PROVIDENCE – LIN TV Corp., owner of WPRI-TV Channel 12, said its profit for the fourth quarter grew to $21.08 million from $10.76 million as its full year profit jumped to $36.5 million from $9.11 million.
For the fourth quarter, LIN TV saw revenue grow to $125.13 million from $101.11 million; operating income advanced to $44.16 million from $29.28 million. Income per diluted share was 37 cents per share for three months.
For 2010, income surged to 66 cents per diluted from 18 cents. The company saw revenue grow 24 percent to $420.05 million from $339.47 million; operating income jumped to $112.34 million from $22.11 million.
“2010 was marked by significant improvement in advertising, despite the economy’s slow rebound, as local TV continued to prove its unparalleled reach and effectiveness,” said President and CEO Vincent L. Sadusky, citing high demand for its local advertising platforms, programs and coverage resulting in a 16 percent increase in political advertising revenue in 2010 from 2008, the last major political year.
Providence-based LIN TV Corp. also owns, operates or services 32 network-affiliated stations in 17 U.S. markets, including WPRI-TV CBS 12 in Rhode Island, and runs various station and niche websites and mobile platforms.
Among its“operational highlights,” the company said it ranked No. 1 or 2 in 86 percent of its local markets and local lifestyle programs were launched in Indianapolis, Norfolk, Springfield, Mobile and Albuquerque.
On the digital initiatives side, internet advertising and other interactive revenues jumped 58 percent and 124 percent in the fourth quarter and full year, respectively.
