Newspaper publisher and broadcaster
said Thursday its May revenue rose 6% to $76.9 million from last year and it expects second-quarter earnings above Wall Street estimates.
By business segment, publishing division revenue rose 7.3%, broadcast division revenue rose 2.9%. Revenue from interactive media division rose 32.1%, driven mostly by strong classified advertising as well as good growth in all other online advertising categories.
The company also said it expects second-quarter earnings per share to exceed the year-ago earnings of 80 cents a share, excluding a one-time gain.
Analysts surveyed by Thomson First Call are expecting earnings of 78 cents a share.
The company expects publishing division advertising revenue to rise about 5%. Broadcast time revenue for the second quarter is expected to rise by about 3.5% and local time sales are expected to rise by about 1%.
"We were pleased that May was such a strong month for total revenue growth and by far the strongest yet in 2006," the company said. "Newspaper advertising increased 9.3% over last year, reflecting particularly strong Retail advertising in connection with Mother's Day and Memorial Day, as well as continued growth in Classified advertising."
The company's shares were recently trading up 66 cents, or 1.8%, at $36.59.
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