LIN Media LLC (“LIN Media” or the “Company”; NYSE:LIN), a local multimedia company, today reported results for its first quarter ended March 31, 2014.
Summary of Results for the First Quarter Ended March 31, 2014
- Net revenues increased 18% to $166.2 million compared to $141 million in the first quarter of 2013.
- Local revenues, which include net local advertising revenues, retransmission consent fee revenues and television station website revenues, increased 9% to $108.1 million compared to $99.4 million in the first quarter of 2013.
- Net national revenues increased 2% to $30 million compared to $29.5 million in the first quarter of 2013.
- Net political revenues were $1.3 million compared to $0.5 million in the first quarter of 2013.
- Digital revenues, which include revenues from LIN Digital, LIN Mobile, Nami Media, Inc., Dedicated Media, Inc. ("Dedicated Media"), HYFN, Inc. ("HYFN") and Federated Media Publishing LLC (formerly Federated Media Publishing, Inc.) ("Federated Media"), increased 171% to $24.5 million compared to $9 million in the first quarter of 2013. The Company acquired Federated Media in February 2014 and acquired a majority interest in both Dedicated Media and HYFN in April 2013.
- Operating income increased 39% to $16.4 million compared to $11.8 million in the first quarter of 2013.
- Net income per diluted share was $0.03 compared to a net loss per diluted share of $(0.02) in the first quarter of 2013.
Commenting on first quarter 2014 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “We posted solid results, increasing net revenues 8% over the prior year, on a comparable basis excluding our three recent digital acquisitions. Our results were driven by an increase in television advertising, higher pay-television subscriber fees and significant growth in digital revenues, which now comprise 15% of our net revenues and has its own reportable segment. Our diverse group of assets helped us maximize revenues from the winter Olympics and the Super Bowl and achieve the high end of our first quarter revenue guidance. I am excited about the expansion of our digital portfolio with the addition of Federated Media and the future scale and synergy opportunities from the pending merger with Media General."
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