Pacifica Radio Touts Strong Financial Footing - Radio World

Pacifica Radio Touts Strong Financial Footing

Pacifica Radio Touts Strong Financial Footing
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The five-station Pacifica Radio network heralded its third straight annual surplus this past fiscal year. Pacifica says this continues its best financial run in its 55-year history.
Pacifica revenues totaled $16 million in the fiscal year ending Sept. 30, according to Chief Financial Officer Lonnie Hicks. Operating expenses reached $15.38 million.
Executive Director Dan Coughlin said the financial gains would allow Pacifica to focus on expansion and digitizing and upgrading its facilities.
Between FY01 and FY04, listener support climbed 60%. Revenues grew from $10.98 million in FY01 to $16.04 million in FY04. Net assets increased from $1.9 million in FY01 to $5.3 million in FY04.
The five Pacifica stations are KPFA(FM). Berkeley, Calif.; KPFK(FM), Los Angeles; KPFT(FM), Houston; WBAI(FM), New York City, and WPFW(FM), Washington.
The network said its overall financial results are bucking a public radio trend. It pointed to a CPB-funded review of 314 public radio licencees that showed that 45% ran deficits in 2003 and 56% did not achieve an acceptable level of financial health, which it defined as net revenue at least 2 percent of operating revenue. The report said the benchmark for excellent financial health was 5% of operating revenue.

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