Liberty Corp. Reports 24 Percent Decline in Q1 Profit

May 3, 2005  •  Post A Comment

Liberty Corp., a South Carolina-based broadcaster that owns 15 network-affiliated television stations, on Tuesday reported a 24 percent decline in first-quarter profit, since the company was impacted by a sharp slowdown in political advertising revenue.

The company posted a first-quarter profit of $3.5 million, compared with a year-earlier figure of $4.6 million. Revenue slipped 3 percent to $46.5 million.

The company blamed much of the decline on the absence of around $2.2 million in political revenue for the quarter as well as a soft national advertising market, which offset gains in local and online advertising revenue.