Liberty Corp. Experiences Q2 Decline

Aug 3, 2004  •  Post A Comment

Liberty Corp., which owns 15 network-affiliated stations, today reported a 54 percent decline in second-quarter profit due to one-time charges taken in the quarter.

The Greenville, S.C.-based company reported net income of $3.1 million, or 16 cents a share, compared with a profit of $6.8 million, or 35 cents a share, a year ago. Revenue rose 7 percent to $55 million, with most advertising categories showing improvement and stations in Ohio, Arkansas and Louisiana benefiting from political ad spending.

The decline was blamed in part on a $1.6 million charge related to the settlement of Liberty’s termination of a deal with GNS Media under which GNS and Liberty planned to purchase a television station.