LIN TV Corp. Reports Increase in Q3 Profits

Oct 28, 2004  •  Post A Comment

LIN TV Corp. on Thursday reported that third-quarter profit more than doubled, thanks to political advertising spending, which helped offset losses suffered in the Puerto Rico market, which was hit by a string of hurricanes.

The Providence, R.I.-based owner and operator of 23 television stations, reported a third-quarter profit of $14.8 million, or 29 cents a share, compared with 2003’s profit of $5.9 million, or 12 cents a share.

Revenue rose 8 percent to $91 million.

Despite the growth in political advertising spending, LIN officials said, that category along with the automotive sector delivered results that fell short of projections. However, the company was able to offset that shortfall by maintaining strong evening news ratings and controlling costs at its stations.