Lower core local and national ad sales, combined with fewer political dollars shrink revenue to $81.4 million. Internet ads and retrans consent money increase 28% to $10.4 million.
LIN TV Corp. today reported third quarter 2009 results. Net revenues decreased 18% to $81.4 million, compared to $98.8 million in the third quarter of 2008.
Core local and national advertising sales combined, which excludes political advertising sales, decreased 16% to $75.6 million in the third quarter of 2009, compared to $90.3 million for the same period in 2008, reflecting “the continued impact of the economic downturn nationally and across all of the company’s markets,” LIN said.
The company’s political advertising sales were $3 million, compared to $11.4 million in the same period last year.
Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased 28% to $10.4 million, compared to $8.1 million in the third quarter of 2008.
General operating expenses decreased 9% to $60.9 million, compared to $66.8 million in the third quarter of 2008.
Operating income was $13.8 million, compared to operating income of $24.5 million in the third quarter of 2008.
Loss from continuing operations was $0.9 million, including a special item of $1.2 million after-tax, compared to income from continuing operations of $10.2 million in the third quarter of 2008.
Net loss per diluted share was $0.02, compared to net income per diluted share of $0.20 in the third quarter of 2008.
Commenting on the third quarter results, LIN TV’s President-CEO Vincent L. Sadusky said: “As anticipated, the economic conditions in our markets remained difficult which resulted in reduced advertising expenditures by our advertisers. Our efficiency plan resulted in meaningful expense reductions and coupled with digital revenue growth, allowed us to exceed our guidance. Looking ahead, the pace of economic growth and recovery remains uncertain, however, we are experiencing modest improvement in advertising demand. We believe our productivity gains, continued growth in our digital business and the return of political advertising will result in significant cash flow growth in 2010.”