« Small craft advisory and thunderstorms predicted | Today | R.I. gas prices drop for the first time in 5 weeks »

August 7, 2006

Acquistion, retirement costs weigh down LIN TV

LIN TV, the owner and operator of 30 television stations around the country including Channel 12, today reported a net loss of $244 million in the second quarter.

That figure includes a $91 million tax benefit. Without it, the company posted a loss of $335.7 million for the quarter.

Revenues grew in the quarter by 17 percent, the company said. But if
the seven stations aquired last year are taken into account, LIN's net revenues increased by just 1 percent in the quarter compared to the same three-month period in 2005.

The company said acquisition expenses for those seven stations were booked in the second quarter. Those costs, the company said, included "an impairment charge" of $333.6 million relating to a loss of goodwill.

LIN posted an operating loss of $315.1 million in the second quarter as compared to an operating gain of $23.9 million for the same period last year.

The company today also said its second quarter results were weighed down by the $5.6 million it paid to its former chairman and chief executive officer, Gary R. Chapman.

Posted by Peter Phipps  at 8:27 AM | Permalink

Comments

Post a comment

Please be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish.

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)