LIN 2Q Revenue Climbs 15% To $188.8 Million
LIN Media today reported results for its second quarter that included an 8% increase in net broadcast revenue to $155.6 million compared to $143.5 million in the second quarter of 2013.
Local revenues, which include net local advertising revenues, retransmission consent fee revenues and television station website revenues, increased 10% to $117.3 million compared to $107.1 million in the second quarter of 2013.
Net digital revenues increased 59% to $33.2 million compared to $20.8 million in the second quarter of 2013.
Operating income increased 22% to $32.7 million compared to $26.9 million a year ago.
Total net revenue for the company rose 15% to $188.8 million compared to $164.3 million in the second quarter.
Net national revenues decreased 5% to $31 million compared to $32.6 million in the same period a year ago.
Net core advertising revenues (local and national) were flat compared to the second quarter of 2013.
Net political revenues were $4.6 million compared to $1.5 million last year.
The automotive category, which represented 25% of local and national advertising sales in the second quarter, increased 3% as compared to the second quarter of 2013.
Commenting on second quarter 2014 results, company President-CEO Vincent L. Sadusky said: "Our strong results were driven by continued growth of our digital media business, higher pay-television subscriber fees and a 3% increase in automotive advertising. We are making progress on our pending merger with Media General, and I am excited about the numerous opportunities for the combined company. Looking ahead, national advertising continues to negatively impact core advertising growth but we anticipate strong political advertising demand in the third and fourth quarters and we are well positioned to capture a significant share of this revenue.”