Media firm

Belo

(BLC)

reported fourth-quarter earnings today that missed Wall Street's slightly lowered estimates by a penny.

For its fourth-quarter ended Dec. 31, Belo earned 27 cents a share, excluding gains, up from 23 cents a share in the year ago period. Eight analysts surveyed by

First Call/Thomson Financial

expected the Dallas-based company to earn 28 cents a share.

TST Recommends

Belo, which publishes newspaper, including the

The Dallas Morning News

, and owns broadcasting, cable TV and online media properties, said its fourth-quarter revenue was $421.7 million, up from $395.2 million in the same quarter one year ago.

The company also warned that it will be "difficult" for first-quarter results to match their year-ago levels "due to the soft advertising environment that has accompanied the slowing U.S. economy, significantly higher newsprint costs, and continued investment in Belo Interactive."

Belo said it expects second-quarter revenue to grow, provided advertising spending rebounds.

Shares of Belo fell 37 cents, or 2%, to $18.60 in recent

New York Stock Exchange

trading.