Posted on 07/27/2007 7:55:48 AM PDT by abb
DALLAS (AP) -- Belo Corp., a publisher and television station owner, said Friday its second-quarter profit fell 15 percent as it struggles with weak newspaper advertising. The earnings results still beat Wall Street expectations. Net income dropped to $36.4 million, or 35 cents per share, for the April-June period compared with $42.7 million, or 41 cents per share, a year ago.
The prior year's results included a $7.5 million gain from a vendor payment.
Quarterly revenue fell 3 percent to $390.5 million from $403.6 million in the previous year.
Analysts surveyed by Thomson Financial predicted earnings of 31 cents per share on sales of $396.5 million.
Its shares fell 18 cents to $18.46 in morning trading Friday.
Television group revenue rose 2.5 percent, while newspaper group revenue declined 8.5 percent on weak newspaper advertising conditions and a slowdown in the Southern California housing market.
Belo expects third-quarter television group revenue to be slightly higher than the year-ago period, with newspaper revenue coming in lower than last year.
ping
Okay, it is my fault. The Dallas Morning News calls me at least twice a week on my cell phone asking me to subscribe. i have not subscribed in years but here I am running up their phone bill. Tsk-tsk (BTW I have plenty of spare minutes on my cell package which is quite handy when telling these mental midgets at the DMN not to call in in phrases both exotic and explative).
I picked up a DMN this morning, shopping for a car, and I think they should rename it NY Times in Dallas.
I didn't realize that BELO owns 21 television stations.
bump
“I picked up a DMN this morning. . .”
You got the acronym wrong. It’s the DaMN.
To their credit, per BLC's latest 10-Q they apparently passed on taking out a bank loan to finance their dividend. Unfortunately their 10-Q also shows BLC stubbornly clinging to its broken dream that ownership of dinosaur delivery infrastructure amounts to something.Belo Declares Quarterly Dividend
Friday July 27, 12:37 pm ET
Belo Declares Quarterly Cash Dividend of 12.5 Cents Per Share
DALLAS (AP) -- Belo Corp. on Friday announced a quarterly cash dividend of 12.5 cents per share on its Series A and Series B stock.
The Dallas-based company will pay the dividend Sept. 7 to shareholders of record Aug. 17.
Shareholder's equity 1,530,344 Intangible assets (1,338,817) Goodwill (1,237,898) Net shareholder's equity (1,046,371)
Looks like a big 'ole asset impairment writedown coming purty soon.
Ah yes. Thanks for trotting our their high brow euphemism for sticking it to shareholders. It keeps everything so civilized. LOL.
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