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Pacifica Radio Reports Strong Financial Gains
BERKELEY (Feb. 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: www.pacifica.org/news/15YearHistory-Finance.html
See network financials at: www.pacifica.org/finance
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.
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