LIN Media LLC (“LIN Media” or the “Company”) (NYSE:LIN), a local multimedia company, today reported results for its third quarter ended September 30, 2013.
Summary of Results for the Third Quarter Ended September 30, 2013
- Net revenues increased 23% to $163.1 million, compared to $133.1 million in the third quarter of 2012.
- Local revenues, which include net local advertising revenues, retransmission consent fee revenues and television station website revenues, increased 44% to $105.5 million, compared to $73.1 million in the third quarter of 2012.
- Net national revenues increased 26% to $32.8 million, compared to $26.1 million in the third quarter of 2012.
- Interactive revenues, which include revenues from LIN Digital, Nami Media, Inc., Dedicated Media, Inc. and HYFN, Inc., increased 81% to $19.5 million, compared to $10.8 million in the third quarter of 2012.
- Net political revenues were $2.6 million, compared to $20.4 million during the third quarter of 2012.
- Operating income decreased 48% to $23.2 million, compared to $44.4 million in the third quarter of 2012.
- Net income per diluted share was $2.63, which includes a $2.56 per share benefit from special items, compared to $0.36 in the third quarter of 2012, which included a charge of $0.05 per share.
Commenting on third quarter 2013 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “We achieved another quarter of significant growth in revenues from our digital businesses and pay TV subscriber fees and our core time sales continue to gain momentum. Excluding record political revenues and our estimate of incremental Olympic revenues in 2012, core advertising revenues increased 3% on a same station basis in the third quarter. Looking forward, our long-term strategy and the increased demand for our innovative multiscreen advertising solutions position us well for the remainder of 2013 and the political year ahead."