A Note from the Chief Financial Officer

Fiscal Year 2004, (July 1, 2003 through June 30, 2004) saw WHYY offering new on-air, online, on demand and off-air programming and services that continued to ensure our place as this region's leading public broadcasting station.

Advances in technology helped WHYY secure its role as a cutting-edge leader in allowing audiences to experience our programs on a multitude of platforms, including 91FM; analog TV12; the new WHYY digital channel; ON DEMAND from Comcast Digital Cable; and through video streaming on whyy.org. In addition, we increased the capacity of live audio and video streaming at whyy.org; WHYY's FM signal was "boosted" with the replacement of the old antenna; and WHYY's television signal was improved with new transmitters at Seaford, DE.

The investment in technology allowed audiences to experience new perspectives in storytelling with ongoing and special programs, often experienced on cross-platforms. In addition, WHYY's educational services for children, adults and seniors as well as WHYY's off-air Civic Space events saw significant increases in audiences and special programs. These considerable investments contributed to WHYY ending FY’04 with a $2.2 million deficit -- $2.1 million of which is depreciation.

Throughout this report you have read about WHYY's continuing and special programs and services, including the national broadcast of our Emmy-Award winning Denyce Graves Breaking the Rules, with its educational and DVD components; the local production of WHYY's Experience features; the Wider Horizon's three-part Circle of Love series; as well as continuing and esteemed programs such as Fresh Air with Terry Gross, Radio Times with Marty Moss-Coane and Delaware News Tonight.

In the coming fiscal year, WHYY will build on these successes and provide audiences with new experiences on air, online, off air and on demand, continuing to make WHYY a regional treasure and a national resource. We will continue to leverage our services to you by taking advantage or and investing in the newest technology.

We thank you for your continued support in FY’04 and look forward to FY’05 with optimism.

Bruce Flamm