Belo Revenue Takes 17% Rise In 3Q

Belo Corp. today reported that total revenue increased 17% in the third quarter of 2010 versus the third quarter of 2009. Total spot revenue, including political, was up 17.5%, with increases of 5% and 20% in local and national spot, respectively.

The company said that the revenue increase resulted from “an improved advertising environment led by the automotive category, which was up 30 percent, and political revenue.”

Political revenue in the third quarter was $11.2 million compared to $2.1 million in the third quarter of 2009. The company also experienced double-digit increases in several large revenue categories including financial services, telecommunications, retail and travel.

Revenue associated with Belo’s websites increased 23% to $9 million in the third quarter versus $7.4 million in the third quarter of 2009. Retransmission revenue totaled $11.8 million in the third quarter of 2010.

Dunia A. Shive, Belo’s president_CEO, said: “Belo’s total revenue grew 17% in the third quarter of 2010 making it the best quarter of the year in terms of year-over-year revenue growth. The strong revenue performance was due primarily to continued recovery in our core spot advertising business and $11.2 million in political revenue. The majority of our political revenue came from our television stations in Washington, Missouri and Texas.

“Core spot advertising revenue, which excludes political, increased 10% in the third quarter of 2010 compared to the third quarter of 2009. The company’s station adjusted EBITDA was $59 million in the third quarter of 2010, a 35% increase over the third quarter of 2009, and the station adjusted EBITDA margin in the third quarter of 2010 was 36%. The company reduced its debt by $41 million in the third quarter of 2010 and has reduced its debt by $79 million since Dec. 31, 2009.”

Read the company’s report here.