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Belo Revenue Up 3% in First Quarter - Broadcasting & Cable

Belo Revenue Up 3% in First Quarter

Broadcaster forecasts total revenue to decrease in Q2
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Belo reported total revenue of $160.3 million in the first
quarter, 2.8% higher than the first quarter of 2012. Core spot revenue was up
about 2%, with a 7% increase in national spot revenue and 1% decrease in local
spot revenue.

Super Bowl revenue was approximately $1.4 million higher in
the first quarter of 2013 versus the first quarter of 2012.

Belo's Internet revenue grew 22% in the quarter.

Combined station and corporate operating costs were 4.1%
higher in the first quarter, due primarily to what Belo called "higher
share-based compensation expense associated with the company's higher stock
price and higher programming expense."

Station-adjusted EBITDA totaled $56.1 million in the first
quarter, compared to $54.9 million in the first quarter of 2012.

Belo forecasts low single-digit core revenue gains in the
second quarter.

"Based on recent pacings, we currently estimate core
spot revenue to be up 2-2.5% in the second quarter of 2013 compared to the
second quarter of 2012," said Dunia Shive, president and CEO. "As we
cycle against $9.5 million of political revenue in the second quarter of last
year, we currently estimate total revenue to be down 1.5-2% in the second
quarter of 2013, with total revenue excluding political estimated to be up
3-3.5%."

Combined station and corporate operating costs are estimated
to be up around 4% in the second quarter, she added.

Belo owns 20 TV stations.

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