Actual net revenue including seven new stations grew 28%.
LIN TV Corp. reported today a 5.3% increase in pro forma net revenue ($100.8 milion) for the first quarter of 2006.
Actual revenue for the revenue increased 28% to $100.8 million compared to $78.8 million in the first quarter of ’05, while actual operating income inched up just 3.8% to $8.8 million.
The pro forma results include those of seven stations that LIN acquired during 2005 as if they had all been acquired on Jan. 1, 2005.
“LIN TV is off to a good start in 2006,” said LIN President and CEO Gary Chapman. “Our revenue growth of 28% was driven by the stations we acquired last year and by organic revenue growth at our other stations.”
“The Olympics provided an advertising catalyst at our NBC stations in the first quarter, and we expect the demand for political advertising to drive results in the second half of 2006. In addition, we were pleased that the seven stations we acquired in 2005 led our growth in the first quarter of 2006.
“We used our cash flow to both reduce amounts outstanding under our credit facility and to repurchase our class A common stock.”