Back in January the company with over 200 stations in 44 markets filed for bankruptcy protection. As part of the process Alpha must file monthly financial reports. In February Alpha shows revenue of $11.6 million. That wasn’t enough to cover expenses.
After Alpha’s cost of sales, its gross profit was $10.6 million. After operating expenses, operating income was already in the red at negative $390,000. After interest expense ($894,411), reorganization expenses ($5.6 million) and other expenses (1.33 million), Alpha reported a loss of over $8 million in the month of February.
Alpha had $267 million in debt at the time it filed for bankruptcy protection that CEO Bob Proffitt balmed on COVID-19.
