LIN TV Reports Solid Second QuarterJuly 22, 2010
PROVIDENCE, R.I.: LIN TV posted its second double-digit revenue
rise of the year. Second quarter revenues for the pure-play TV company were
$99.5 million, up 21 percent from a year earlier. First-quarter revenues were
$91.8 million, up 23 percent from 1Q09. LIN owns and/or operates 32 TV stations
in 17 markets.
“Our results demonstrate continued, sustained improvement over 2009," said LIN President and CEO
Vincent L. Sadusky. “Television advertising has experienced a strong recovery
and our digital business, which now constitutes 15 percent of our total
revenues, continues to grow and differentiate us as a local multimedia
company.”
- Digital revenues, which include
Internet advertising and retransmission consent fees, increased 44 percent to
$14.7 million, compared to $10.2 million for the second quarter of 2009.
- Political revenues increased by $3.9 million to $5.3 million, compared to
$1.4 million last year.
- General operating expenses increased by 12 percent to $69 million, reflecting
“incremental operating expense associated with the acquisition of RMM in 2009,
as well as increases in variable direct costs attributable to the
growth in revenue.”
Operating income was $25.1 million, compared to an operating loss of $25.8
million in 2Q09, which included a non-cash impairment charge of $39.9 million.
Net income was $3.6 million versus a net loss last year of $25.5 million on
impairments. Per-share diluted income was 7 cents versus a loss of 50 cents
last year.
LIN finished the second quarter June 30 with negligible cash and equivalents,
compared to $2 million as of Dec. 31, 2009. Current portion of long-term debt
was $7 million versus $16.4 million Dec. 31, 2009.
Based on current pacings, LIN said third-quarter net revenues would increase
from 24 to 33 percent over the $81.4 million posted in 3Q09.
Shares of LIN (NYSE: TVL) gained nearly 4 percent today to trade at $5.33.
Shares are up nearly 20 percent year-to-date.
-- Deborah D. McAdams
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