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On Jan. 29, 2009,
reported that it swung to a net loss in Q4 FY08, hurt by decline in revenue and noncash pretax impairment charge of $130.38 million. Net loss stood at $85.53 million or $3.86 per share, compared to a net profit of $9.59 million or $0.43 per share in Q4 FY08. Excluding one-time items, loss from continuing operations was $85.66 million or $3.86 per share, compared to income of $9.94 million or $0.45 per share last year. The latest quarterly results topped the consensus estimate of $0.59 per share.
Revenue declined 11.9% to $206.99 million from $234.99 million a year ago. Publishing Division's revenue declined 16.8% to $111.19 million, hurt by 20.1% decline in advertising revenues. Total Broadcast revenue declined 7.0% to $87.48 million, due to weak economic conditions in most markets. Within this segment, local time sales declined 25.6% or $14.9 million, while national time sales decreased 30.6% or $10.6 million. On the positive side, Interactive Media Division's revenue rose 10.0% to $10.07 million, benefitting from the contribution by
, acquired on March 31, 2008, and a 43.0% increase in local online revenues on local media websites.
During the quarter under review, Media General completed the sale of its television station WNEG in Toccoa, GA to
University of Georgia Research Foundation
. Recently, the company announced a new production and distribution unit within its Publishing Division. Additionally, MEG suspended the dividend on the company's Class A and Class B shares, citing uncertain economic outlook.
During FY08, MEG revenue declined 11.0% to $800.03 million from $898.78 million a year ago. Net loss stood at $631.85 million or $28.57 per share compared to net profit of $10.69 million or $0.47 per share, hurt by noncash pretax impairment charge of $908.71 million.
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