Belo Sees First-Quarter Earnings Shortfall
Belo (BLC) said Wednesday that revenue at its broadcast division fell 8.2% in February, while the publishing division's revenue slid 4.3% in the month.
The company warned that it won't meet Wall Street's first-quarter expectations because of the sluggish advertising environment, higher newsprint costs, the investment in Belo Interactive and one less Sunday in this year's first quarter.
For the first quarter, Belo expects earnings to be at or near break-even. According to Thomson Financial/First Call, five analysts expect the company to report earnings of 4 cents a share. In the year-ago period, Belo, which is based in Dallas, earned 13 cents a share.Shares of Belo closed at $17.69, down 21 cents, or 1.2% on the New York Stock Exchange.
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