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Belo Revenue Down 23%

Belo Corp. announced net operating revenues of $144.8 million for the second quarter, down from $189 million in the same quarter a year ago. Total revenue dropped 23%, and Web ad revenue dropped 5.1% to $7.1 million in the quarter.

Retransmission consent revenue was $11.4 million for the second quarter and is expected to tally $41 million for the year.

Total station expenses decreased 12% in the quarter.
"The company's second quarter total revenue decline was very similar to the decline experienced in the first quarter as the soft advertising environment continued, especially in the company's larger markets," said Belo President/CEO Dunia Shive. "However, we did see an uptick in sales activity in June that has also carried into July."

Shive was cautiously optimistic about the coming quarters. "Visibility is limited due to later booking of spot advertising and uncertainty surrounding the timing of automotive spending from GM and Chrysler," she said. "However, the combined local and national spot percentage decline in June was better than May, and July will be better than June. Current pacings indicate that the third quarter combined local and national spot percentage decline will improve from second quarter."