Belo 2Q Revenue Increases 13%
Belo Corp. this morning reported total revenue increased 13% in the second quarter of 2010 versus the second quarter of 2009. Total spot revenue, including political, was up 15%, with increases of 10% and 24% in local and national spot, respectively.
The company said its revenue increases were the result of an improved advertising environment, led by the automotive category which was up 51%. Political revenue in the second quarter of 2010 was $2.5 million compared to $1.9 million in the second quarter of 2009.
Revenue associated with Belo's websites increased 14% to $8.1 million in the second quarter of 2010 versus 2009. Retransmission revenue totaled $11.7 million in the second quarter of 2010.
Dunia A. Shive, Belo's president-CEO, said: "Our revenue momentum, which began in late 2009, continued throughout the second quarter of 2010 resulting in a 15% increase in total spot revenue compared to the second quarter of 2009. Our core spot advertising revenue, which excludes political, increased 14%percent in the second quarter of 2010 compared to the second quarter of 2009. This was an improvement from the year-to-year increase of 12% in core spot advertising revenue we experienced in the first quarter of 2010, which included Olympics and Super Bowl revenue.
"The company's largest category, automotive, was up 51% in the second quarter of 2010 compared to the second quarter of 2009, an improvement from the year-to-year increase of 45% in the first quarter of 2010.
"We also experienced double-digit increases in several large categories like grocery and food products, retail, healthcare, financial services and home improvement. Political revenue of $2.5 million in the second quarter of 2010 increased $0.6 million from the second quarter of 2009, but was significantly less than the first quarter of 2010 due to the timing of political primaries in our markets.
"The company's station EBITDA was $64 million in the second quarter of 2010, a 28% increase over the second quarter of 2009, and our station EBITDA margin in the second quarter of 2010 was 39%."

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