Hearst-Argyle Television Inc. reported an 8 percent gain in broadcast cash flow to $88 million for the second quarter, on a 3 percent revenue gain to $182.3
CEO David Barrett said the results represented "a second step in the
recovery we're working to accomplish this year" -- a reference to first-quarter
results, which were also up.
For the first six months, the company reported a 10 percent broadcast
cash-flow gain to $149 million on a 4 percent revenue climb to $337 million.
Barrett reported that the group's 10 NBC stations turned in the best
performance, up almost 9 percent in revenue and more than 15 percent in broadcast
Revenue at Hearst-Argyle's 12 ABC affiliates was flat, which Barrett said wasn't bad
given the ongoing softness in ratings at that network.
Third-quarter guidance: Revenues should be up 11 percent to 13 percent (to at
least $161 million), while broadcast cash flow should rise in the mid-20 percent
range (to at least $62.8 million).
Political advertising will help considerably. The company expects to sell at
least $25 million in political advertising in the second half of the year, of
which roughly 80 percent is expected to be bought in the third quarter.