Lin TV profits fall as operating expenses climb

DESPITE A 36.6 PERCENT increase in revenue in the first quarter of 2013, Lin TV Corp. posted a net loss of $1 million in the period, compared with a profit of $3.9 million a year earlier.
Posted 5/9/13

PROVIDENCE – Lin TV Corp. saw its bottom line drop even as revenue rose 36.6 percent during the first quarter of 2013, the company reported Thursday.

The decrease came about thanks to an increase in operating expenses as well as a more than doubling of depreciation and amortization expense recognized in the period.

The company saw its bottom line fall to a loss of $1.02 million, or 2 cents per diluted share, for the first quarter, versus net income of $3.88 million, or 10 cents per diluted share, during the first quarter of 2012.

On Feb. 12, Lin TV Corp., which has re-branded itself Lin Media, and Lin Texas finalized its agreement with Comcast Corp. affiliate NBCUniversal, General Electric Co. and General Electric Capital Corp., in which Lin Texas exited its joint venture with NBC and Lin Media was released from its guarantee of the $815.5 million note payable by the joint venture to General Electric Capital Corp.

Under the agreement, Lin Texas made a $100 million capital contribution to the joint venture, financed by a combination of cash on hand, borrowings under Lin TV’s revolving credit facility and a new $60 million incremental loan under Lin TV’s existing senior secured credit facility. The company had taken a $94 million charge in the 2012 fourth quarter for the deal.

Along with the joint venture sales transaction, Lin entered into an agreement and plan or merger with Lin Media LLC, a newly-formed Delaware company.

According to a company release, the merger is “expected to generate sufficient capital losses to fully offset the capital gains recognized in the JV sales transaction.”

Even as the company’s bottom line fell, its revenue rose 36.6 percent year over year during the first quarter to $141 million from $103.2 million.

“After achieving record results last year, ad revenue is off to a slower start in 2013,” Lin President and CEO Vincent L. Sadusky said in a statement. “However, retransmissions revenues and the continued growth and contribution of our digital business more than offset declines.”

Excluding political sales, advertising revenue rose 30 percent year over year in the first quarter, according to the Lin release.

PBN Hosted

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News