Belo Reports 'Top-Tier Revenue Growth Rates'
The Belo Corp today reported growth in cash flow and earnings per share for 2000, going so far as to state in a press release that "fourth quarter television group and publishing revenue growth rates represent top-tier performance."
the rate of growth may be good relative to other media corporations, earnings
as expressed in dollars per share were down, from $1.50 in 1999 to $1.29
gainer last years was Belo's broadcast division, due in large part to
advertising related to the election and Olympics. The newspaper division
realized healthy gains too.
loser was Belo Interactive -- the corporation's online ventures. While
online revenues were up 44 percent over the previous year, cash flow was
reported at minus 198 percent as Belo Interactive burned through $24 million
more than it took in.
were rosier at the Journal, which saw a 4 percent increase in revenue
during 2000, according to the report. This came despite a drop in advertising
lineage during the third quarter, compared to the same period the year
before. (Overall publishing division revenue and cash flow were up 6.5
According to Journal advertising sales representatives, 1999 was a great advertising year for the Journal, reflecting the hot pace of the economy.
The frenetic pace of advertising sales continued through late summer, but ended as the economy began to slow. According to monthly reports provided by Belo, year-to-date ad linage as of November was about even with the prior year, even though September, October and November were down 4.3%, 15.2%, and 11.3% respectively
As for the future, Belo is betting on a quick economic recovery and the strength of its newspapers to keep money rolling in. The report states: "Provided advertising spending rebounds in the second quarter. We believe that Belo can grow revenues and operating cash flow for full year 2001, with better prospects for growth in publishing than broadcast because of the tremendous political and Olympic dollars realized in 2000."
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