Media General reports fourth-quarter loss
- February 27, 2014
THE TAKE: Richmond-based Media General Inc. on Thursday reported a loss of $5.2 million in the fourth quarter of 2013 because of merger-related expenses and debt modification and extinguishment costs. The company merged with Young Broadcasting last November, increasing its number of network-affiliated television stations from 18 to 31.
Fourth-quarter net operating revenue: $110 million, up from $71.4 million in fourth quarter 2012.
Fourth-quarter net income: A loss of $5.2 million, compared with net income of $19.1 million.
Fourth-quarter earnings per share: A loss 7 cents a share, compared with 30 cents a share.
2013 net operating revenue: $269.9 million, up from $228.2 million in 2012.
2013 net income: $6.1 million, down from $35.9 million.
2013 earnings per share: 10 cents, down from 53 cents.
THE COMPANY’S TAKE:
“The merger of Media General and Young Broadcasting on November 12, 2013, was a renaissance event for both companies. This business combination created a new, diversified broadcast and digital company with a strong balance sheet, generating robust cash flows,” George L. Mahoney, president and chief executive officer of Media General, said in a statement.
“We expect a particularly strong year in 2014, when we benefit from advertising associated with the Winter Olympics and this year’s elections as well as growing revenue from the rising market for retransmission revenues,” Mahoney said. “Additionally, our digital and mobile platforms are providing new, accelerating opportunities to generate higher revenues.”