Media General reports third-quarter loss
- October 19, 2011
Richmond-based Media General Inc. reported a loss of $29.8 million, or $1.32 a share in the third quarter, as a result of non-cash goodwill impairment of $26.6 million.
The media company had a loss of $10.7 million, or 48 cents a share, for the same three-month period last year.
Excluding the goodwill impairment, the company had third-quarter operating income of $5.7 million, compared with $11.5 million in the 2010 third quarter.
Total revenues in the third quarter were $144.7 million, compared with $163.2 million last year. The 2010 quarter included $9.7 million of political advertising and $1.2 million of BP advertising related to the Gulf of Mexico oil spill. The 2011 quarter included $1.3 million of political revenues.
Total operating costs during the recent quarter decreased 8.4 percent from last year
Media General’s holdings include 18 television stations; 23 daily newspapers; three digital media advertising services companies; Blockdot, an interactive entertainment and gaming technology
company; and Netinformer, a provider of wireless media and mobile marketing services.