Media General Q2 net revenues increased 13% to $363 million
Staff Writer |
Media General reported results for the second quarter ended June 30, 2016. Net revenues increased 13% to $363 million, compared to $321 million in Q2 of the prior year.
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Excluding Political revenue, net revenues increased 11% compared to the second quarter of the prior year.
Net local revenues, which include net local advertising revenues and retransmission consent fees, increased 13% to $248 million, compared to $220 million in the second quarter of the prior year.
Net national revenues increased 1% to $54 million, compared to $53 million in the second quarter of the prior year.
Net political revenues were $10 million, compared to $3 million in the second quarter of the prior year.
Net digital revenues increased 18% to $43 million, compared to $36 million in the second quarter of the prior year.
Operating expenses increased 7% to $303 million, compared to $284 million in the second quarter of the prior year.
Absent the merger-related expenses, restructuring costs, the one-time acquisition-related compensation and higher network fees, total operating costs for the second quarter were flat when compared to the same period in the prior year.
Corporate and other expenses were $18 million, compared to $12 million in the second quarter of the prior year. One-time acquisition-related compensation payments totaling $7 million related to the purchase of HYFN were included in Corporate and other expense for the second quarter of 2016.
Excluding the one-time item, Corporate and other decreased 13% to $11 million compared to the second quarter of the prior year.
Operating income was $60 million, compared to $37 million in the second quarter of the prior year.
Broadcast Cash Flow increased 25% to $120 million, compared to $96 million in the second quarter of the prior year.
Adjusted EBITDA increased 23% to $111 million, compared to $91 million in the second quarter of the prior year. Included in Adjusted EBITDA were $2.6 million of losses from the Company's national digital businesses.
Earnings per diluted share was $0.14, compared to earnings per diluted share of $0.01 in the second quarter of the prior year. ■