• by Wayne Friedman , July 31, 2009

Another indication that TV station groups are still having a rough time with weakening advertising sales comes from Belo Corp.'s latest financial results.

The company's second-quarter revenue sank 23% to $145 million. For Belo, there was more trouble from the automotive advertising category, which dropped 53% versus the same period in 2008.

Net earnings from continuing operations were cut more than half to $10.3 million from $26.4 million in second-quarter 2008.

Piling on was the fact that total spot revenue -- including lower results from political advertising -- was down 28%. Political revenues were $1.8 million less in the second quarter than the same period in 2008.

Newer businesses -- Internet Web sites -- did not offer better news, with advertising dropping 5.1% to $7.1 million in the quarter. Advertising sales from digital advertising represent 5% of Belo's total revenue.

Retransmission revenue came in at $11.4 million -- almost 8% of the company's total revenues. Belo expects to tally around $41 million in 2009, although it forecasts some improvement in the coming months.

"The combined local and national spot percentage decline in June was better than May, and July will be better than June," said Dunia A. Shive, president and CEO of Belo Corp., in a release. "Current pacings indicate that the third quarter combined local and national spot percentage decline will improve from the second quarter."

He added: "Looking at third-quarter visibility is limited, due to later booking of spot advertising and uncertainty surrounding the timing of automotive spending from GM and Chrysler."