Belo Corp. reported first quarter net operating
revenue of $154.3 million, a 15.6% improvement on the revenue it reported in
the first quarter a year ago. Total spot revenue, including political, was up 17%, with
9.2% and 18% increases in local and national spot, respectively.
Automotive
advertising was up 45% for Belo, and NBC's Olympics and CBS' Super Bowl also
benefited the Belo stations. Political revenue in the quarter of 2010 was $6.3
million, $5.6 million higher than the first quarter of 2009.
Belo President/CEO Dunia A. Shive credited the
rebounding advertising market for the improvement. "While political,
Olympics and Super Bowl revenue all contributed to the year-over-year spot
revenue increase, improved advertising conditions in several of the company's
largest categories were also factors, especially automotive which was up 45%,"
she said. "The company's station EBITDA of $57.5 million in the first quarter
of 2010 was up 77% compared to the first quarter of 2009. The company reduced
its debt by $35 million during the quarter."
Belo's web revenue
was up 12% to $7.3 million in the first quarter of 2010. Retransmission consent
revenue totaled $11.6 million in the first quarter, a 19% increase compared to
2009. Retransmission revenue is expected to increase at more moderate levels in
the remaining quarters of 2010.
Total station
expenses decreased 4.1% in the first quarter, versus the same period last year.
Belo vet PeterDiaz was promoted to president of media operations last week.
