LIN Second Quarter Revenue Up 36%Acquisitions and digital business help LIN to big quarter 7/30/2013 12:18:37 PM Eastern
LIN Media reported second-quarter net revenues of $164.3
million, up 36% from the same quarter a year before. Local revenues, which
include retransmission consent fees, increased 44%, while national was up 28%
in the quarter. LIN closed on its $330 million purchase of New Vision
Television in October 2012, which was a factor in the robust second-quarter
Net political revenues were $1.5 million in the quarter,
compared to $7.6 million during the second quarter of 2012.
Operating income decreased 23% to $26.9 million. The
automotive category, which represented 24% of local and national advertising
sales in the second quarter of 2013, decreased 3% compared to the second
quarter of 2012.
"Our results were driven by our recent television
station acquisitions, higher pay TV subscriber fees and significant growth in
our digital business, both organically and by adding [interactive firms] HYFN
and Dedicated Media to our portfolio," said Vincent Sadusky, president and
CEO at LIN. "Looking ahead, the absence of political revenues and the slow
economic recovery will negatively impact growth for the remainder of 2013. We
will continue to remain focused on executing our strategy that has helped
transform LIN Media into a more diversified, multimedia company with superior
content and marketing solutions for every screen."
LIN forecasts third-quarter net revenues to be
up 22-25%, compared to third quarter 2012, primarily as a result of station acquisitions.
On a same-station basis, LIN expects revenues to be down 10-11% in the third
quarter, due to the lack of political advertising.