Belo Participates at Bear Stearns Conference
April 15 2008 - 3:30PM
PR Newswire (US)
DALLAS, April 15 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC)
participated today at the Bear Stearns 8th Annual Broadcast
Conference at the National Association of Broadcasters Convention
in Las Vegas. In his opening remarks, Dennis A. Williamson, Belo's
executive vice president/Chief Financial Officer, said first
quarter total revenues, full year operating expenses and full year
Corporate expenses remain in line with previous guidance.
Williamson said, "We continue to expect first quarter total
revenues to be down low-single digits. The Company's total
operating expenses in 2008 are expected to be up mid-single digits,
with the increase generally consistent across all four quarters.
Corporate costs for full year 2008 are still expected to be
approximately $40 million, excluding spin-off related costs of
approximately $4 million and Corporate costs attributable to A. H.
Belo Corporation (NYSE:AHC) from January 1 to the spin-off date of
February 8, 2008." The Company spun off its Newspaper Group and
related assets into A. H. Belo Corporation on February 8, 2008.
"First quarter earnings will include discontinued operations from
the Company's Newspaper Group and the related Corporate costs
attributable to the Newspaper Group for the period January 1 to
February 8, 2008," Williamson added. Williamson also confirmed that
the previously announced $18 million tax charge related to the
transfer of certain intangible assets from Belo Corp. to A. H. Belo
Corporation in the spin-off will be expensed in the first quarter
of 2008. About Belo Belo Corp. is one of the nation's largest
pure-play publicly-traded television companies, with annual revenue
of approximately $775 million. The Company owns and operates 20
television stations reaching more than 14 percent of U.S.
television households, including ABC, CBS, NBC, FOX, CW and
MyNetwork TV affiliates, and their associated Web sites, in 15
highly-attractive markets across the United States. Belo stations
consistently deliver distinguished journalism for which they have
received significant industry recognition including nine Alfred I.
duPont-Columbia University Silver Baton Awards; nine George Foster
Peabody Awards; and 19 national Edward R. Murrow Awards -- all
since 2000, and in each case more than any other commercial station
group in the nation. Nearly all Belo stations rank first or second
in their local market. Belo owns stations in seven of the top 25
markets in the nation, with six stations located in the
fast-growing, top-14 markets of Dallas/Fort Worth, Houston,
Seattle/Tacoma and Phoenix. Additionally, the Company has leveraged
its local television assets to create regional cable news channels
in Texas and the Northwest increasing its impact in those regions.
Additional information is available at http://www.belo.com/ or by
contacting Paul Fry, vice president/Investor Relations &
Corporate Communications, at 214-977-6835. Statements in this
communication concerning Belo's business outlook or future economic
performance, anticipated profitability, revenues, expenses,
dividends, capital expenditures, investments, future financings, or
other financial and non-financial items that are not historical
facts, are "forward-looking statements" as the term is defined
under applicable federal securities laws. Forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from those
statements. Such risks, uncertainties and factors include, but are
not limited to, uncertainties regarding the costs, consequences
(including tax consequences) and other effects of the distribution
of the newspaper businesses and related assets of Belo; changes in
capital market conditions and prospects, and other factors such as
changes in advertising demand, interest rates and programming and
production costs; changes in viewership patterns and demography,
and actions by Nielsen; changes in the network-affiliate business
model for broadcast television; technological changes, including
the transition to digital television and the development of new
systems to distribute television and other audio-visual content;
changes in the ability to secure, and in the terms of, carriage of
Belo programming on cable, satellite and other program distribution
methods; development of Internet commerce; industry cycles; changes
in pricing or other actions by competitors and suppliers; Federal
Communications Commission and other regulatory, tax and legal
changes; adoption of new accounting standards or changes in
existing accounting standards by the Financial Accounting Standards
Board or other accounting standard-setting bodies or authorities;
the effects of Company acquisitions, dispositions and co-owned
ventures; general economic conditions; and significant armed
conflict, as well as other risks detailed in Belo's other public
disclosures and filings with the SEC including Belo's Annual Report
on Form 10-K. DATASOURCE: Belo Corp. CONTACT: Paul Fry, vice
president-Investor Relations & Corporate Communications of Belo
Corp., +1-214-977-6835 Web site: http://www.belo.com/
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