the network's growth, CFO Hicks warned that projections are flat for the period ahead.
Still, the surpluses generated in the last three years alone total more than those than in the previous eleven-year period 1990-2001.
See the network's 15-year financial history at: http://www.pacifica.org/news/15YearHistory-Finance.html See network financials at: http://www.pacifica.org/finance/index.html
Pacifica's overall financial results are bucking the public radio trend.
A CPB-funded review of 314 public radio licencees showed that 45 percent ran deficits in 2003 and 56 percent did not achieve an acceptable level of financial health (net revenue at least two percent of operating revenue).
The report said the benchmark for excellent financial health was five percent of operating revenue. See "Having It All" at http://www.cpb.org/radio/stations/
Pacifica's net revenue as a percentage of operating revenue has averaged more than six percent for the past three years.
Founded in 1949, Pacifica Radio's mission is to engage in any activity that shall contribute to a lasting understanding between nations and between the individuals of all nations, races, creeds and colors.
The five Pacifica stations are: KPFA 94.1 FM in Berkeley, KPFK 90.7 FM in Los Angeles, KPFT 90.1 FM in Houston, WBAI 99.5 FM in New York City, and WPFW 89.3 FM in Washington, DC.
In addition, more than 100 radio stations nationwide carry Pacifica programming including the daily morning news magazine Democracy Now! hosted by Amy Goodman and Juan Gonzalez.