By: Media General Incorporated says its third-quarter earnings plunged 88% as advertising revenue continued to erode and the year-ago quarter was boosted by businesses since sold.
The Richmond-based newspaper publisher and television station operator said today that net income fell to $2.5 million, or 11 cents per share, from $20.6 million, or 87 cents per share, a year ago.
Excluding a gain from television stations the company sold off, last year's earnings from continuing operations were $7.7 million, or 33 cents per share.
Analysts polled by Thomson Financial expected earnings of 6 cents per share on revenue of $234 million.
Revenue fell 5% to $230.3 million from $241 million last year. Publishing revenue paced the decline, as newspaper advertising slumped,
Media General said it expects "continued softness" in the fourth quarter in classified and retail advertising, before spending on the Olympics and national elections gives a boost to 2008 earnings and revenue.
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