ALBANY, N.Y. (CBSNewYork) — A New York state job creation program seemingly has underperformed, and the news has come out at an unusual time.

As WCBS 880’s John Metaxas reported, the news about the state’s START-UP NY program came out at a highly unusual time just before the holiday weekend.

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Gov. Andrew Cuomo’s office had yet to comment publicly on the announcement from Empire State Development Friday.

Not only did the announcement come out Friday ahead of the holiday weekend, but the Journal News reported it was 90 days late – originally due March 31.

The report says the START-UP NY program created just 408 jobs in its first full two years, despite more than $50 million for an advertising budget and high-profile TV ads. That means it cost more than $120,000 to market each job.

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A total of 159 companies got more than $1.2 million in state tax breaks to participate.

CBS2’s Tony Aiello reported on the tardy – and then still absent – report on START-UP NY last month. At that time Ken Girardin of the Empire Center said the lateness of the report might reflect bad news.

“I think if the numbers were anything better than abysmal, we would have heard them by now,” he said.

Former state Assemblyman Richard Brodsky agreed last month. But he said the issue with START-UP NY went beyond a tardy annual report.

“The report will come out when it comes out,” Brodsky said last month. “The problem that they’re really having is that there’s a growing awareness that these sorts of giveaways do not create jobs and employment; that they have not worked to do the very thing that they’re set up to do.”

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Earlier this year, Gov. Andrew Cuomo’s office predicted START-UP NY would create more than 4,000 jobs by 2020.