Political ad money and digital revenue, comprising Internet and retransmission consent contributions, lead the gain.
LIN 4Q Revenue Climbs 24%
LIN TV Corp. today reported results for its fourth quarter ended Dec. 31, 2010, that included an increase in net revenues of 24% to $125.1 million, compared to $101.1 million in the fourth quarter of 2009.
Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased by 28% to $17.1 million, compared to $13.4 million in the fourth quarter of 2009.
Political revenues increased by $19.9 million to $28.2 million, compared to $8.3 million in the fourth quarter of 2009.
Operating income increased by 50% to $44.2 million, compared to operating income of $29.4 million in the fourth quarter of 2009.
Net income per diluted share was $0.37, compared to net income per diluted share of $0.21 in the fourth quarter of 2009.
Commenting on the results, the company’s President-CEO Vincent L. Sadusky said: “2010 was marked by significant improvement in advertising, despite the economy’s slow rebound, as local TV continued to prove its unparalleled reach and effectiveness. Our unique local advertising platforms, programs and coverage kept our inventory in high demand during this election year and resulted in 16% higher political advertising revenues in the fourth quarter of 2010 than in the fourth quarter of 2008, the last major political year.
“Also driving our strong performance was our ability to achieve sustainable digital revenue growth of 28% for the quarter and 42% for the year, along with continued cost discipline, both of which will remain our focus in 2011.”
Read the company’s report here.