FINANCIAL PLAN      Our experience in television station operation and our analysis of A Newspaper Company's financial statements lead us to the conclusion that W###-TV can be operated profitably within our first year of ownership.      Based on the $1,000,000 asking price for the property, we project a negotiated purchase price of $900,000. We estimate capital expenses for necessary facility upgrade at $150,000 and customary pre-purchase expenses of $161,000. The balance of the investment, $425,000 will be working capital to operate the station during the initial period of achieving profitability.      Revenue estimates are based on current programming and available commercial inventory, adjusted for typical seasonal fluctuations in ad revenue. Revenue figures assume selling 80% of the available inventory at an average rate of $12.50 per commercial.      Expense estimates are based on projected adjustments in staffing, cost efficiencies which are projected as a result of bringing the station in line with standard television station operating procedures, and establishing fiduciary accountability which doesn’t exist under the current ownership.       Payoff of the entire $1,636,000 investment is included in this financial plan as debt service, at 10.5% interest over seven years, however, we are open to discussion of other payback or buy-in options. Pre-purchase/Startup/1st Year Operating Budgets       Terms      Return to CONTENTS