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LIN TV Corp. Announces Record Fourth Quarter And Full Year 2012 Results

Stocks in this article: TVL

LIN TV Corp. (“LIN Media” or the “Company”; NYSE: TVL), a local multimedia company, today reported results for its fourth quarter and full year ended December 31, 2012.

Summary of Results for the Fourth Quarter Ended December 31, 2012

  • Net revenues increased 76% to $196.2 million, compared to $111.5 million in the fourth quarter of 2011. Approximately $41 million of fourth quarter net revenues is attributable to net revenues earned by stations acquired during the fourth quarter of 2012.
  • Net political revenues were $45.5 million, compared to $23.8 million and $20 million during the fourth quarter of 2010 (the most recent political year) and 2008 (the most recent presidential political year), respectively.
  • Excluding net political revenues, net revenues increased 39% to $150.7 million, compared to $108.5 million for the same quarter in 2011.
  • Local revenues, which include net local advertising revenues, retransmission consent fees and television station web site revenues, increased 45% to $101.4 million, compared to $69.8 million in the fourth quarter of 2011.
  • Net national revenues increased 25% to $32.7 million, compared to $26.1 million in the fourth quarter of 2011.
  • Interactive revenues, which include revenues from LIN Digital (formerly RMM) and Nami Media 1, increased 52% to $12.8 million, compared to $8.4 million in the fourth quarter of 2011.
  • Operating income increased 139% to $71.2 million, compared to operating income of $29.8 million in the fourth quarter of 2011.
  • Net loss per share was ($1.09), which includes special items of ($1.66) per share, compared to net income per diluted share of $0.75 in the fourth quarter of 2011.

Summary of Results for the Full Year Ended December 31, 2012

  • Net revenues increased 38% to $553.5 million, compared to $400 million in 2011. Excluding net political advertising revenues, net revenues increased 22% to $477 million, compared to $391.9 million in 2011.
  • Net political revenues were $76.5 million, compared to $41.6 million and $38.9 million in 2010 and 2008, respectively.
  • Local revenues increased 24% to $316.5 million, compared to $255.5 million in 2011.
  • Net national revenues increased 12% to $107.3 million, compared to $95.7 million in 2011.
  • Interactive revenues increased 51% to $41.1 million, compared to $27.2 million in 2011.
  • Operating income increased 92% to $171.1 million, compared to operating income of $89.1 million in 2011.
  • Net loss per share was ($0.13), which includes special items of ($1.63) per share, compared to net income per diluted share of $0.85 in 2011.

Commenting on fourth quarter and full year 2012 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “2012 was a year of record-setting results at LIN Media. We closed on the largest acquisition in our company’s history, achieved historic political and digital advertising revenues and benefited from a rebound in the automotive industry. As a result, we delivered record revenue, EBITDA and EBITDA margin in both the fourth quarter and full year. Most recently, we completed the first of two transactions to remove the NBC joint venture overhangs, which is a significant positive development for our company. Looking ahead, we are cautious about the state of the economy and excited about the evolution of our company, continued growth of our digital business and the contributions of our recent acquisitions.”

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