DALLAS, Feb. 8, 2011 /PRNewswire-FirstCall/ -- Belo Corp.
(NYSE: BLC), one of the nation's largest pure-play, publicly-traded
television companies, today reported fourth quarter and full year
2010 net earnings (loss) per share of $0.38 and $0.83,
respectively, compared to $0.21 and
($1.06), respectively, for the fourth
quarter and full year 2009. Full year 2009 included a
non-cash impairment charge to intangible assets of $1.51 per share in the third quarter and a gain
on the repurchase and retirement of Company bonds of $0.09 per share in the first quarter.
2010 in Review
Commenting on the Company's operating performance, Dunia A. Shive, Belo Corp.'s president and Chief
Executive Officer, said, "Fourth quarter's near record political
revenue of $35.7 million led the
Company to a 22 percent increase in spot revenue and a 20 percent
increase in total revenue for the fourth quarter, providing a
strong finish to an outstanding year of revenue growth.
Belo's total revenue for full year 2010 grew 16.5 percent
compared to 2009, driven by an 18 percent increase in spot revenue
related to the continued local and national spot advertising
recovery and almost $56 million in
2010 political revenue.
"Combined station and corporate operating costs grew 5.8 percent
in 2010, compared to 2009, and the Company's station adjusted
EBITDA totaled $278 million for the
full year, a 40 percent increase over 2009. The station
adjusted EBITDA margin for 2010 was 40 percent versus 34 percent in
2009. Debt reduction remained the Company's primary use of
free cash flow during the year. The Company paid down
$52 million of debt in the fourth
quarter of 2010 and $131 million for
full year 2010.
"In 2007, Belo applied for a change in accounting method with
the Internal Revenue Service ("IRS") related to the deduction of
amortization expense associated with certain intangibles. In
November of 2010, the Company received a consent letter from the
IRS approving the change in accounting method and subsequently
filed an amendment to its 2007 federal tax return. Pending
final review by the IRS and related authorities, the amended return
is expected to result in a tax refund of approximately $30 million for the Company. The 2010
year-end balance sheet reflects the effects of the tax refund
receivable. The refund did not have any effect on earnings in
2010, other than interest income related to the refund. Any
difference in the final amount of the refund versus our current
estimate will run through earnings in the period in which the
refund is received, which is currently expected to be in the back
half of 2011."
Operating Results
Total revenue increased 20 percent in the fourth quarter of 2010
versus the fourth quarter of 2009. Total spot revenue was up
22 percent in the fourth quarter of 2010 due primarily to a
$26.9 million increase in political
revenue. Local spot revenue increased 1.2 percent and
national spot revenue increased 7.1 percent in the fourth quarter
of 2010 versus the fourth quarter of 2009 as crowd-out from
political revenue affected core spot revenue growth. Other
revenue, which includes barter and trade advertising, network
compensation, Internet advertising revenue and retransmission
revenue, was up 13 percent in the fourth quarter of 2010 due to
increases in the Company's retransmission revenue and Internet
advertising revenue.
Total revenue increased 16.5 percent for full year 2010 versus
2009. Full year 2010 spot revenue was up 18 percent, with a
6.1 percent increase in local spot, a 16 percent increase in
national spot and a $42.3 million
increase in political revenue compared to 2009. The 2010
local and national spot revenue increase reflects an improved
advertising environment led by the automotive category, which was
up 29 percent, and double-digit increases in several other large
revenue categories including financial services, grocery and food
products, and telecommunications. Other revenue was up 9.1
percent for full year 2010 due to increases in the Company's
retransmission revenue and Internet advertising revenue.
Station salaries, wages and employee benefits increased
$7.7 million during the fourth
quarter of 2010 versus the fourth quarter of 2009 due primarily to
a $2 million increase in accrued
bonus expense, a $1.2 million
increase in pension expense, including the effect of reinstating
the pension transition supplement benefit that was suspended in
2009, and a non-cash credit of $3.1
million in the fourth quarter of 2009 related to the
conversion to a paid time off vacation policy. Station
programming and other operating costs were up 4.6 percent in the
fourth quarter of 2010 versus the fourth quarter of 2009 due
primarily to higher national representation fees related to
national spot political revenue.
Station salaries, wages and employee benefits increased
$18.9 million for full year 2010
versus 2009 due primarily to a $7.5
million increase in accrued bonus expense, a $5 million increase in pension expense, and a
non-cash credit of $7.5 million in
2009 related to the conversion to a paid time off vacation policy.
Station programming and other operating costs were down
slightly in 2010 as increases in national representation fees were
offset by non-cash expense reductions related to third-party
funding of certain newsgathering equipment.
Station adjusted EBITDA of $97.6
million for the fourth quarter of 2010 was up 34 percent
compared to fourth quarter 2009. Station adjusted EBITDA of
$278 million for full year 2010 was
up 40 percent versus full year 2009. The station adjusted
EBITDA margin for the fourth quarter of 2010 was 47 percent versus
43 percent in the fourth quarter of 2009, and 40 percent for full
year 2010 versus 34 percent in 2009.
Corporate
Corporate operating costs of $10.3
million in the fourth quarter of 2010 were $2.3 million higher than the fourth quarter of
2009 due primarily to a $1.9 million
increase in accrued performance-based bonus expense.
Corporate operating costs of $36.5
million in 2010 were $6.6
million higher than 2009 due primarily to a $5.2 million increase in accrued
performance-based bonus expense and a $4
million increase in pension expense, partially offset by
decreases in technology costs.
In the Company's third quarter earnings release dated
October 28, 2010, three factors were
noted that would affect combined station and corporate operating
costs for the fourth quarter. Below is a list of those
factors with their actual effect on fourth quarter expenses:
- a $3.2 million non-cash credit in
the fourth quarter of 2009 related to the Company's conversion to a
paid time off vacation policy;
- a $2.3 million increase in
pension expense in the fourth quarter of 2010, which included the
reinstatement of the pension transition supplement that was
suspended in 2009; and,
- a $3.9 million increase in
performance-based bonus expense in the fourth quarter of 2010
compared to the fourth quarter of 2009.
In Belo's third quarter earnings release, the Company projected
that, on a reported basis, fourth quarter combined station and
corporate operating costs would be up approximately 12 to 13
percent versus the fourth quarter of 2009; and, excluding the above
items, fourth quarter combined station and corporate operating
costs would be up less than 5 percent. On a reported basis,
fourth quarter combined station and corporate operating costs were
up 11.7 percent compared to the fourth quarter of 2009.
Excluding the above items, fourth quarter combined station
and corporate operating costs were up 2.7 percent compared to the
fourth quarter of 2009.
Other Items
The Company recorded a reduction in operating expenses of
$8.6 million in 2010 related to
pension contribution reimbursements received from A. H. Belo
Corporation ("A. H. Belo").
The reimbursements related to A. H.
Belo's contractual obligation to reimburse Belo for 60
percent of any pension contributions Belo made to The G. B. Dealey
Retirement Pension Plan ("Pension Plan"). This $8.6 million credit is shown as a separate
component of total operating costs and expenses on Belo's
Consolidated Statements of Operations. There were no pension
contribution reimbursements in the fourth quarter of 2010.
Belo's depreciation expense totaled $8.2
million in the fourth quarter of 2010, down from
$9.4 million in the fourth quarter of
2009. Full year 2010 depreciation expense totaled
$34.7 million, down from $41.7 million in 2009.
The Company's interest expense decreased 1.1 percent in the
fourth quarter of 2010 compared to the fourth quarter of 2009.
Full year 2010 interest expense increased $14 million compared to the prior year due
primarily to increased interest costs associated with the Company's
$275 million senior note offering
completed in the fourth quarter of 2009 and the amortization of the
discount and refinancing costs associated with the note offering
and concurrent amendment of the Company's credit facility.
The debt incurred in the note offering was previously
included in the Company's lower-rate revolving credit facility.
Other income, net, increased $1.7
million in the fourth quarter of 2010 due primarily to
interest income on the tax refund receivable mentioned earlier.
Other income, net, decreased $11.1
million for the full year 2010 compared to 2009 due
primarily to a $14.9 million pretax
gain in 2009 associated with the repurchase and retirement of
Company bonds, which was partially offset by a $3.2 million charge in 2009 associated with the
relocation of the Company's news bureau in Washington, D.C. and an increase in the
reserve for an investment in 2009.
Income tax expense increased $7.9
million in the fourth quarter of 2010 compared to the fourth
quarter of 2009 due primarily to higher pre-tax earnings.
Income tax expense increased $109
million for the full year 2010 versus the prior year due
primarily to an $87 million tax
benefit in 2009 associated with the impairment charge noted above
and higher pre-tax earnings in 2010.
Total debt at December 31, 2010
was $897.1 million. The
Company's total leverage ratio, as defined in the Company's credit
facility, was 3.7 times at December 31,
2010, down from 4.3 times at September 30, 2010 and 5.9 times at December 31, 2009. Belo invested
$4.4 million in capital expenditures
in the fourth quarter of 2010 and $15
million for the year.
Non-GAAP Financial Measures
A reconciliation of station adjusted EBITDA to earnings (loss)
from operations and a reconciliation of net earnings (loss) to pro
forma net earnings are set forth in an exhibit to this release.
2011 Outlook
Looking to 2011, Shive said, "We currently expect to see
continued recovery in advertising as long as the economy does not
experience an unanticipated setback. We expect spot revenue
excluding political to grow in 2011, but at a more moderate rate
than in 2010. Comparables will be difficult in the first
quarter of 2011 as we cycle against a 17 percent increase in spot
advertising revenue in the first quarter of 2010, which benefited
from $8.4 million in Olympics
revenue, $6.3 million in political
revenue, and $2.3 million in Super
Bowl revenue from our five CBS affiliates compared to the Super
Bowl airing on our one Fox affiliate in 2011. Despite these
2010 items, we still expect combined local and national spot
advertising revenue to grow in the low-single digits in the first
quarter of 2011 compared to the first quarter of 2010, and total
spot revenue including political to be down in the low-single
digits.
"We expect reported combined station and corporate operating
costs to grow at a low-to-mid single digit rate in 2011.
However, there will be fluctuations in quarterly expense
variances in 2011 due to the non-cash expense reductions recorded
in the first half of 2010 related to third-party funding of certain
newsgathering equipment and syndicated programming expense savings
related to the Oprah show ending in the fall of 2011. For the
first quarter of 2011, combined station and corporate operating
expenses are expected to be up six to seven percent compared to the
first quarter of 2010. Excluding a $3.9 million non-cash expense reduction related
to third-party funding of certain newsgathering equipment in the
first quarter of 2010, combined station and corporate operating
expenses are expected to be up three to four percent.
"On January 3, 2011, the Company
announced the completion of the split of the Pension Plan with
A. H. Belo. The Company will
record a non-cash charge in the first quarter of 2011 related to
the split of approximately $19 million to
$23 million, with an associated tax benefit of approximately
$5 million to $7 million. The
Company will also record a significant increase to equity and a
significant reduction in its unfunded pension liability as a result
of the split.
"Capital expenditures in 2011 are expected to be approximately
$16 million. Interest expense
is expected to be around $72 million
in 2011. The Company's effective tax rate for 2011 is
expected to be around 41 percent, a little higher than normal
because of the non-cash charge related to the split of the Pension
Plan."
A conference call to discuss this release and other matters of
interest to shareholders and analysts will follow at 1:00 p.m. CST this afternoon. The
conference call will be simultaneously Webcast on Belo Corp.'s Web
site (www.belo.com/invest). Following the conclusion of the
Webcast, a replay of the conference call will be archived on Belo's
Web site. To access the listen-only conference lines, dial
1-800-230-1951. A replay line will be open from 3:00 p.m. CST on February
8 until 11:59 p.m. CST
February 22. To access the
replay, dial 800-475-6701 or 320-365-3844. The access code
for the replay is 187908.
About Belo Corp.
Belo Corp. (BLC), one of the nation's largest pure-play,
publicly-traded television companies, owns and operates 20
television stations (nine in the top 25 markets) and their
associated Web sites. Belo stations, which include
affiliations with ABC, CBS, NBC, FOX, and the CW, reach more than
14 percent of U.S. television households in 15 highly-attractive
markets. Belo stations rank first or second in nearly all of
their local markets. Additional information is available at
www.belo.com or by contacting Paul
Fry, vice president/Investor Relations & Treasury
Operations, at 214-977-6835.
Statements in this communication concerning Belo's business
outlook or future economic performance, anticipated profitability,
revenues, expenses, capital expenditures, investments, future
financings, impairments, pension matters, and 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 Company's
spin-off distribution of its newspaper businesses and related
assets to A. H. Belo Corporation and the associated agreements
between the Company and A. H. Belo
relating to various matters; 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, and the development of
new systems to distribute and consume television and other
audio-visual content; changes in the ability to secure, and in the
terms of, carriage of Belo programming on cable, satellite,
telecommunications 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, co-owned
ventures, and investments; pension plan matters; 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.
Belo Corp.
|
|
Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Twelve
months ended
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
In thousands, except per share
amounts
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating
Revenues
|
$
|
206,228
|
|
$
|
171,344
|
|
$
|
687,395
|
|
$
|
590,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station salaries, wages and
employee benefits
|
|
53,537
|
|
|
45,792
|
|
|
209,945
|
|
|
191,003
|
|
|
Station programming and other
operating costs
|
|
55,085
|
|
|
52,659
|
|
|
199,304
|
|
|
200,215
|
|
|
Corporate operating
costs
|
|
10,285
|
|
|
8,011
|
|
|
36,487
|
|
|
29,902
|
|
|
Pension contribution
reimbursements
|
|
-
|
|
|
-
|
|
|
(8,572)
|
|
|
-
|
|
|
Depreciation
|
|
8,231
|
|
|
9,376
|
|
|
34,693
|
|
|
41,655
|
|
|
Impairment charge
|
|
-
|
|
|
-
|
|
|
-
|
|
|
242,144
|
|
|
|
Total operating costs and
expenses
|
|
127,138
|
|
|
115,838
|
|
|
471,857
|
|
|
704,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
operations
|
|
79,090
|
|
|
55,506
|
|
|
215,538
|
|
|
(114,652)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income and
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(18,155)
|
|
|
(18,354)
|
|
|
(77,895)
|
|
|
(63,920)
|
|
|
Other income (expense),
net
|
|
1,248
|
|
|
(466)
|
|
|
1,377
|
|
|
12,441
|
|
|
|
Total other income and
(expense)
|
|
(16,907)
|
|
|
(18,820)
|
|
|
(76,518)
|
|
|
(51,479)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income
taxes
|
|
62,183
|
|
|
36,686
|
|
|
139,020
|
|
|
(166,131)
|
|
Income tax expense
(benefit)
|
|
22,289
|
|
|
14,432
|
|
|
52,114
|
|
|
(57,070)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
$
|
39,894
|
|
$
|
22,254
|
|
$
|
86,906
|
|
$
|
(109,061)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share -
Basic
|
$
|
0.38
|
|
$
|
0.21
|
|
$
|
0.83
|
|
$
|
(1.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share -
Diluted
|
$
|
0.38
|
|
$
|
0.21
|
|
$
|
0.83
|
|
$
|
(1.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
103,156
|
|
|
102,553
|
|
|
103,026
|
|
|
102,491
|
|
|
Diluted
|
|
103,558
|
|
|
102,954
|
|
|
103,437
|
|
|
102,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
0.075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belo Corp.
|
|
Consolidated Condensed Balance
Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
In thousands
|
|
2010
|
|
|
2009
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and temporary cash
investments
|
$
|
8,309
|
|
$
|
4,800
|
|
|
|
Accounts receivable,
net
|
|
144,992
|
|
|
139,911
|
|
|
|
Other current assets
|
|
57,495
|
|
|
31,413
|
|
|
Total current assets
|
|
210,796
|
|
|
176,124
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
164,439
|
|
|
177,475
|
|
|
Intangible assets,
net
|
|
1,149,272
|
|
|
1,149,272
|
|
|
Other assets
|
|
65,883
|
|
|
81,590
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
1,590,390
|
|
$
|
1,584,461
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
20,744
|
|
$
|
20,736
|
|
|
|
Accrued expenses
|
|
88,845
|
|
|
56,199
|
|
|
|
Other current
liabilities
|
|
27,611
|
|
|
26,962
|
|
|
Total current
liabilities
|
|
137,200
|
|
|
103,897
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
897,111
|
|
|
1,028,219
|
|
|
Deferred income taxes
|
|
206,765
|
|
|
158,857
|
|
|
Other liabilities
|
|
178,672
|
|
|
210,626
|
|
|
Total shareholders'
equity
|
|
170,642
|
|
|
82,862
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,590,390
|
|
$
|
1,584,461
|
|
|
|
|
|
-
|
|
|
-
|
|
Note
|
In connection with the
accounting for the Company's 2007 amended federal tax return and
refund discussed in this release, an immaterial prior period
adjustment to reduce deferred income taxes by $11,031 and increase
shareholders' equity by the same amount is reflected on the
December 31, 2009 balance sheet.
|
|
|
|
|
|
|
|
|
|
Belo Corp.
|
|
Non-GAAP to GAAP
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve
months ended
|
|
|
|
December
31,
|
|
December
31,
|
|
In thousands
(unaudited)
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station Adjusted EBITDA
(1)
|
$
|
97,606
|
|
$
|
72,893
|
|
$
|
278,146
|
|
$
|
199,049
|
|
|
Corporate operating
costs
|
|
(10,285)
|
|
|
(8,011)
|
|
|
(36,487)
|
|
|
(29,902)
|
|
|
Depreciation
|
|
(8,231)
|
|
|
(9,376)
|
|
|
(34,693)
|
|
|
(41,655)
|
|
|
Pension contribution
reimbursements
|
|
-
|
|
|
-
|
|
|
8,572
|
|
|
-
|
|
|
Impairment charge
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(242,144)
|
|
|
Earnings (loss)
from operations
|
$
|
79,090
|
|
$
|
55,506
|
|
$
|
215,538
|
|
$
|
(114,652)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
|
Belo's management uses Station
Adjusted EBITDA as the primary measure of profitability to evaluate
operating performance and to allocate capital resources and bonuses
to eligible operating company employees. Station Adjusted
EBITDA represents the Company's earnings from operations before
interest expense, income taxes, depreciation, amortization,
impairment charge, pension contribution reimbursements and
corporate operating costs. Other income (expense), net is not
allocated to television station earnings from operations because it
consists primarily of equity in earnings (losses) from investments
in partnerships and joint ventures and other non-operating income
(expense).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Net
Earnings
|
|
In thousands
(unaudited)
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
|
December 31,
2010
|
|
December 31,
2009
|
|
|
|
|
Earnings
|
|
|
EPS
|
|
|
Earnings
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
$
|
39,894
|
|
$
|
0.38
|
|
$
|
22,254
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension contribution
reimbursements, net of tax
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma net
earnings
|
$
|
39,894
|
|
$
|
0.38
|
|
$
|
22,254
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 2:
|
There were no pro forma
adjustments for the three months ended December 31, 2010 or
2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended
|
|
Twelve
months ended
|
|
|
|
December 31,
2010
|
|
December 31,
2009
|
|
|
|
|
Earnings
|
|
|
EPS
|
|
|
Earnings
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
$
|
86,906
|
|
$
|
0.83
|
|
$
|
(109,061)
|
|
$
|
(1.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension contribution
reimbursements, net of tax
|
|
(5,229)
|
|
|
(0.05)
|
|
|
-
|
|
|
|
|
|
Gain from extinguishment of
debt, net of tax
|
|
-
|
|
|
|
|
|
(9,131)
|
|
|
(0.09)
|
|
|
Impairment charge, net of
tax
|
|
-
|
|
|
|
|
|
155,420
|
|
|
1.51
|
|
|
Pro forma net
earnings
|
$
|
81,677
|
|
$
|
0.79
|
|
$
|
37,228
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Belo Corp.