Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Bishop Cheen – Wells Fargo
Bishop Cheen – Wells Fargo
Thanks for a very detailed overview, I just have a couple of questions to fill in some blanks for modeling purposes, you gave every piece of your top line except net comp, do you have that handy.
Perry Sook
We’re looking.
Bishop Cheen – Wells Fargo
And then on auto, its helpful for you to tell us what it is as a percentage of core but can you also tell us what it was down in Q3 both year over year and sequentially, or the change sequentially.
Perry Sook
The automotive spend all in as I said was 17.1% of core billing and it was down 38% from the prior year and that was up from the all time high low of minus 43 in Q2.
Bishop Cheen – Wells Fargo
And then while you’re looking for that net comp the IRS has a new change in the way that they treat NOL and some companies are anticipating an actual cash refund in 2010 because of the change in schedule, do you (a) I guess you’re aware of it, and (b) do you anticipate any benefit to Nexstar from the treatment of NOLs.
Thomas Carter
As it stands currently we’re not anticipating anything but that could change as we continue to dive into 2010 and potential issues there.
Bishop Cheen – Wells Fargo
And then obviously you’ve stayed away from any kind of quantitative guidance, can you shift into kind of the hint mode—
Thomas Carter
Before we start hinting, how about if I give you some facts and it relates to your network comp question, three months ended 9/30/08, network comp was 850 and you’ll see it being roughly 500,000 for three months ending 9/30/09.
Bishop Cheen – Wells Fargo
That’s not a shocker.
Perry Sook
I guess as I would characterize core ad spend which is I’m sure that’s what’s everyone interested in, core local and national finished ahead of those levels for 2008 in October and core local and national are pacing to do the same again in November and December.
Bishop Cheen – Wells Fargo
At the same magnitude.
Perry Sook
I’m saying that October core ad revenue finished ahead of, in 2009, finished ahead of 2008 levels so the core ad spend ex political was up and is pacing again to do so in November and December.
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