LIN 3Q Revenue Down 3% To $101M

LIN TV Corp. today reported its third quarter 2011 results.

Net revenues decreased by 3% to $100.8 million, compared to $103.6 million for the third quarter of 2010.

Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased by 38% to $22.1 million, compared to $16.0 million for the third quarter of 2010.

Political revenues decreased by 78% to $2.8 million, compared to $12.5 million for the third quarter of 2010.

Operating income was $20.6 million, compared to operating income of $26.8 million for the third quarter of 2010, which included a non-recurring gain of $1.6 million related to an exchange of broadcast equipment.

Net income per diluted share was $0.05, which includes a charge for a special item of $0.03 per share, compared to net income per diluted share of $0.15 for the third quarter of 2010.

Core local and national advertising sales combined, which excludes political advertising sales, were flat at $85 million.

Sales in the automotive category, which represented 24% of local and national advertising sales for the three months ended Sept. 30, decreased by 3% to $20.4 million, compared to $21 million for the third quarter of 2010.

The decline in the automotive category was offset in part by a 3% increase in the restaurant category and a 5% increase in the services category, which represented 11% and 7% of local and national advertising sales, respectively, for the quarter.

Commenting on third quarter 2011 results, the company’s President-CEO Vincent L. Sadusky said: “Our continued digital revenue growth helped offset the decrease in political revenue and current economic challenges. We are encouraged to see positive indicators for the fourth quarter and our new senior secured credit facility reduces our cost of capital and provides financial flexibility, positioning us well for 2012.”

Read the company’s report here.