Belo Corp. Gains Big From Political, Olympics Revenue
"We generated $17.7 million in political revenue and $13.4 million in Olympics revenue in the third quarter of 2012, both of which were significantly higher than we recorded in the third quarter of 2008," said Dunia Shive, the company's president and CEO, in a release.
Net earnings nearly doubled, from 13 cents to 24 cents a share.Belo's TV station business had a 50% improvement in cash flow -- earnings before interest, taxes, depreciation, and amortization.
Total spot revenue, including political, climbed 18%. Taking out political, spot revenue, was up 5.1%. This came from a 4.6% improvement in local spot business and a 5.8% gain in national spot revenue.
Other revenue -- Internet advertising, retransmission revenue, and barter and trade advertising -- gained 9%. Belo says both Internet and retransmission revenue had double-digit percentage increases during the period.
Looking ahead, Belo expects total fourth quarter political advertising to finish between $29 million and $30 million.