Belo For Now: Reports Profit Off 15%

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Belo Corp. said Friday its second-quarter profit slipped 15 percent as it continues to struggle with weak newspaper advertising, but the results still managed to beat Wall Street’s expectations.

Net income dropped to $36.4 million, or 35 cents per share, compared with $42.7 million, or 41 cents per share, a year ago.

Analysts surveyed by Thomson Financial predicted earnings of 31 cents per share.

The prior year’s results included a $7.5 million gain from a vendor payment.

Quarterly revenue fell 3 percent to $390.5 million from $403.6 million in the previous year.

Consensus estimates put sales at $396.5 million.

Television group revenue rose 2.5 percent, while newspaper group revenue declined 8.5 percent on weak newspaper advertising conditions and a slowdown in the Southern California housing market.

Belo expects third-quarter television group revenue to be slightly higher than the year-ago period, with newspaper revenue coming in lower than last year.

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