Keep in mind that KHFM, much like KDFC, has been through quite-a-few changes in its lifetime. It was purchased by Citadel right after the Telecommunications Act of '96 passed. Citadel proceeded to gut almost its entire lineup of local talent replacing it with the former Sony/Warner classical satellite network. I believe it shifted to the Beethoven Network after the SW network went away. However, after shifting the SW classical, it got lots of complaints because, unlike the locally originated KHFM, it very rarely played entire pieces (usually just a movement or two), and the announcers frequently mispronounced the names of the composers. The Beethoven Network, which originated out of WFMT in Chicago, did a much better job but still wasn't local. It may be local, or more local, again now, but I know it went through a period of 3-5 years where it didn't have very many local announcers.
KHFM also was originally on 96.3, which is one of New Mexico's most powerful FM signals located on Sandia Peak. Citadel didn't really want the classical format, but it made money. So, they offloaded it to what was then American General Media's Mega 95.5. 95.5 broadcasts from the Jemez Mountains far to the north of Albuquerque. That's why it now has a translator in town at 102.9.
By the way, I was told the reason KHFM has always made money is a combination of the large amount of small stores in and around Albuquerque and Santa Fe that can't afford to buy on many of the bigger stations and a classical loving population that's heavily into shopping locally. I can't judge the veracity of that theory, but I know small local stores and restaurants are historic no-pays. Also, I would've thought smooth jazz would've done better in Albuquerque if that were true. However, classical has outlasted smooth jazz in San Francisco, too.