By Kimberley Donoghue PBN Web Editor Twitter: @kydonoghue
PROVIDENCE - LIN TV Corp., owner of WPRI-TV CBS 12, said its profit fell to $1.59 million in the first quarter from $3.5 million in the same quarter last year.
Income fell to 3 cents per diluted share from 6 cents, the East Providence-based multimedia company said on Wednesday.
LIN owns, operates or services 32 network-affiliated stations in 17 U.S. markets and runs various station and niche websites and mobile platforms.
Revenue increased 1 percent to $92.64 million in the three months ending March 31, from $91.85 million as seen in the first quarter of 2010.
“We delivered another strong performance in the first quarter, in spite of significant uncertainty that continues to weigh on the economy,” said CEO Vincent L. Sadusky, noting digital revenue increased 31 percent compared with the prior year and now makes up 19 percent of total net revenue.
“Our growth in digital revenue, strength of our local brands and multiplatform strategy, helped offset the decrease in political revenues to begin this non-election year and contributed to our overall growth," Sadusky said.
LIN said in the first quarter, its stations’ websites had more than 37 million video impressions and 50 million daily unique visitors; average time on the sites during the quarter was more than 21 minutes.
General operating expenses jumped 6 percent to $69.99 million in the first quarter, compared to $66.12 million as seen in the same quarter of 2010.
The company also noted that it expects to close the acquisition of WCWF-TV in Wisconsin and certain assets of WBDT-TV in Ohio during the second quarter.