LIN TV Corp. Announces Fourth Quarter And Full Year 2011 Results

LIN TV Corp. (“LIN Media”; NYSE: TVL), a local multimedia company, today reported results for its fourth quarter and full year ended December 31, 2011. ¹

Summary of Results for the Fourth Quarter Ended December 31, 2011

• Net revenues decreased by 8% to $111.5 million, compared to $121.7 million in the fourth quarter of 2010. Excluding net political advertising, revenues increased 11% to $108.5 million, compared to $97.9 million for the same quarter in 2010.
• Local revenues, which include net local advertising revenues, retransmission consent fees and TV station web site revenues, increased 12% to $69.8 million, compared to $62.2 million in the fourth quarter of 2010.
• Net national revenues decreased by 2% to $26.1 million, compared to $26.5 million in the fourth quarter of 2010.
• Net political revenues were $3.0 million, compared to $23.8 million in the fourth quarter of 2010.
• Interactive revenues, which includes revenues from RMM, the Company’s online advertising and media services business, and Nami Media, the Company’s digital advertising management and technology company, increased by 54% to $8.4 million, compared to $5.5 million in the fourth quarter of 2010.
• Operating income decreased by 32% to $29.8 million, compared to operating income of $43.6 million in the fourth quarter of 2010.
• Net income per diluted share was $0.76, which includes special items of $0.63 per share, as further described below, compared to net income per diluted share of $0.38 in the fourth quarter of 2010.

Summary of Results for the Full Year Ended December 31, 2011

• Net revenues decreased by 2% to $400.0 million, compared to $408.2 million in 2010. Excluding net political advertising, revenues increased 7% to $391.9 million, compared to $366.6 million in 2010.
• Local revenues increased by 7% to $255.5 million, compared to $237.7 million in 2010.
• Net national revenues decreased by 3% to $95.7 million, compared to $98.9 million in 2010.
• Net political revenues were $8.1 million, compared to $41.6 million in 2010.
• Interactive revenues increased by 66% to $27.2 million, compared to $16.4 million in 2010.
• Operating income decreased by 20% to $89.1 million, compared to operating income of $111.8 million in 2010.
• Net income per diluted share was $0.85, which includes special items of $0.58 per share, as further described below, compared to net income per diluted share of $0.66 in 2010.

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¹ The following summary of results excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale at year end, and are presented as discontinued operations in the accompanying consolidated statements of operations and cash flows.

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Commenting on fourth quarter and full year 2011 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “We had a strong fourth quarter finish to a year marked by many successes, including record interactive results and the best odd-year EBITDA and EBITDA margin in nearly a decade. We achieved these results despite persistent economic weakness and while continuing to invest in our growth platforms. Looking ahead, we are optimistic about further economic recovery and its positive impact on TV advertising in 2012.”

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