Belo 4Q profit up 29 percent |
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Thu, 08 Feb 2007 15:24
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DALLAS (AFX) - Belo Corp., which publishes the Dallas Morning News and owns television stations, on Thursday said fourth-quarter earnings jumped 29 percent on robust demand for political TV advertising during an election year.Net income increased to $51.3 million, or 50 cents per share, from $39.9 million, or 36 cents per share, in the year-ago period. Quarterly revenue grew to $436.6 million from $411.9 million.Analysts projected per-share profit of 43 cents and sales of $434.5 million, according to a Thomson Financial poll.By segment, Belo's television division saw total revenue jump 17 percent in the fourth quarter on sharply higher political revenue. The newspaper group, however, posted a 3 percent decline in revenue on weaker demand for advertising.Traditional newspaper businesses have faced lagging sales amid growing competition from the Internet and new media.Belo's Web sites drew the sharpest sales increases. The television group saw its related Web site revenue jump 47 percent, while newspaper-related Web sites saw a 41 percent surge in revenue in the quarter.For the full year, Belo posted earnings of $130.5 million, or $1.26 per share, compared with $127.7 million, or $1.12 per share, in 2005. Revenue rose to $1.59 billion from $1.53 billion year over year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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