Earnings: Belo Q2 Profits, Revenues Drop; Online Growth Slows In Q2
This story was written by David Kaplan.
Local broadcaster Belo Corp (NYSE: BLC).not to be confused with its newspaper sibling AH Belo from which it split last yearsaw Q2 net earnings drop to 27.7 percent to $26.3 million from last year's $36.4 million. Revenues slid as well, coming in $188.9 million from $198.2 million, a fall of 4.7 percent. On the online side, things were only somewhat brighter, as the Dallas company's website ad revenues were up 7.3 percent to $7.5 million in Q2, representing 4 percent of Belo's total revenues. That's still considerably weaker than Belo's Q108 online ad revenue, which grew 32 percent to $6.9 million. Belo said that the weaker growth in the most recent quarter were skewed by a one-time promotion in Q207. The company said internet revenues are currently pacing at growth levels more in line with Q108.
Release | Webcast (2:00 PM EDT)
By David Kaplan