LIN TV Corp. (“LIN Media” or the “Company”; NYSE: TVL), a local multimedia company, today reported results for its third quarter ended September 30, 2012.
Summary of Results for the Third Quarter Ended September 30, 2012
- Net revenues increased 36% to $133.1 million, compared to $97.8 million in the third quarter of 2011.
- Net political revenues were $20.4 million, compared to $2.3 million in the third quarter of 2011.
- Local revenues, which include net local advertising revenues, retransmission consent fees and TV station web site revenues, increased 17% to $73 million, compared to $62.3 million in the third quarter of 2011.
- Net national revenues increased 11% to $26.1 million, compared to $23.5 million in the third quarter of 2011.
- Interactive revenues, which include revenues from RMM and Nami Media 1, increased 60% to $10.9 million, compared to $6.8 million in the third quarter of 2011.
- Operating income increased 117% to $44.4 million, compared to $20.4 million in the third quarter of 2011.
- Net income per diluted share was $0.36, which includes a charge for a special item of $0.05 per share, compared to $0.05 in the third quarter of 2011, which included a charge for a special item of $0.03 per share.
Commenting on third quarter 2012 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “LIN Media delivered another impressive quarter of financial results reflecting strong growth in all major revenue streams, which contributed to the highest third quarter revenue and EBITDA in our history as a public company. In addition to record political spending on our leading local news stations, local revenues increased 17% and interactive revenues were up 60% from the prior year. Looking forward, our long-term strategy and the increased demand for our innovative multimedia advertising solutions position us well for the remainder of 2012 and beyond.”