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April 26, 2007

Journal owner reports 1Q profit decline

DALLAS -- Publisher and television station owner Belo Corp., owner of The Providence Journal Co., said today that its first-quarter profit dropped 10 percent due to weakness in newspaper advertising.

Earnings declined to $15.5 million, or 15 cents per share, from $17.3 million, or 16 cents per share, in the prior-year period.

Analysts polled by Thomson Financial expected profit of 13 cents per share.

Revenue for the quarter fell 5 percent to $354.1 million from $371.7 million, missing Wall Street's estimate of $368.7 million.

Newspaper group revenue fell 11 percent on soft newspaper advertising conditions, a decline in the Southern California housing market and difficult comparisons to the year-ago period. Excluding an extra Sunday in the 2006 quarter, newspaper group revenue decreased 9.3 percent.

Television group revenue rose 2.1 percent.

-- The Associated Press

Posted by Jack Perry  at 10:22 AM | Permalink

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