Earnings: Belo Corp. Q4 Net Loss Grows, As Online Ads Rose 5.1 Percent
This story was written by David Kaplan.
Belo Corp., the broadcast TV operator not to be confused with its newspaper cousin AH Belo (NYSE: AHC), saw its losses widen in Q4 as revenues fell 8.8 percent. The Dallas company lost $358.8 million ($3.51 per share) compared with Q407's $333.4 million ($3.23 per share) loss. Pro forma earnings per share from continuing operations were $0.28 and $0.78 for the quarter and the full year, respectively, beating Thomson Reuters' analysts' consensus of $0.26, AP reported. Aside from the wider impact from the economy, Belo Corp.'s (NYSE: BLC) results were impacted from charges related to last October 2007's spin-off plan, which separated the broadcast operations from the newspaper business.
Online: Ad revs at Belo's TV station websites grew 5.1 percent in Q4 and 14 percent for the full year 2008. Online dollars surpassed $30 million for the year and represent over 4 percent of the company's total revenue.
Release | Webcast (2:00 PM EDT)
By David Kaplan