EARNINGS: LIN TV Reports Gains
By Michael Malone -- Broadcasting & Cable, 5/8/2007 7:06:00 AM
LIN TV reported net income of $20.7 million in the first quarter of 2007, compared to a loss of $4.3 million for the same period last year. The increase was driven by the sale of LIN’s Puerto Rico operations, the station group said, along with an increase in new business revenues and lower operating costs.
Net revenues for the first quarter increased 3% to $93.1 million, compared to $90.5 for the same period in 2006. Growth in local advertising and digital, along with the acquisition of KASA Albuquerque , accounted for the increase. Operating income for the first quarter, meanwhile, was $15.1 million, compared to $10.3 million in the first quarter of 2006.
"We are pleased with our first quarter performance and our growth in revenues, despite tough comparisons to the first quarter of 2006 when we benefited from substantial national advertising on our five NBC stations during the Olympics and last year’s record political year," said LIN TV President and CEO Vincent L. Sadusky. "Our ongoing efforts to develop digital and interactive products are providing great momentum for what we believe will be a robust advertising market in late 2007 and early 2008."
Providence-based LIN owns 30 stations.
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