Belo Corp. reports 2Q earnings
Lower political revenue drags down total revenue by 2.3%
Belo Corp., the parent company of Louisville ABC affiliate WHAS11 and St. Louis CBS affiliate KMOV, today reported net earnings per share of 21 cents in the second quarter of 2013 compared to net earnings per share of 24 cents in the second quarter of 2012. The second quarter of 2013 includes costs associated with the company’s impending merger with Gannett of $2.7 million, or 3 cents per share, including an increase in share-based compensation expense related to the increase in the company’s stock price after the merger announcement.
The company's total revenue of $174 million in the second quarter of 2013 was $4.1 million, or 2.3%, lower than the same period last year due to the decrease in political revenue. Excluding political revenue, total revenue was actually 2.5% higher for the quarter compared to the same period in 2012.