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Belo Second Quarter Revenue Up 7% - Broadcasting & Cable

Belo Second Quarter Revenue Up 7%

Core revenue down slightly, as national advertising dampens earnings
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Belo reported second-quarter revenue of $178 million, 7% higher than the second quarter of 2011. Political revenue totaled $9.5 million, an $8.3 million increase compared to last year's second quarter. Total spot revenue, including political, was up 6% in the second quarter. Total spot, excluding political, was down 0.5% due primarily to underperforming national advertising.

"Core spot revenue was up in many of the company's markets in the second quarter of 2012, but was down slightly overall compared to last year due to softness in national spot in certain markets," said Dunia Shive, Belo president and CEO.

Other revenue, which comprises primarily Internet advertising, retransmission revenue, and barter and trade advertising, was up 12% in the second quarter due primarily to double-digit increases in both Internet and retransmission revenue.

Belo's station salaries, wages and employee benefits increased $1.9 million, or 3.5% in the quarter.

Shive said third quarter total spot revenue is pacing up in the high teens, with strong core and political advertising.

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