The company has reported pro forma earnings per share of $0.05 in the third quarter of 2009, in line with analysts' estimates, compared to net earnings per share of $0.14 in the third quarter of 2008. Pro forma earnings per share in the third quarter of 2009 exclude a non-cash impairment charge to intangible assets.
Third quarter 2009 revenues were affected by the soft advertising environment, particularly in the automotive category which was down 36 percent compared to the third quarter of 2008. Political revenue of $2.1m in the third quarter of 2009 was $9.6m lower than the third quarter of 2008. Olympics revenue totaled $9.7m in the third quarter of 2008.
Regarding the company's outlook for the remainder of the year the company has said that, for the fourth quarter overall, the company expects the percentage decline in core local and national spot business to improve from the third quarter of 2009. However, because of $35.9m in political revenue generated in the fourth quarter of last year, the company's total spot revenue percentage decline in the fourth quarter of 2009 will be higher than the percentage decline experienced in the third quarter of 2009.
Dunia Shive, president and CEO of Belo, said: "The company's third quarter total revenue decline of 17.7 percent was an improvement over second quarter's revenue decline of 23 percent, and is noteworthy given the significant political and Olympics revenue generated in the third quarter of 2008. Spot revenue, excluding political, declined 16 percent in the third quarter of 2009, an improvement from the 28 percent decline experienced in the second quarter of 2009.”
Can the company improve in the Q4?
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