LIN TV Reports Loss for Q2

Aug 7, 2006  •  Post A Comment

LIN TV on Monday reported a second-quarter net loss of $244.4 million, or $4.87 per share, compared with a profit of $10.1 million, or $0.17 per share, in second quarter 2005.

The company said its expenses for the quarter included a $333.6 million impairment charge related to the impairment of good will and broadcast licenses, and $12.8 million in corporate overhead (compared to $5.1 million in second quarter 2005) that included a $5.6 million charge related to the retirement of former CEO Gary Chapman.

“We were pleased to have exceeded our revenue guidance for the second quarter of 2006, led by better than expected political revenue and revenue from our new stations. We expect political advertising to increase demand and drive results in the second half of 2006,” President and CEO Vincent Sadusky said in the earnings report.