quarterly report

Media General 2Q Broadcast Rev. Up 13%

The boost is attributed to higher political revenues and a 42% increase in automotive spending.
By
TVNewsCheck,

Media General Inc. today reported total broadcast revenues in the second quarter increased approximately 13% from last year.

"Media General's second-quarter operating results included $7 million in political revenues and our television stations also benefited from increased automotive spending, which was up nearly 42% compared with last year," said Marshall N. Morton, president and chief executive officer. Total broadcast revenues in the second quarter increased 13%.

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Market Segments
Virginia/Tennessee segment profit in the second quarter was $10.5 million, compared to $11.3 million in the 2009 second quarter. Revenues declined 3% from last year, while expenses decreased 2%. Broadcast revenues were about even with the prior year, despite limited Political advertising at the market's two television stations in 2010 as the Virginia gubernatorial election was held in 2009.

Florida segment profit was $1.5 million, compared with $193,000 a year ago. Expenses decreased 4%, offsetting a 1% decline in total revenues. Broadcast revenues increased 17%, due to strong political advertising on WFLA, but were more than offset by lower publishing revenues. Political revenues were $1.6 million compared with essentially none last year, reflecting gubernatorial, U.S. Senate and U.S. House races.

Mid-South segment profit was $9.6 million, compared with $6 million in the prior year. Total revenues increased 12%, and broadcast revenues increased 17%. The Mid-South Market includes 11 television stations and only three community newspapers. Political revenues were $4.4 million, compared with $311,000 in 2009 and included robust spending for primary elections in South Carolina and Alabama.

North Carolina segment profit was $1.5 million, which was up slightly from last year. Revenues decreased 2%, and expenses were down 4% from last year. Broadcast revenues increased 10% and included political revenues of approximately $100,000 at the market's two television stations. The Raleigh station also benefited from significantly increased national revenues.

Ohio/Rhode Island segment profit was $3.7 million, compared with $2.6 million last year, due to strong political and national revenues from the segment's two television stations. Total revenues increased 10%. Political revenues were $708,000 compared with $119,000 in 2009.

Outlook
For the third quarter of 2010, Media General expects total revenues to increase 6-8%, compared with 2009.  Broadcast revenues in the third quarter are expected to increase more than 20%, mostly reflecting significant political revenues. 

Read the company's report here,

 

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TVGuy Nickname posted a year ago
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Nice to see a group doing this well, despite these challenging times.

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