LIN TV Corp. (“LIN Media” or the “Company”; NYSE: TVL), a local multimedia company, today reported results for its second quarter ended June 30, 2013.
Summary of Results for the Second Quarter Ended June 30, 2013
- Net revenues increased 36% to $164.3 million, compared to $121 million in the second quarter of 2012.
- Local revenues, which include net local advertising revenues, retransmission consent fee revenues and television station website revenues, increased 44% to $107.1 million, compared to $74.3 million in the second quarter of 2012.
- Net national revenues increased 28% to $32.6 million, compared to $25.4 million in the second quarter of 2012.
- Interactive revenues, which include revenues from LIN Digital, Nami Media, Inc., Dedicated Media, Inc. (“Dedicated Media”) and HYFN, Inc. (“HYFN”), increased 98% to $20.8 million, compared to $10.5 million in the second quarter of 2012. The Company acquired a controlling interest in both Dedicated Media and HYFN in April 2013.
- Net political revenues were $1.5 million, compared to $7.6 million during the second quarter of 2012.
- Operating income decreased 23% to $26.9 million, compared to $35 million in the second quarter of 2012.
- Net income per diluted share was $0.13, compared to $0.48 in the second quarter of 2012, which included a gain of $0.21 per share on the sale of discontinued operations.
Commenting on second quarter 2013 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “Our results were driven by our recent television station acquisitions, higher pay TV subscriber fees and signficiant growth in our digital business, both organically and by adding HYFN and Dedicated Media to our portfolio. Looking ahead, the absence of political revenues and the slow economic recovery will negatively impact growth for the remainder of 2013. We will continue to remain focused on executing our strategy that has helped transform LIN Media into a more diversified, multimedia company with superior content and marketing solutions for every screen.”