Nexstar Media (NXST) 8-K Nexstar Broadcasting Group Reports 2005 Second Quarter Results

Exhibit 99.1

(1)    News Announcement For Immediate Release

Nexstar Broadcasting Group Reports 2005 Second Quarter Results

Irving, TX – August 2, 2005 - Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) today reported financial results for the second quarter ended June 30, 2005.

Summary 2005 Second Quarter Financial Results:

Reported total net revenue for the 2005 second quarter was $57.9 million, a decrease of 5.4% from net revenue of $61.2 million in the 2004 second quarter. Nexstar’s financial guidance, issued on May 4, 2005, was for 2005 second quarter total net revenue to be approximately $59.0 to $60.0 million, or a decline of approximately 2.0% - 3.6%.

The following tables summarize financial results for the three month period ended June 30, 2005:

	Three Months Ended June 30,
(dollars and shares in millions, except per share data)	2005			2004		Change
Gross local and national advertising revenue, excluding political	$	56.9		$	57.5	(1.0	)%
Gross political advertising revenue	$	0.8		$	4.3	(81.4	)%
Total gross advertising revenue	$	57.7		$	61.8	(6.6	)%
Total net revenue(1)	$	57.9		$	61.2	(5.4	)%
Station direct operating expenses, SG&A expenses and cash program payments	$	32.0		$	31.4	1.9	%
Broadcast cash flow(2)	$	20.9		$	25.2	(17.1	)%
Corporate expenses	$	2.4		$	2.2	9.1	%
Adjusted EBITDA(2)	$	18.6		$	23.0	(19.1	)%
Loss on extinguishment of debt(3)	$	(15.7	)	$	—
Net income (loss) attributable to common shareholders	$	(20.9	)	$	1.2
Diluted net income (loss) per share attributable to common shareholders	$	(0.74	)	$	0.04
Weighted basic and diluted shares outstanding		28.4			28.4
Free cash flow(2)	$	6.3		$	10.9	(42.2	)%

(1) Total net revenue is the sum of total gross advertising revenue, network compensation, trade and barter revenue, and other sources of revenue, less national rep and agency commissions.

(2) “Broadcast cash flow”, “adjusted EBITDA” and “free cash flow” are non-GAAP financial measures. For a definition of these measures and reconciliation to comparable GAAP financial results, please see the “Definitions and Disclosure Regarding non-GAAP Financial Information” section and supplemental reconciliation tables at the end of this release.

(3) On April 1, 2005, Nexstar Broadcasting Group redeemed all $160.0 million in aggregate principal amount of Nexstar Broadcasting, Inc.’s outstanding 12% Senior Subordinated Notes due April 1, 2008. Pursuant to the transaction, Nexstar recognized a loss on extinguishment of debt of approximately $15.7 million in the second quarter of 2005 primarily related to the call premium and the write off of unamortized discount on notes and unamortized deferred financing costs.

Nexstar Broadcasting Group Q2 2005 Results, 8/2/05 page 5

Summary Pro Forma Financial Results:

Pro forma results reflect the completed acquisitions of certain television stations as if they had occurred on January 1, 2004. The following table summarizes pro forma financial results for the three month period ended June 30, 2005:

(1)

Summary 2005 Pro Forma Highlights:(1)	Three Months Ended June 30,
(dollars in millions)	2005(2)		2004		Change
Total net revenue	$	57.9	$	63.2	(8.4	)%
Station direct operating expenses, SG&A expenses and cash program payments	$	32.0	$	33.1	(3.3	)%

(1) “Pro forma” is a non-GAAP financial measure. For a more complete definition of “pro forma” and reconciliation of these results to comparable GAAP financial results, please see the “Definitions and Disclosure Regarding non-GAAP Financial Information” section and supplemental reconciliation tables at the end of this release.

(2) There are no pro forma adjustments presented for the three months ended June 30, 2005, as there were no acquisitions or dispositions completed during the period.

(2)

(3) CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “The 2005 second quarter local and national advertising environment was difficult for television broadcasters and for Nexstar Broadcasting. As a result, Nexstar recorded a 1% year over year decline in second quarter gross local and national advertising revenue, excluding political. General weakness in some of our top advertising categories and at our NBC affiliates contributed to the revenue decline. In addition, the year ago second quarter included an incremental $3.5 million in political advertising revenue which impacted total revenue comparisons to the 2005 second quarter.

“We continue to manage Nexstar’s operations to the advertising environment, and our efforts to attract new advertisers and generate incremental revenue is partially offsetting weaknesses in some categories and lower ad spends by some advertisers. By prudently managing station direct operating expenses, SG&A expenses and cash program payments, these costs rose less than 2% during the second quarter, even as we added four new stations to operations.

“Given the current pacings in our markets and the absence of over $23 million political and Olympics-related revenue in the second half of 2005, we now see full-year reported net revenue declining in the high-single digit percentage range to approximately $220.0 – $225.0 million. Additionally, we anticipate direct station operating expenses, selling general and administrative expenses and cash program payments will approximate $147.0 - $150.0 million for the full year. (including approximately $20.0 million of trade and barter expense.)

“Looking forward, our goal is to quickly recapture operating leverage as expected sales momentum returns in 2006. We expect to do so by cultivating new advertiser and agency relationships and by developing incremental sales channels. As always, we will work diligently to manage our expenses.”

Nexstar Broadcasting Group Q2 2005 Results, 8/2/05 page 6

(4) Additional Expense Detail on Reported 2005 Second Quarter Results

Depreciation and amortization was $11.0 million in the second quarter of 2005, compared to $11.2 million in the second quarter of 2004. The lower depreciation and amortization expense for the second quarter of 2005 is primarily the result of amortizable assets at certain stations becoming fully amortized.

Interest expense in the second quarter of 2005 was $10.9 million, compared to $13.0 million for the same period in 2004. The decrease is primarily attributed to the redemption of $160.0 million in aggregate principal amount of our outstanding 12% Senior Subordinated Notes due April 1, 2008, partially offset by the issuance of the $75.0 million in the aggregate principal amount of 7% Senior Subordinated Notes due 2014 and a higher amount of debt outstanding in 2005 under Nexstar Broadcasting Group’s and Mission Broadcasting Inc.’s senior credit facilities.

Capital expenditures in the second quarter of 2005 were $4.2 million, compared to $1.7 million in the second quarter of 2004. Cash interest for the second quarter of 2005 was $8.0 million, compared to $10.2 million in the second quarter of 2004. Cash interest excludes non-cash interest related to amortization of debt financing costs and accretion of the discount on Nexstar’s 11.375% senior discount notes and 7% senior subordinated notes.

(5) Liquidity and Cash Flow

Free cash flow for the 2005 second quarter was $6.3 million compared to $10.9 million in year-ago quarter.

At June 30, 2005, the Company’s total debt was approximately $648.3 million and cash balances were $10.3 million. Nexstar Broadcasting, Inc., a subsidiary of the Company, and Mission Broadcasting, Inc., are borrowers under senior secured credit facilities. As defined per the credit agreement, consolidated total debt was $542.2 million at June 30, 2005, net of cash on hand, resulted in a leverage ratio as defined per the credit agreement of 6.8x, compared to a permitted leverage covenant of 7.5x under the new credit facilities. Covenants under the credit facilities exclude Nexstar Finance Holdings, Inc.’s 11.375% notes, which have accreted to $95.9 million as of June 30, 2005.

(6) Local Broadcasting Excellence

The Company’s stations in Hagerstown, MD and Evansville, IN; Springfield, MO; Joplin, MO; St. Joseph, MO; Peoria IL; and Rockford, IL were recipients of numerous awards for journalism excellence from state broadcast associations and the Associated Press.

Nexstar Broadcasting Group Q2 2005 Results, 8/2/05 page 7

(7) Summary 2005 Third-Quarter Outlook

Nexstar issued the following outlook for the three month period ending September 30, 2005:

Reported 2005 Third Quarter Estimates

	Three Months Ended September 30,
(in millions)	2005 Estimate		2004 Actual		Approximate Change
Gross local and national advertising revenue, excluding political	$	51.0 – 52.0	$	54.5	(6.4) – (4.6)%
Gross political advertising revenue	$	0.2 – 0.3	$	6.1	(96.7) – (95.1)%
Total gross advertising revenue	$	51.2 – 52.3	$	60.6	(15.5) – (13.7)%
Total net revenue	$	52.0 – 53.0	$	59.9	(13.2) – (11.5)%
Station direct operating expenses, SG&A expenses and cash program payments	$	32.0 – 32.5	$	32.4	(1.2) – 0.3%

The Company’s financial outlook for the third quarter ending September 30, 2005 assumes there will be no new acquisitions or local service agreements entered into during the period. The outlook is subject to, and could be affected by: economic developments, regulatory developments, the timing of any investments, dispositions or other transactions, and major news events, among other circumstances. Reference is made to the “Safe Harbor” statement regarding forward-looking comments at the end of this press release. While the Company may, from time to time, issue updated guidance, it assumes no obligation to do so.

(8) Second-Quarter Conference Call

Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question and answer session. A live audio webcast of the call will be accessible to the public on the Company’s web site, www.nexstar.tv. A recording of the webcast will subsequently be archived on the site. The dial in number for the audio conference call is 888-695-0614, (719-457-2664 for international callers); no access code is needed. A replay of the call will be available through August 9, 2005 by dialing 888-203-1112, (719-457-0820 for international callers), and entering access code 5949440.

(9) Definitions and Disclosures Regarding non-GAAP Financial Information

Broadcast cash flow is calculated as operating income plus corporate expenses plus depreciation and amortization of intangible assets and broadcast rights (excluding barter) plus other non-recurring items minus broadcast rights payments.

Adjusted EBITDA is calculated as broadcast cash flow less corporate expenses.

Free cash flow is calculated as income from operations plus depreciation and amortization of intangible assets and broadcast rights (excluding barter), less payments for broadcast rights, cash interest expense, capital expenditures and net cash taxes.

Pro forma results reflect the completed and pending acquisitions of certain television stations as if they had occurred on January 1, 2004. Pro Forma results for the three-month period ended June 30, 2004 includes Nexstar’s acquisition of KLST in San Angelo, TX, which Nexstar began operating under a TBA in June 2004, and the acquisition of WTVO in Rockford, IL, by Mission Broadcasting, Inc., Nexstar’s broadcasting associate, which Mission began providing services to in November 2004. Proforma results for the six-month period ended June 30, 2004 includes the stations mentioned above, as well as Mission’s acquisition of WUTR in Utica, NY, which Mission completed in April 2004.

Nexstar Broadcasting Group Q2 2005 Results, 8/2/05 page 8

Broadcast cash flow, adjusted EBITDA, free cash flow and Pro Forma results are non-GAAP financial measures. Nexstar believes the presentation of these non-GAAP measures are useful to investors because they are used by lenders to measure the Company’s ability to service debt; by industry analysts to determine the market value of stations and their operating performance; by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of pending acquisitions, TBAs or LMAs. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company’s business. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting Group owns, operates, programs or provides sales and other services to 46 television stations in 27 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. The Company’s television station group includes affiliates of NBC, CBS, ABC, Fox and UPN, and reaches approximately 7.4% of all U.S. television households. The following is a list of Nexstar’s owned properties, as well as those with which it has local service agreements:

Market Rank(1)	Market	Station	Affiliation	Status (2)
8	Washington, DC/Hagerstown, MD(3)	WHAG	NBC	O&O
53	Wilkes Barre-Scranton, PA	WBRE	NBC	O&O
		WYOU	CBS	LSA
56	Little Rock-Pine Bluff, AR	KARK	NBC	O&O
75	Rochester, NY	WROC	CBS	O&O
78	Springfield, MO	KOLR	CBS	LSA
		KSFX(4)	Fox	O&O
81	Shreveport, LA	KTAL	NBC	O&O
82	Champaign-Springfield-Decatur, IL	WCIA	CBS	O&O
		WCFN	UPN	O&O
99	Evansville, IN	WTVW	Fox	O&O
105	Ft. Wayne, IN	WFFT	Fox	O&O
108	Ft. Smith – Fayetteville – Springdale – Rogers, AR	KFTA/ KNWA	NBC	O&O
117	Peoria-Bloomington, IL	WMBD	CBS	O&O
		WYZZ	Fox	LSA
129	Amarillo, TX	KAMR	NBC	O&O
		KCIT	Fox	LSA
		KCPN-LP	—	LSA
133	Rockford, IL	WQRF WTVO	Fox ABC	O&O LSA
135	Monroe, LA-El Dorado, AR	KARD	Fox	O&O
138	Beaumont-Port Arthur, TX	KBTV	NBC	O&O
141	Erie, PA	WJET	ABC	O&O
		WFXP	Fox	LSA
143	Wichita Falls, TX - Lawton, OK	KFDX	NBC	O&O
		KJTL	Fox	LSA
		KJBO-LP	UPN	LSA
146	Joplin, MO-Pittsburg, KS	KSNF	NBC	O&O
		KODE	ABC	LSA
147	Lubbock, TX	KLBK	CBS	O&O
		KAMC	ABC	LSA
148	Terre Haute, IN	WTWO WFXW(5)	NBC Fox	O&O LSA
157	Odessa-Midland, TX	KMID	ABC	O&O
163	Abilene-Sweetwater, TX	KTAB	CBS	O&O
		KRBC	NBC	LSA
167	Utica, NY	WUTR	ABC	LSA
		WFXV	Fox	O&O
		WPNY-LP	UPN	O&O
170	Billings, MT	KSVI	ABC	O&O
		KHMT	Fox	LSA
171	Dothan, AL	WDHN	ABC	O&O
195	San Angelo, TX	KSAN KLST	NBC CBS	LSA O&O
201	St. Joseph, MO	KQTV	ABC	O&O

(1) Market rank refers to ranking the size of the Designated Market Area (“DMA”), in which the station is located in relation to other DMAs. Source:Investing in Television Market Report 2004 3^rd Edition, as published by BIA Financial Network, Inc.

Nexstar Broadcasting Group Q2 2005 Results, 8/2/05 page 9

(2) O&O refers to stations that Nexstar owns and operates. LSA, or local service agreement, is the general term we use to refer to a contract under which we provide services to a station owned and/or operated by an independent third party. Local service agreements include time brokerage agreements, shared services agreements, joint sales agreements, and outsourcing agreements.

(3) Although WHAG is located within the Washington, DC DMA, its signal does not reach the entire Washington, DC metropolitan area. WHAG serves the Hagerstown, MD sub-market within the DMA.

(4) Effective January 17, 2005, KDEB changed its call letters to KSFX.

(5) Effective June 1, 2005, WBAK changed its call letters to WFXW.

(10)

(11) Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

Contact:
G. Robert Thompson	Stewart Lewack, Joseph Jaffoni
Chief Financial Officer	Jaffoni & Collins Incorporated
Nexstar Broadcasting Group, Inc.	(212) 835-8500 or nxst@jcir.com

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Nexstar Broadcasting Group, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
	(Unaudited)						(Unaudited)
Revenue (excluding trade and barter)	$	60,915		$	65,259		$	115,424		$	121,686
Less: commissions		(8,000	)		(8,791	)		(14,996	)		(16,250	)
Net broadcast revenue (excluding trade and barter)		52,915			56,468			100,428			105,436
Trade and barter revenue		4,985			4,689			10,135			9,957
Total net revenue		57,900			61,157			110,563			115,393
Operating expenses:
Station direct operating expenses, net of trade (exclusive of depreciation and amortization shown separately below)		14,711			14,184			29,491			28,491
Selling, general, and administrative expenses (exclusive of depreciation and amortization shown separately below)		14,956			14,592			29,379			29,050
Merger related expenses		—			—			—			456
Loss on property held for sale		616			—			616			—
Loss (gain) on asset disposal (including deferred gain recognition), net		31			22			31			(76	)
Time brokerage agreement expenses		—			128			8			353
Trade and barter expense		4,936			4,522			9,935			9,571
Corporate expenses		2,364			2,205			5,127			4,241
Amortization of broadcast rights, excluding barter		2,296			2,656			4,981			5,659
Amortization of intangible assets		6,647			6,969			13,409			13,889
Depreciation		4,327			4,208			8,750			9,331
Total operating expenses		50,884			49,486			101,727			100,965
Income from operations		7,016			11,671			8,836			14,428
Interest expense, including amortization of debt financing costs		(10,893	)		(13,030	)		(23,968	)		(25,873	)
Loss on extinguishment of debt		(15,715	)		—			(15,715	)		(6,824	)
Interest income		44			17			83			33
Other income (expenses), net		—			2,969			(48	)		3,630
Income (loss) before income taxes		(19,548	)		1,627			(30,812	)		(14,606	)
Income tax expense		(1,380	)		(945	)		(2,924	)		(1,913	)
Income (loss) before minority interest in consolidated entity		(20,928	)		682			(33,736	)		(16,519	)
Minority interest in consolidated entity		—			493			—			980
Net income (loss) attributable to common shareholders	$	(20,928	)	$	1,175		$	(33,736	)	$	(15,539	)
Basic and diluted net income (loss) per share:
Net income (loss) attributable to common shareholders	$	(0.74	)	$	0.04		$	(1.19	)	$	(0.55	)
Weighted average number of shares outstanding:
Basic and diluted		28,363			28,363			28,363			28,363

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Nexstar Broadcasting Group, Inc.

Reconciliation Between Actual Consolidated Statements of Operations

and Broadcast Cash Flow/Adjusted EBITDA (Non-GAAP Measures)

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2005		2004		2005		2004
	(Unaudited)				(Unaudited)
Income from operations	$	7,016	$	11,671	$	8,836	$	14,428
Add:
Depreciation		4,327		4,208		8,750		9,331
Amortization of intangible assets		6,647		6,969		13,409		13,889
Amortization of broadcast rights, excluding barter		2,296		2,656		4,981		5,659
Merger and related expenses		—		—		—		456
Loss on property held for sale		616		—		616		—
Loss (gain) on asset disposal (including deferred gain recognition), net		31		22		31		(76	)
Time brokerage agreement expenses		—		128		8		353
Corporate expenses		2,364		2,205		5,127		4,241
Program buyouts		—		—		—		55
Less:
Payments for broadcast rights		2,360		2,649		4,997		5,431
Broadcast cash flow	$	20,937	$	25,210	$	36,761	$	42,905
Less:
Corporate expenses		2,364		2,205		5,127		4,241
Adjusted EBITDA	$	18,573	$	23,005	$	31,634	$	38,664

Nexstar Broadcasting Group, Inc.

Reconciliation Between Actual Consolidated Statements of Operations

and Free Cash Flow (Non-GAAP Measure)

(in thousands)

	Three Months Ended June 30,					Six Months Ended June 30,
	2005			2004		2005		2004
	(Unaudited)					(Unaudited)
Income from operations	$	7,016		$	11,671	$	8,836	$	14,428
Add:
Depreciation		4,327			4,208		8,750		9,331
Amortization of intangible assets		6,647			6,969		13,409		13,889
Amortization of broadcast rights, excluding barter		2,296			2,656		4,981		5,659
Loss on property held for sale		616			—		616		—
Loss (gain) on asset disposal (including deferred gain recognition), net		31			22		31		(76	)
Less:
Payments for broadcast rights		2,360			2,649		4,997		5,431
Cash interest expense		8,021			10,202		18,014		19,989
Capital expenditures		4,231			1,655		7,105		4,072
Cash taxes, net of refunds		(16	)		154		115		204
Free Cash Flow	$	6,337		$	10,866	$	6,392	$	13,535

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Nexstar Broadcasting Group, Inc.

Reconciliation of Historical GAAP and ProForma Results (unaudited)

(dollars in thousands)

	Q1 2004 GAAP			Adjustments			Q1 2004 Pro Forma			Q2 2004 GAAP		Adjustments		Q2 2004 Pro Forma
Revenue
Local	$	33,849		$	1,737		$	35,586		$	39,065	$	1,572	$	40,637
National		16,075			724			16,799			18,486		583		19,069
Political		3,383			187			3,570			4,293		6		4,299
Network Compensation		2,078			209			2,287			2,150		189		2,339
Other		1,042			64			1,106			1,265		54		1,319
Gross Revenue		56,427			2,921			59,348			65,259		2,404		67,663
National Rep and Agency Commissions		7,459			420			7,879			8,791		339		9,130
Net Broadcast Revenue		48,968			2,501			51,469			56,468		2,065		58,533
Trade and Barter Revenue		5,268			55			5,323			4,689		28		4,717
Total Net Revenue		54,236			2,556			56,792			61,157		2,093		63,250
Station Direct Operating expenses, net of trade		14,307			1,109			15,416			14,184		767		14,951
Selling, General and Administrative expenses		14,458			1,151			15,609			14,592		831		15,423
Corporate Overhead		2,036			—			2,036			2,205		—		2,205
Merger and time brokerage agreement expenses		681			—			681			128		—		128
Loss (gain) on asset disposal (including deferred gain recognition), net		(98	)		—			(98	)		22		—		22
Trade and barter expense		5,049			66			5,115			4,522		28		4,550
Depreciation and amortization		12,043			2738			12,316			11,177		200		11,377
Amortization of broadcast rights, excluding barter		3,003			185			3,188			2,656		113		2,769
Total operating expenses		51,479			2,784			54,263			49,486		1,939		51,425
Income (loss) from operations		2,757			(228	)		2,529			11,671		154		11,825
Supplemental information:
Broadcast film payments		2,782			185			2,967			2,649		113		2,762
	Q3 2004 GAAP			Adjustments			Q3 2004 Pro Forma			Q4 2004 GAAP		Adjustments		Q4 2004 Pro Forma
Revenue
Local	$	36,876		$	1,089		$	37,965		$	39,856	$	415	$	40,271
National		17,627			267			17,894			17,855		106		17,961
Political		6,052			27			6,079			12,938		48		12,986
Network Compensation		2,181			186			2,366			2,098		37		2,137
Other		1,212			19			1,232			1,283		7		1,290
Gross Revenue		63,948			1,588			65,536			74,030		613		74,645
National Rep and Agency Commissions		8,571			215			8,786			10,184		87		10,271
Net Broadcast Revenue		55,377			1,373			56,750			63,846		526		64,374
Trade and Barter Revenue		4,507			13			4,520			6,617		5		6,621
Total Net Revenue		59,884			1,386			61,270			70,463		531		70,995
Station Direct Operating expenses, net of trade		14,832			563			15,395			15,102		205		15,307
Selling, General and Administrative expenses		15,121			593			15,714			16,555		217		16,772
Corporate Overhead		2,620			—			2,620			4,080		—		4,080
Time brokerage agreement expenses		157			—			157			143		—		143
Loss (gain) on asset disposal (including deferred gain recognition), net		(109	)		—			(109	)		331		—		331
Trade and barter expense		4,807			16			4,823			6,587		3		6,590
Depreciation and amortization		10,415			146			10,561			10,777		58		10,835
Amortization of broadcast rights, excluding barter		3,172			69			3,241			2,626		21		2,647
Total operating expenses		51,015			1,387			52,402			56.201		504		56,705
Income (loss) from operations		8,869			(1	)		8,868			14,262		28		14,290
Supplemental information:
Broadcast film payments		2,467			69			2,536			2,622		20		2,642

Note: Adjustments in the 2004 first quarter reflect contributions from KLST, which Nexstar began operating under a TBA in June 2004, WUTR, which Mission began operating in April 2004 after completing its acquisition of the station, and WTVO, which Mission began operating under a TBA in November 2004. Adjustments in the 2004 second quarter reflect contributions from KLST in April and May 2004 and WTVO for the entire quarter. Adjustments in the 2004 third quarter reflect contributions from WTVO for the entire quarter. Adjustments in the 2004 fourth quarter reflect contributions from WTVO in October 2004.