Core local and national advertising sales combined, excluding political ad sales, increased 13% to $85.1 million, with automotive up by 41%. Political ads brought in 32% more and retrans money grew by 4%.
QUARTERLY REPORT
LIN Posts 27% Gain In 3Q Revenue
LIN TV Corp. today reported third quarter results that included a 27% increase in net revenue to $103.6 million, compared to $81.4 million for the third quarter of 2009.
Core local and national advertising sales combined, which excludes political advertising sales, increased by 13% to $85.1 million, compared to $75.6 million for the third quarter of 2009.
Advertising categories for which revenues increased for the third quarter of 2010, compared to the same quarter last year, include automotive, financial services and communications. The automotive category, which was LIN’s top category and represented 24% of its core advertising sales for the quarter, increased by 41% to $20.6 million, compared to $14.6 million for the third quarter of 2009.
Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased by 54% to $16.0 million, compared to $10.4 million for the third quarter of 2009. Retransmission consent fees increased 4% in the third quarter compared to the same period in 2009, primarily due to contractual rate increases in per subscriber fees, and an increase in subscriber levels compared to the third quarter of 2009.
Internet advertising and other interactive revenues increased 209% for the third quarter of 2010, including revenues from the October 2009 acquisition of RMM, compared to the third quarter of 2009.
Political revenues increased by $9.5 million to $12.5 million, compared to $3 million for the same quarter in 2009.
BRAND CONNECTIONS
Operating income increased by 95% to $26.8 million, compared to operating income of $13.8 million in the third quarter of 2009.
Net income per diluted share was $0.15, compared to net loss per diluted share of $0.02 in the third quarter of 2009.
Commenting on third quarter 2010 results, the company’s President-CEO Vincent L. Sadusky said: “We delivered strong third quarter results, despite a late start to the political season and continued economic uncertainty. Our digital business grew more than 50 percent in both revenue and user engagement compared to prior year, and continues to be a significant source of growth and opportunity.”
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