Media General today reported Q2 net income of $5.1 million, or $0.22 per diluted share, compared to net income of $20.2 million, or $0.85 per diluted share, in Q2 2006.
The company said in the 2006 quarter income from continuing operations was $18.3 million, or $0.77 per diluted share, which excluded four CBS stations that Media General divested in 2006. Total company revenues increased 4.8% or $241.2 million, including four new NBC stations acquired on June 26, 2006. Excluding the new stations, total revenues decreased 5.7 percent.
Revenues in the broadcast segment were up 30.6% in the quarter to $97.1 million, including the new NBC stations, while profit in the broadcast segment slid 2%. Excluding the new stations, segment profit decreased 22.5%. Same-station total revenues decreased by 2.1%.
Gross time sales increased $25 million, or 33.4%, including the new stations, while same-station time sales decreased 3.4% mostly due to a reduction in political spending in this off-election year.
Local time sales were up $15.8 million, or 34%, including the new stations. Same-station Local time sales decreased 1.9%. The company said lower spending in the automotive, furniture, health care and fast food categories was partially offset by higher entertainment and home improvement advertising.
National time sales increased $12 million, or 49.6%, including the new stations. Same-station National time sales rose 6%.
Total Political revenues were $1.3 million in the quarter compared with $4.1 million in the same quarter in 2006. The current year reflected spending for gubernatorial races, according to the company.
Same-station broadcast expenses increased 4%, excluding higher cost of goods sold at the division's equipment subsidiary. The increase was mostly due to higher salaries, benefits, programming and depreciation.