Belo Reports Narrow 3Q Loss


(AP) Newspaper owner and broadcaster Belo said Wednesday it lost money in the third quarter as advertising declined, especially after the terrorist attacks of Sept. 11.

Belo lost $518,000, less than 1 cent per share, compared to a gain of $17.5 million, 15 cents per share, a year earlier. Analysts surveyed by Thomson Financial/First Call had expected a profit of 1 cent per share.

Revenue fell 17.4%, to $322.5 million from $390.4 million.

Robert W. Decherd, Belo’s chairman, president, and chief executive, said the company estimated that its television stations have lost $9 million in revenue and its newspapers $2 million since Sept. 11.

The company also increased its newsgathering expenses by $750,000, he said.

Decherd said the company’s narrow loss was better than the loss of 1 cent to 3 cents it had projected.

Last week, the company announced it would cut 160 jobs, bringing its reductions this year to about 8% of its work force. It also said it would freeze wages and capital spending for one year.

For the first nine months of the year, Belo lost $210,000, compared to a gain of $65.2 million, 55 cents per share, a year earlier. Nine-month revenues were $1.02 billion compared with $1.17 billion.

Belo owns The Dallas Morning News, three other newspapers, and 18 television stations.

Follow by Email
Visit Us

Leave a Reply

Your email address will not be published. Required fields are marked *