Belo Rev. Up 14% In 4Q, 10% For Full Year

Belo Corp. today reported fourth quarter and full year 2012 financial results that included 4Q revenue of $205 million, which was $25 million, or 14%, higher than the fourth quarter of 2011.

Combined station and corporate operating costs were up 8% in the fourth quarter of 2012 compared to the fourth quarter of 2011.

Political revenue totaled $32.4 million in the fourth quarter, which was $26.5 million higher than the fourth quarter of 2011.

Total spot revenue, including political, was up 15% in the quarter versus the 2011 period. Due mostly to crowd-out from political revenue, spot revenue, excluding political, was down 3% with a 4% decrease in local spot revenue and a 1% decrease in national spot revenue.

Other revenue, which is composed primarily of Internet advertising, retransmission revenue and barter and trade advertising, was up 8% compared to the fourth quarter of 2011 and included double-digit percentage increases in both retransmission and Internet revenue.

Other revenue in the fourth quarter of 2011 included network compensation.

Station salaries, wages and employee benefits were up 6% percent versus the year-ago quarter due to higher accrued performance-based bonuses and modest increases in salaries and sales commissions.

Station programming and other operating costs were up 7% versus the fourth quarter of 2011 due primarily to higher national representation fees associated with higher political revenue and higher programming expense.

Station-adjusted EBITDA totaled $94 million in the fourth quarter of 2012, an increase of 23% from the 2011 quarter.

For full year 2012, total revenue was $715 million, an increase of $65 million, or 10%, versus full year 2011. Combined station and corporate operating costs were up 2%.

Political revenue totaled $61.2 million in 2012, $51.6 million higher than 2011. Full year 2012 spot revenue, including political, was up 10% versus 2011. Total spot revenue, excluding political, was up 0.4% for full year 2012 with a 1.5% increase in local spot revenue and a 1.5% decrease in national spot revenue when compared to 2011.

Other revenue, which is composed primarily of Internet advertising, retrans revenue and barter and trade advertising, was up 9% in 2012 versus 2011 and included double-digit percentage increases in both Internet and retransmission revenue. Other revenue in 2011 included network compensation.

Commenting on the company’s operating performance, Dunia A. Shive, Belo Corp.’s president-CEO, said: “The company’s fourth quarter performance was driven by $26.5 million in incremental political revenue and continued strength in the automotive category, leading to a total spot revenue increase of 15% compared to the fourth quarter of 2011.

“The company’s significant cash flow generation in 2012 enabled us to pay a special dividend of $0.25 in the fourth quarter in addition to increasing our regular quarterly dividend by 60%, to $0.08 per share, earlier in the year.”

Read the company’s report here.