Belo's third-quarter revenue fell 18 percent

Thu. November 05, 2009; Posted: 06:06 PM

Nov 04, 2009 (The Dallas Morning News - McClatchy-Tribune Information Services via COMTEX) -- BLC | Quote | Chart | News | PowerRating -- Belo Corp. swung to a loss on write-downs between July and September, and revenue fell nearly 18 percent from the third quarter of 2008, the Dallas-based television company said Tuesday.

Belo lost $150.5 million, or $1.47 a share, during the third quarter, after writing down the fair value of its Federal Communications Commission licenses by $155 million net of tax. Excluding the write-down, Belo would have earned about $4.9 million, or 5 cents a share.

In the third quarter last year, Belo had net income of $14.4 million, or 14 cents a share.

Belo shares closed at $4.56, down 10 cents for the day.

Like other media companies, Belo has grappled with declining advertising dollars during the recession.

Dunia Shive, the company's president and chief executive, said the nearly 18 percent revenue decline in the third quarter was an improvement over the 23 percent decline in the second quarter.

The decline was also noteworthy because the third quarter of 2008 included significant revenue tied to political ads and the Summer Olympics, she said.

Belo also announced the offering of $250 million to $275 million in senior unsecured notes due in 2016, subject to the completion of an amendment to its bank credit facility. Proceeds would be used to pay down the credit facility.

Belo owns 20 television stations nationwide, including WFAA-TV (Channel 8).

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For full details on Belo Corp (BLC) click here. Belo Corp (BLC) has Short Term PowerRatings of 6. Details on Belo Corp (BLC) Short Term PowerRatings is available at This Link.

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