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July 28, 2006
Belo, owner of Journal, reports higher 2Q earnings
DALLAS -- Belo Corporation, the publisher of The Providence Journal and projo.com, reported higher second-quarter earnings today.
The increase comes from better-than-expected results from the company's television stations and a tax-related gain.
Belo owns 19 television station and four daily newspapers, including The Journal and The Dallas Morning News.
It earned $42.7 million, or 41 cents per share, in the three months that ended June 30. That's compared to $41.9 million or 36 cents per share a year earlier. Revenue also rose 3 percent to 403.6 million.
-- The Associated Press
The company's shares rose 82 cents, or 5.4 percent, to $16.02 in afternoon trading on the New York Stock Exchange. The stock has slumped in the past year, losing about one-third of its value since hitting a 52-week high of $24.71 last September.
Media stocks have been under pressure in recent months, as newspapers face declining circulation and the loss of advertising revenue to Internet rivals, but shares of most newspaper companies have fared slightly better than Belo's.
More from the Associated Press
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