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Belo Corp. Series A (BLC) filed Quarterly Report for the period ended 2011-09-30.
Belo Corp. Series A has a market cap of $652.1 million; its shares were traded at around $6.29 with a P/E ratio of 9.8 and P/S ratio of 1. The dividend yield of Belo Corp. Series A stocks is 3.2%.
This is the annual revenues and earnings per share of BLC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BLC.
Highlight of Business Operations:
Spot advertising revenue decreased $11,699, or 8.7 percent, in the three months ended September 30, 2011, as compared to the three months ended September 30, 2010. This decrease is primarily due to a $9,048 decrease in political advertising revenue. Political revenues are generally higher in even-numbered years than in odd-numbered years due to elections for various state and national offices. Additionally, the Company had a $2,651, or 2.1 percent, decrease in combined local and national spot revenues versus the prior year. These decreases were primarily in the entertainment, travel and tourism, and consumer services categories. Other revenue was consistent with the previous year with decreases in network compensation and miscellaneous operating revenue almost entirely offset by increases in retransmission revenue and Internet revenue.Spot advertising revenue decreased $15,282, or 3.8 percent, in the nine months ended September 30, 2011, as compared to the nine months ended September 30, 2010. This decrease is primarily due to a $16,292 decrease in political advertising revenue. Combined local and national spot revenue was up slightly with increases in the healthcare, retail and telecommunications categories; offset by decreases in the grocery, financial services, automotive and entertainment categories. Other revenue increased 4.8 percent due to a 22.6 percent increase in retransmission revenue and a 14.2 percent increase in Internet revenue, partially offset by a decline in network compensation and other miscellaneous operating revenue.
Station salaries, wages and employee benefits decreased $806, or 1.5 percent, in the three months ended September 30, 2011, compared to the three months ended September 30, 2010, primarily due to decreases in accrued bonuses of $2,096, partially offset by salary expense increases of $631 and the partial reinstatement of the Company’s employer match for the Belo Savings Plan (401(k) plan) of $625. Station programming and other operating costs increased $215, or 0.4 percent, in the three months ended September 30, 2011, compared to the three months ended September 30, 2010, primarily due to increases in station technology costs of $797, advertising and promotion costs of $774, and certain sales expenses of $501, partially offset by decreases in programming costs of $1,851.
Income taxes decreased $3,639 for the three months ended September 30, 2011, compared with the three months ended September 30, 2010, primarily due to lower pretax earnings and the settlement of certain tax matters in the third quarter of 2011. Income taxes decreased $16,643 for the nine months ended September 30, 2011, compared with the nine months ended September 30, 2010, primarily due to the $7,143 tax benefit related to deferred tax adjustments for the pension settlement charge, lower pretax earnings and settlement of certain tax matters in the second and third quarters of 2011.
Net cash provided by operations was $57,401 in the nine months ended September 30, 2011, compared with $97,691 in the nine months ended September 30, 2010. The 2011 operating cash flows were provided primarily by net earnings adjusted for non-cash and pension-related items, pension contributions and routine changes in working capital. The 2010 operating cash flows were provided primarily by net earnings adjusted for non-cash items, pension contributions and routine changes in working capital. The decrease in net cash provided by operations is primarily due to bonus payments in the first quarter of 2011, based on accruals in 2010, and higher pension contributions.
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