LIN TV Corp. (“LIN Media” or the “Company”; NYSE: TVL), a local multimedia company, today reported results for its second quarter ended June 30, 2012.
Summary of Results for the Second Quarter Ended June 30, 2012
- Net revenues increased 20% to $121 million, compared to $101 million in the second quarter of 2011.
- Local revenues, which include net local advertising revenues, retransmission consent fees and TV station web site revenues, increased 14% to $74.3 million, compared to $65 million in the second quarter of 2011.
- Net political revenues were $7.6 million, compared to $1.8 million in the second quarter of 2011.
- Net national revenues increased 7% to $25.4 million, compared to $23.8 million in the second quarter of 2011.
- Interactive revenues, which include revenues from RMM and Nami Media 1, increased 50% to $10.5 million, compared to $7 million in the second quarter of 2011.
- Operating income increased 51% to $35 million, compared to $23.2 million in the second quarter of 2011.
- Net income per diluted share was $0.48, including a gain of $0.21 on the sale of discontinued operations, compared to $0.02 in the second quarter of 2011.
Commenting on second quarter 2012 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “A healthy rebound in automotive advertising, our unique multiplatform advertising solutions and strong political demand were the major drivers for our 20% increase in net revenues, which exceeded the high-end of our revenue guidance. In addition, interactive revenues increased 50% and continue to be a significant source of growth and opportunity. The third quarter is trending well as a result of strong automotive, Olympics and political advertising, as well as our ability to generate interactive sales."