By: Belo Corp., publisher of the Dallas Morning News, on Friday said its second-quarter profit fell 8 percent, hurt by lower television revenue that offset slightly higher newspaper advertising sales.
Quarterly earnings fell to $41.9 million, or 36 cents per share, from $45.6 million, or 39 cents, the year before. Results met the profit estimate from analysts surveyed by Thomson Financial.
Net operating revenue totaled $388.8 million, down slightly from $391.1 million a year earlier and below the $392.1 million targeted by Wall Street. Belo blamed the revenue shortfall on the absence of significant political revenue at its television stations.
The company maintained expectations for annual earnings of $1.17 to $1.24 per share on sales of $1.52 billion to $1.6 billion. Analysts currently see $1.20 per share on $1.52 billion of sales.
Belo has been fighting to recover from a circulation overstatement scandal at its flagship Dallas Morning News newspaper, and the company has spent millions compensating advertisers who overpaid for ad space.
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