By: (AP) Media General Inc., an owner of newspapers and television stations, reported a 61% drop in third-quarter earnings Thursday because of a charge related to an accounting change.
For the quarter ending Sept. 28, the company earned $3.7 million, or 16 cents a share, which included the non-cash charge of $8.1 million. In the comparable period one year ago, Media General earned $9.5 million, or 41 cents per share.
Without the charge, Media General's net income would have risen 24% to $11.7 million, or 50 cents a share, reflecting lower interest expense, increased publishing revenue, and reduced losses from the company's one-third ownership of SP Newsprint, which operates newsprint mills.
Analysts surveyed by Thomson First Call had forecast income of 47 cents a share before charges. The company's shares were up 25 cents at $64.25 on the New York Stock Exchange.
Revenue rose 2.6% to $205 million from $200 million in the year-earlier period.
In the first nine months of the year, Media General earned $28.2 million, or $1.22 per share, which included the $8.1 million charge and $957,000 in income from discontinued operations.
That compared to a loss of $94.5 million, or $4.12 a share, in the same period in 2002, largely due to a $126.3 million accounting charge. Income from discontinued operations totaled $1.1 million.
Media General has brought in $611.9 million in revenues so far this year, compared to $603.4 million in the first nine months of 2002.
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