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Belo Corp. Message Board

  • wow1smallworld wow1smallworld Dec 19, 2012 7:56 AM Flag

    Benchmark Company reiterated its Buy rating and $10.00 price target on Belo Corp

    Benchmark Company noted, ?Belo (BLC-Buy, PT $10) management updated its 4Q
    revenue guidance at a recent investor conference, projecting total spot
    revenues to be up 13-14% vs. their previous estimate of 11-13%, including
    an expected $61 million in political advertising vs. their previous
    guidance of $58-59 million. However, we had anticipated slightly higher
    results. As a result, we now project total revenues of $204 million vs.
    our previously projected total revenue of $207 million. We attribute the
    shortfall primarily to likely crowding out of television advertising
    leading up to the election. Post election television ad revenues are ahead
    for December. Combined station and corporate operating costs are expected
    to be up 8% due to higher revenue related to variable costs, investment in
    new business initiatives and the absence of $2.4 million in one-time
    credits. We look for 4Q12 EPS of $0.35 excluding a $5.5 million ($0.03 per
    share) debt redemption charge related to Belo's redemption of $175.9
    million of notes due May 2013. Adjusted EBITDA is expected to be $83
    million, up 21% y/y.?

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