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Belo profit exceeds expectations
(Dallas Morning News, The (KRT) Via Acquire Media NewsEdge) Jul. 26--Dallas-based television company Belo Corp. earned about $26.4 million from continuing operations for the second quarter, up 9 percent from the $24.2 million it made in the same period of 2007.
But revenue fell almost 5 percent to $189 million on weakened advertising demand.
The results, announced Friday, exclude those of Belo's former newspapers, including The Dallas Morning News. Those properties were spun off in February.
"Belo's second-quarter results were highlighted by excellent expense management as soft advertising conditions reflected a continuing weak economic environment," said Dunia Shive, Belo's president and chief executive officer.
Shares in Belo, which owns WFAA-TV (Channel 8) and 19 other television stations, rose 16 cents to close at $6.96 a share.
In the second quarter, Belo earned 26 cents per share from continuing operations, up from 23 cents in the same period a year ago. Wall Street analysts had expected 20 cents a share.
Belo cut its total operating costs by 9 percent from a year ago, including a $3.5 million reduction in corporate operating costs. The company's workforce shrank 3 percent from the end of 2007.
Ms. Shive said revenue from political campaigns and the Beijing Summer Olympics should provide a revenue boost in the third quarter.
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Copyright (c) 2008, The Dallas Morning News
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