Broadcaster Belo Corp. says 2Q income dropped

AP News
Posted: Aug 04, 2011 11:06 AM
Broadcaster Belo Corp. says 2Q income dropped

TV station owner Belo Corp. said Thursday that its second-quarter net income fell 7 percent from last year, when results reflected a one-time benefit. It provided a third-quarter forecast that was below Wall Street's expectations.

For the April-June period, Belo Corp. had net income of $18.1 million, or 17 cents per share, compared with $19.5 million, or 19 cents per share, a year earlier. Last year's results were boosted by 3 cents per share because of a pension-plan adjustment.

Revenue rose 2 percent to $166 million, from $163 million.

Analysts polled by FactSet were on average expecting earnings of 15 cents per share and revenue of $168 million for the quarter.

For the third quarter, Belo Corp. expects revenue to fall in the mid-single-digit percentage from last year, when the company benefited from political ads. It expects revenue from other ads to be flat. Analysts were expecting a 2.4 percent rise in revenue.

The company's stock fell 44 cents, or 6.9 percent, to $5.91 in morning trading Thursday.

Belo Corp., which is based in Dallas, owns and operates 20 TV stations.