Hearst-Argyle Down in first quarter
By Michael Malone -- Broadcasting & Cable, 5/5/2008
Hearst-Argyle Television reported total revenue for the first quarter was $165.1 million, down 2.6% from the same quarter in 2007. Earnings per diluted share were $0.11 for the first quarter compared with $0.05 in the first quarter of 2007.
The broadcast group, which owns 26 stations, reported a 9% decrease in net ad sales, excluding political, and an $8.1 million increase in net political revenue. The company also reported a 22% increase in digital-media revenue ($4.9 million) and a 22% increase in retransmission-consent fees ($6.3 million).
CEO David Barrett, noting the tough economy, still said, "We remain confident that we will finish 2008 with top- and bottom-line growth."
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