The company said the decrease was mostly due to “an expected and significant decrease” in political revenues in an off-election year. When factoring out political, broadcast revenues for the quarter increased nearly 9%.
QUARTERLY REPORT
Media General 4Q Revenue Down 12%
Media General Inc. today reported total revenues in the 2011 fourth quarter were $168 million, down $22 million, or 11.7%, from than the prior year’s quarter.
The company said the decrease was mostly due to “an expected and significant decrease” in political revenues in an off-election year. Political revenues in the fourth quarter of 2010 were $24 million, compared with only $3.6 million in the current quarter. Lower print revenues and a drop in advertising services revenues also contributed to the overall revenue shortfall.
The company reported a net loss in the fourth quarter of 2011 of $3.3 million, or 15 cents per share, including severance expense and impairment.
“Media General’s fourth-quarter results reflected several positive trends. Automotive advertising at our broadcast television stations increased 14% from the prior year. Excluding political revenues, total broadcast revenues increased nearly 9%,” said Marshall N. Morton, president and chief executive officer.
Read the company’s report here.
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