QUARTERLY REPORT

Belo 1Q Total Spot Dips 4.2%, But Core Is Flat

Total revenue for the pure-play station operator was down 2% as revenue from barter and trade advertising, network compensation, Internet advertising and retrans grew 10%.

Belo Corp., one of the nation’s largest pure-play, publicly-traded television companies, today reported total revenue decreased 1.9% in the first quarter of 2011 versus the first quarter of 2010.

Total spot revenue, excluding political, was up 0.4% with a 2.1% increase in local spot revenue and a 2.7% decrease in national spot revenue. Core local and national spot revenue was affected by the loss of Olympics and Super Bowl revenue from the first quarter of 2010, which totaled $10.7 million.

Total spot revenue, including political, was down 4.2% in the first quarter of 2011 compared to the first quarter of 2010. Political revenue in the first quarter of 2011 was $5.9 million lower than the first quarter of 2010.

Other revenue, which includes barter and trade advertising, network compensation, Internet advertising and retransmission revenue, was up 10%, due primarily to increases in Internet and retransmission revenue, which were partially offset by a decrease in network compensation.

Dunia A. Shive, Belo’s president-CEO, said: “Belo’s spot revenue excluding political was up slightly in the first quarter of 2011 despite difficult comparisons to the first quarter of 2010, which included significant Olympics and Super Bowl revenue. The company’s station adjusted EBITDA was $47.4 million in the first quarter of 2011. During the quarter, the company paid off the remaining balance of its revolving credit facility.”

Read the company’s report here.

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