Magazine article Editor & Publisher

Belo Is Latest to Report Sliding 1Q Earnings

Magazine article Editor & Publisher

Belo Is Latest to Report Sliding 1Q Earnings

Article excerpt

The bad news on newspaper earnings performance continued Thursday as Belo Corp. reported its first-quarter net income and revenue fell on a double-digit slump in newspaper revenues.

Belo said first-quarter net income slid to $15.5 million, or 15 cents a share, from $17.3 million, or 16 cents a share, in the same period of 2006.

Total revenue slipped 4.8% to $354 million, while newspaper group revenue plummeted 11%. Belo said that the newspaper revenue decline was approximately 9.3% if the extra Sunday in the first quarter of 2006 is excluded from reporting.

Belo, publisher of The Dallas Morning News, blamed the newspaper group revenue performance on soft newspaper advertising, a slump in Southern California's housing market, and tough comparables with 2006 when newspaper advertising revenues increased 2.7% in the first quarter.

Belo said its ad revenues were weakest in January, and improved each month. March ad revenues, it said, were down 6% on the 2006 first quarter.

Print ads revenues declined in every category except part-run, which was up 3.7%. Internet advertising was up 18% to $12. …

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