Lower Political Advertising Dips LIN TV in Q2
Company Sees 8%-10% Revenue Drop in Q3
By Jon Hemingway -- Broadcasting & Cable, 8/9/2007 10:49:00 AM
Station operator LIN TV’s earnings in the second quarter, excluding charges, slipped on lower political advertising.
The company reported net income of $3.5 million versus a loss of $244.4 million a year ago. The year-ago period includes $340.5 million in one-off charges. Excluding those charges, net income was down 3% on the absence of political-advertising revenue. Operating income was $23.3 million in the quarter compared with a $316.4 million loss in Q2 2006.
Revenues in the quarter increased to $103.3 million from $102.7 million in the same period last year, reflecting the acquisition of KASA-TV, the Fox affiliate in Albuquerque, N.M.
Looking forward, the company expects total revenues in the third quarter to be in the range of $93.2 million-$95.2 million, reflecting an 8%-10% drop from the same period last year related to the swing lower in political ads. Full-year revenues are seen at $393 million-$403 million. Capital expenditures for the full year are expected in the $24 million-$26 million range.
