An $8 million jump in political ads and double-digit gains in both retransmission consent and Internet revenue delivers $178 million in quarterly total revenue.
Belo Corp. today reported total revenue of $178 million in the second quarter of 2012, which was $11 million, or 7%, higher than the second quarter of 2011.
Political revenue in the second quarter totaled $9.5 million, an $8.3 million increase compared to the second quarter of 2011.
Total spot revenue, including political, was up 6% compared to the second quarter of 2011. Total spot revenue, excluding political, was down 0.5% with a 2.3% increase in local spot revenue and a 5.5% decrease in national spot revenue.
Other revenue, which is composed primarily of Internet advertising, retransmission revenue, and barter and trade advertising, was up 12% in the second quarter of 2012 due primarily to double-digit increases in both Internet and retransmission revenue.
Station salaries, wages and employee benefits increased $1.9 million, or 3.5%, during the second quarter versus a year earlier, due primarily to annual merit increases for employees and higher accrued performance-based bonus expense.
Station programming and other operating costs were down $4.5 million, or 8.5 percent, in the second quarter of 2012 compared to the second quarter of 2011 due primarily to lower syndicated programming expense.
Dunia A. Shive, Belo’s presidentCEO, said: “Second quarter total revenue increased 7% compared to the second quarter of 2011. Political revenue totaled $9.5 million, with $5 million attributable to the Senate primary in Texas. The company also received meaningful political revenue in Charlotte, Norfolk and St. Louis. Core spot revenue was up in many of the company’s markets in the second quarter of 2012, but was down slightly overall compared to last year due to softness in national spot in certain markets. Third quarter total spot revenue is currently pacing up in the high-teens with strong core and political revenue.”
Read the company’s report here.