TBO.com - TBO is Tampa Bay Online

Media General Earnings Doubled In The 3rd Quarter

ADVERTISEMENT

By RUSSELL RAY | The Tampa Tribune

Published: October 16, 2008

Media General Inc., the parent company of The Tampa Tribune, TBO.com and WFLA, Channel 8, said today that earnings more than doubled in the third quarter.

The Richmond, Va.-based company earned $6.1 million, or 28 cents a share, in the quarter ending Sept. 30, up from $2.5 million, or 11 cents a share, during the same period in 2007.

Executives attributed the improvement to a 24.5 percent increase in profit from its Broadcast Division, lower interest expenses and the absence of losses from SP Newsprint Co., which Media General sold in March.

Operating costs for the quarter were 9.5 percent lower compared with the same quarter in 2007, the result of "aggressive actions to reduce workforce and cut other costs," the company says in a written statement.

The Publishing Division's profit fell 53 percent to $10.3 million. The same division recorded a 21.5 percent decline in advertising revenue.

Marshall N. Morton, president and chief executive officer, said, "The prolonged weakened economy and unfavorable business climate have created far more challenges than we anticipated and continued to deeply impact our operating results in the third quarter, particularly the Publishing Division."

Reporter Russell Ray can be reached at (813) 259-7870 rray@tampatrib.com.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT