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Earnings

Q2 Earnings: Nexstar Revenue Rises 42%

Nexstar Broadcasting reported net revenue of $126.2 million for the second quarter of 2013, a 42% increase compared to the year-ago quarter.

Local and national core revenue was up 44% compared to the second quarter of 2012, with local revenues up 40.9% and national revenues up 51.8%. E-media revenues and retransmission revenues were also up significantly for the quarter, increasing 73.2% and 63.1%, respectively. Political revenues fell 69.5% in the non-election year.

“Nexstar’s growth and operating momentum is accelerating in 2013 and we remain confident that continued year-over-year growth in all of our non-political revenue sources in the second half of the year will result in record annual revenue and free cash flow,” Nexstar chairman and CEO Perry A. Sook said in a statement.

Q2 Earnings: Scripps TV Revenue Down 5%

Revenue for the Scripps station group was $111.4 million in the second quarter of 2013, down $5.7 million from the year-ago quarter. An expected decline in political advertising lead to the loss in revenue. Excluding political advertising, the company’s television revenues increased 4.5%

Local and national advertising revenues were up 1.5% and 3.3%, respectively, in the second quarter. Retransmission revenue was up 34%, and digital revenue was up 14%. Expenses for the station group were down 1.6% due to lower syndicated programming costs, and profit in the television division also declined from $34.9 million in the second quarter of 2012 to $30.5 million this year.

“Although masked by the near absence of political advertising in 2013, the off year for elections, our core television revenues showed good growth on the strength of  expanding local audiences,” Scripps chairman, president and CEO Rich Boehne said in a statement.

Q2 Earnings: Post-Newsweek Revenue Up 4%

The Washington Post Co. reported a $99.3 million in revenue for the Post-Newsweek stations during the second quarter of 2013. This was a 4% increase compared to the second quarter of 2012.

Operating income for the quarter was up 9% to $47.7 million, from $43.7 million in the year-ago quarter. For the first six months of the year, the company reported a 4% increase in revenue, $186.5 million compared to $177.1 million int he same period of 2012. Operating income for the first half of the year also increased 11% to $83.1 million.

“The increase in revenue and operating income reflects growth in advertising demand across many product categories; incremental advertising revenue from the NBA finals broadcast at the division’s ABC affiliates in Miami and San Antonio; and increased retransmission revenues. The increase in revenue and operating income was offset partially by a $5.3 million and $8.1 million decline in political advertising revenue in the second quarter and first six months of 2013, respectively,” the company said in a statement.

Q2 Earnings: Journal’s Television Revenue Rises 22.5%

Journal Communications reported $43 million in revenue from television stations during the second quarter of 2013, up 22.5% (6.9% on a same-station basis) from the year-ago quarter, excluding political revenue.

Political advertising revenue dropped from $5.2 million in Q2 2012 to $0.2 million in the non-election year. Local and national advertising revenue, excluding political, were up 43.2% and 31%, respectively. On a same-station basis, local ad revenue was up 6.8% and national ad revenue declined 1%.

Operating earnings from Journal’s television station groups were $8.5 million, a decrease of 2.2% on the year-ago quarter (48.2% on a same-station basis). Both declines were due to “the loss of high-margin political revenue in 2013,” according to the company’s press release. Operating expenses increased 30.6%, (4.9% on a same-station basis), excluding acquisition costs, due to increases in network fees and employee-related costs.

Q2 Earnings: LIN Media Net Revenue Up 36%

LIN Media reported a $164.3 million in net revenues during the second quarter of 2013, a 36% increase on the year-ago quarter.

Local revenues, including net local advertising revenues, retransmission consent fee revenues and television station website revenues, rose to $107.1 million, an increase of 44% compared to the second quarter of 2012. Net national revenues were also up 28% for the quarter.

In the non-election year, net political revenues decreased to $1.5 million from $7.6 million in Q2 2012. LIN Media president and CEO Vincent L. Sadusky said in a statement that the absence of political revenues will “negatively impact growth for the remainder of 2013.”

“Our results were driven by our recent television station acquisitions, higher pay TV subscriber fees and signficiant growth in our digital business, both organically and by adding HYFN and Dedicated Media to our portfolio,” Sadusky said. “…We will continue to remain focused on executing our strategy that has helped transform LIN Media into a more diversified, multimedia company with superior content and marketing solutions for every screen.”

Q2 Earnings: Belo Revenue Declines 2.3%

Belo Corp. reported $174 million in revenue during the second quarter of 2013, a 2.3% decline compared to the year-ago quarter. Excluding political revenue, which was down $8.3 million in the non-election year, Belo reported a 2.5% increase in revenue compared to the second quarter of 2012.

Core spot revenue was up 1.6%, with national spot revenues up 4% and local spot revenues up 1%. Belo attributed the growth to “strength in the telecommunications and automotive categories which were up 68 percent and 9 percent, respectively, partially offset by lower spending in the healthcare, restaurant and retail categories which were down 18 percent, 7 percent and 5 percent, respectively.”

Other revenue, including Internet advertising, retransmission revenue and barter and trade advertising, was up 6% compared to the year-ago quarter. Station salaries, wages and employee benefits were flat compared to the second quarter of 2012.

Belo is in the process of being acquired by Gannett.

Q2 Earnings: Meredith Local Media Group Revenues Rise 9%

Meredith Local Media Group reported $92 million in revenue in the second quarter of 2013, up 9% from the year-ago quarter.

Operating profit for the quarter rose to $28 million, “as higher retransmission-related revenues were partially offset by higher programming fees paid to affiliated networks, and $3 million less of political advertising revenues,” according to the company.

In fiscal 2103, Local Media Group revenues rose 19% to a record high of $376 million. Operating profit was also a record high $124 million, a 41% increase on the year-ago quarter. Non-political advertising revenues declined slightly, but automotive, furnishings and media categories all improved. The company also reported $39 million in political revenues, another record for Meredith.

“Our record financial performance speaks to the fundamental strength of our television broadcasting business,” Local Media Group president Paul Karpowicz said in a statement. “We continue to engage viewers with compelling content across media platforms to position ourselves for ongoing growth.”

Q2 Earnings: Gannett Television Revenues Rise 3.6%

Gannett Co. reported $204.8 million in television revenues during the second quarter of 2013, an increase of 3.6% on the year-ago quarter.

Retransmission revenues rose 62.3%, while core advertising revenues were up 1.5%. Operating expenses in the broadcasting segment were $113.9 million, up 2.8% compared to the year-ago quarter. Gannett said the increase reflects “higher costs associated with stragetic initiatives.”

“Our long-term strategic plan — with a focus on both investment and execution — continues to position us for success well into the future. Gannett’s pending acquisition of Belo, and finding new ways to get content and offerings to the right user at the right time, are steps in our long-term strategy,” president and CEO Gracia Martore said in a statement. “We are accelerating our transformation into the ‘New Gannett’ every day.”

Net Revenues For LIN TV Corp. Rise 37%

LIN TV Corp. reported net revenues of $141 million in the first quarter of 2013, a 37% increased on $103.2 million in the year-ago quarter.

Local revenues, which include net local advertising revenues, retransmission revenues and station website revenues increased 47% to $99.4 million. Net national revenues were also up to $29.5 million, a 28% increased on the year-ago quarter. As expected in a non-election year, political revenues were down.

“After achieving record results last year, ad revenue is off to a slower start in 2013. However, retransmission revenues and the continued growth and contribution of our digital business more than offset declines,” president and CEO Vincent L. Sadusky said in a statement.

Nexstar Broadcasting Revenue Up 34% in Q1

Nexstar Broadcasting reported $112.2 million in net revenue during the first quarter of 2013, a 34% increase on the year-ago quarter’s $83.6 million.

Local revenues were up 31.9% for the quarter and national revenues were up 34.3%. Political revenues were down significantly in the non-election year, but retransmission fees were up 64.2% and e-media revenue was up 57.3%. Broadcast cash flow was $39.8 million, an increase of 16.9% on the year-ago quarter.

“Industry revenue improved each month during the first quarter and this trend continues for Nexstar in the second quarter to date,” Nexstar chairman, president and CEO Perry A. Sook said in a statement. “As such, we are well positioned to grow all of our non-political revenue sources throughout 2013.”

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