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LIN TV Corp. (“LIN Media”; NYSE: TVL), a local multimedia company, today reported its third quarter 2011 results.
Summary of Results for the Third Quarter Ended September 30, 2011
Net revenues decreased by 3% to $100.8 million, compared to $103.6 million for the third quarter of 2010.
Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased by 38% to $22.1 million, compared to $16.0 million for the third quarter of 2010.
Political revenues decreased by 78% to $2.8 million, compared to $12.5 million for the third quarter of 2010.
Operating income was $20.6 million, compared to operating income of $26.8 million for the third quarter of 2010, which included a non-recurring gain of $1.6 million related to an exchange of broadcast equipment.
Net income per diluted share was $0.05, which includes a charge for a special item of $0.03 per share, compared to net income per diluted share of $0.15 for the third quarter of 2010.
Commenting on third quarter 2011 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “Our continued digital revenue growth helped offset the decrease in political revenue and current economic challenges. We are encouraged to see positive indicators for the fourth quarter and our new senior secured credit facility reduces our cost of capital and provides financial flexibility, positioning us well for 2012.”
Operating HighlightsTV Station Ratings and Revenue
The Company was ranked number one or number two for 81% of its ABC, CBS, FOX and NBC news stations in their local markets based on viewership among key demographics 1.
Core local and national advertising sales combined, which excludes political advertising sales, were flat at $85.0 million for the third quarter of 2011 and 2010. Sales in the automotive category, which represented 24% of local and national advertising sales for the three months ended September 30, 2011, decreased by 3% to $20.4 million, compared to $21.0 million for the third quarter of 2010. The decline in the automotive category was offset in part by a 3% increase in the restaurant category and a 5% increase in the services category, which represented 11% and 7% of local and national advertising sales, respectively, for the three months ended September 30, 2011, compared to the third quarter of 2010.