Belo Earnings Down in Q4, Full-Year 2007 - Broadcasting & Cable

Belo Earnings Down in Q4, Full-Year 2007

Online Ad Revenue Soars
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Belo announced a net loss per share for the fourth quarter of 2007 and full-year 2007 of $3.26 and $2.57, respectively, compared with earnings per share of $0.50 and $1.26, respectively, for the fourth quarter and full year of 2006.

The fourth-quarter net loss included a noncash charge to goodwill of $367 million.

The company’s television group saw total revenue decrease 2.4% in the quarter due to lower political revenue in 2007. Total spot revenue decreased 5% in the quarter and 1.1% for the full year.

Online ad revenue for the TV group jumped 43% in the quarter and 41% for 2007.

President and CEO Dunia A. Shive said, "The television group achieved outstanding performance in 2007, reporting record revenue even though 2007 followed the strong political spending of 2006, and the newspaper group made significant progress in transforming its business to compete in an increasingly Internet-centric environment."

Shive added that total television revenues “are currently pacing down low-single-digits” compared with the first quarter of last year. Regarding full-year 2008, she forecasted “total revenues to be up in the mid- to high-single-digits, depending on the strength of political in our markets and the stability of the economy.”

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