Media General Reports Third-Quarter 2009 Results; Includes Non-Cash Impairment Charge

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Mice Grp.	LSE:MEG	London	Ordinary Share	GB0006064751	ORD 4P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Mice Group (LSE:MEG)
Historical Stock Chart

From Jan 2020 to Jan 2025

RICHMOND, Va., Oct. 21 /PRNewswire-FirstCall/ -- Media General, Inc. (NYSE:MEG) today reported a net loss for the third quarter of 2009 of $62.5 million, or $2.80 per share, including a pretax non-cash impairment charge of $84 million, compared with net income of $6.1 million, or 27 cents per diluted share, in the 2008 period. Income from continuing operations, adjusting for the above impairment charge and applying a 39 percent tax rate, was $4.4 million, or 20 cents per share, compared with $5.7 million, or 25 cents per share in the prior year. The impairment charge and tax benefit in the quarter are discussed below. Media General's third-quarter 2009 results included gains of $1.9 million associated with an insurance recovery, $910,000 from a favorable tax ruling related to the sale of SP Newsprint, and $2 million from implementing a final freeze on a retirement plan, partially offset by a $2.2 million expense from stock-based compensation plans due to an increase in the price of the company's common stock in the quarter. The 2008 third quarter included a $500,000 gain associated with an insurance recovery and a $1 million reduction in the previously recognized loss on the sale of SP Newsprint. "The 18 percent decline in total revenues in the third quarter represents a sequential improvement from the 20 percent decrease in the second quarter of 2009. The improvement is made more notable when we consider that last year's third quarter included $12.5 million in Olympics revenues as well as $6 million more in Political revenues," said Marshall N. Morton, president and chief executive officer. "Nonetheless, the advertising environment in the third quarter remained challenging, and we experienced lower Classified, Local and National revenues overall. On the other hand, newspaper circulation revenues increased 11 percent as a result of rate increases, and renewed emphasis on subscription sales after Labor Day is yielding encouraging results. Cable and satellite retransmission fees were $4.2 million in this year's third quarter compared to just under $1 million last year," Mr. Morton said. "We were pleased with the results of our initiatives to expand the array of products and services we provide via digital media, including online and mobile. Digital Media revenues in the third quarter increased 2 percent from the prior year and represented 8 percent of total advertising revenues. Local digital revenues increased 25 percent from a year ago, reflecting the success of new online-only sales initiatives. Unique visitors increased nearly 30 percent in the quarter," Mr. Morton said. "Total operating costs decreased 18 percent from last year's third quarter, excluding the impairment charge and insurance gains. Lower expenses were mostly attributable to a 17 percent decrease in compensation expense and a 54 percent decline in newsprint expense," he said. Media General had 770 fewer full-time equivalent employees this year than last year. By the end of 2009, a furlough program will have included a total of 15 days per employee, including four days in the fourth quarter. Newsprint consumption was down 36 percent, from both lower volumes and conservation efforts, such as our Web-width reductions, and newsprint prices dropped 27 percent from a year ago. "As we enter the fourth quarter, we are seeing signs of strengthening in advertiser spending. While we do not expect to fully replace the $23.4 million of Political revenues we generated in last year's fourth quarter, we believe that Local and National advertiser spending patterns are firming somewhat, especially on the broadcast side. September produced the smallest revenue decline we've seen all year, down 12 percent. "Also encouraging are signs that the Tampa and Providence markets have stabilized. Looking to next year, we anticipate a lift from an improving economy and the promise of Political and Olympics revenues. Media General is well positioned to benefit from an economic recovery," he said. Market Segments Effective at the beginning of the third quarter of 2009, Media General changed its management structure from three platform-based divisions to five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. This new structure better focuses all operations on serving customers across multiple media platforms. Included with this news release are statements that provide the market structure results for the first two quarters of 2009, for all four quarters and full-year 2008, and for full-year 2007. Virginia/Tennessee segment profits in the third quarter were $10.7 million, a 2 percent decrease from a year ago. Revenues of $48 million declined 14.7 percent. The segment benefited from stronger local sales in several regions, and the decline in Political revenues was less significant than in other markets. Segment expenses decreased 19 percent. Florida segment profits were $524,000, a 56.5 percent decrease from the prior year. Total revenues were $36.5 million, down 22.7 percent, mostly the result of recession-induced soft advertising. In addition, WFLA had $2 million in Political revenues and $2.7 million in Olympics revenues last year. Expenses decreased 22 percent from last year. Mid-South segment profits were $5.5 million, an 11.9 percent decrease. Revenues were $35.5 million, a 13.8 percent decrease. The 2008 third quarter included $1.2 million in Political revenues and $2.1 million in Olympics revenues. Expenses decreased 14.8 percent. North Carolina segment profits were $1.4 million, a 63.3 percent decrease. Revenues were $18.9 million, a 27.1 percent decline. The North Carolina television stations were impacted by the absence of $1 million in Political revenues and $2.3 million in Olympics revenues from last year. Segment expenses declined 20.7 percent. Ohio/Rhode Island segment profits were $2.5 million, a 46.5 percent decrease from last year. Total revenues decreased 22.7 percent. The current quarter results reflected $1.5 million less in Political revenues than last year and the absence of $5 million of revenues from the Olympics. Operating expenses decreased 12.7 percent. The Advertising Services and Other segment profits increased 84 percent from last year. Most of the improvement was generated by DealTaker.com and Blockdot. DealTaker.com's revenues increased 21.2 percent, reflecting increased traffic and visitors buying from merchant sites, driven by marketing and sales initiatives. Blockdot's revenues increased 29 percent, also driven by sales initiatives. Impairment Despite a rise in stock price, weaker-than-expected revenues, combined with the change in management structure, which made impairment testing more granular, led the company to perform a third-quarter impairment test. That test resulted in an $84 million pretax charge, including $66 million of goodwill and $18 million of FCC licenses, network affiliation agreements, and certain publishing licenses. Income Taxes Due to the company's net-deferred tax asset position, required valuation allowance and intra-period tax allocation rules, the tax benefit of $16.7 million on income from continuing operations for the quarter had an unusual relationship to the pretax loss. Through nine months, in addition to any period-specific items, the tax benefit on continuing operations was limited to the amount of income tax expense that was attributable to discontinued operations and other comprehensive income items which, in combination with the amounts recorded through the first six months of the year, resulted in a 21.6 percent tax rate for the third quarter. Other results Corporate expense declined 44.8 percent, reflecting cost containment actions and a final freeze on a retirement plan. Acquisition intangibles amortization decreased 40.6 percent, as certain intangible assets were written down as part of previous impairment charges. Interest expense was approximately $525,000 higher than the prior year, due to higher marginal interest rates, offset in large part by lower average debt levels. Debt at the end of the third quarter was $706 million, compared with $712 million at the end of the second quarter of 2009 and $730 million as of the beginning of the year. EBITDA (income (loss) from continuing operations before interest, taxes, depreciation and amortization) was a deficit of $51.7 million, including the non-cash impairment charge, compared with $36.3 million in the 2008 period. After-Tax Cash Flow, which would not include the impairment charge, was $17.3 million, compared with $22.6 million in the prior year's quarter. Capital expenditures in the third quarter of 2009 were $3.6 million, compared with $6.8 million in the prior-year period. Free Cash Flow (After-Tax Cash Flow minus capital expenditures) was $13.6 million, compared with $15.8 million in the prior-year period. Media General provides the non-GAAP financial metrics EBITDA from continuing operations, After-Tax Cash Flow, and Free Cash Flow. The company believes these metrics are useful in evaluating financial performance and are common alternative measures used by investors, financial analysts and rating agencies. These groups use EBITDA, along with other measures, to evaluate a company's ability to service its debt requirements and to estimate the value of the company. A reconciliation of these metrics to amounts on the GAAP statements has been included in this news release. Conference Call and Webcast The company will hold a conference call with financial analysts today at 11 a.m. ET. The conference call will be available to the media and general public through a limited number of listen-only dial-in conference lines and via simultaneous Webcast. To dial in to the call, listeners may call 1-800-901-5247 about 10 minutes prior to the 11 a.m. start. The participant passcode is "Media General." Listeners may also access the live Webcast by logging on to http://www.mediageneral.com/ and clicking on the "Live Webcast" link on the homepage about 10 minutes in advance. A replay of the Webcast will be available online at http://www.mediageneral.com/ beginning at 2 p.m. today. A telephone replay is also available, beginning at 2 p.m. today and ending at 2 p.m. on October 28, 2009, by dialing 888-286-8010 or 617-801-6888, and using the passcode 10949244. Forward-Looking Statements This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations. About Media General Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's operations are organized in five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. The company's operations include 18 network-affiliated television stations and associated Web sites, 21 daily newspapers and associated Web sites, more than 200 specialty publications that include weekly newspapers, and niche publications targeted to various demographic, geographic and topical communities of interest. Many of the company's specialty publications have associated Web sites. Media General operates three interactive advertising services companies: Blockdot, which specializes in interactive entertainment and advergaming technologies; DealTaker.com, a coupon and shopping Web site; and NetInformer, a leading provider of wireless media and mobile marketing services. Media General, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS Thirteen Thirty-nine (Unaudited, in Weeks Ending Weeks Ending thousands except per Sept. 27, Sept. 28, Sept. 27, Sept. 28, share amounts) 2009 2008 2009 2008 --------------------- ---- ---- ---- ---- Revenues Publishing $84,097 $103,205 $263,136 $327,341 Broadcast 63,375 79,406 187,352 235,474 Digital media and other 10,536 10,327 30,043 28,361 ----------------- ------ ------ ------ ------ Total revenues 158,008 192,938 480,531 591,176 -------------- ------- ------- ------- ------- Operating costs: Employee compensation 69,966 84,623 230,117 289,614 Production 37,185 48,473 120,313 144,863 Selling, general and administrative 21,354 25,663 68,128 82,146 Depreciation and amortization 14,881 16,846 45,256 54,195 Goodwill and other asset impairment 84,220 --- 84,220 778,318 Gain on insurance recovery (1,915) (500) (1,915) (3,250) ----------------- ------ ---- ------ ------ Total operating costs 225,691 175,105 546,119 1,345,886 --------------- ------- ------- ------- --------- Operating income (loss) (67,683) 17,833 (65,588) (754,710) ----------------------- ------- ------ ------- -------- Other income (expense): Interest expense (10,489) (9,962) (31,718) (32,799) Impairment of and gain (loss) on investments 910 1,375 701 (4,586) Other, net 212 248 621 761 ---------- --- --- --- --- Total other expense (9,367) (8,339) (30,396) (36,624) ------------------- ------ ------ ------- ------- Income (loss) from continuing operations before income taxes (77,050) 9,494 (95,984) (791,334) Income tax expense (benefit) (16,670) 3,769 (27,625) (253,798) ------------------ ------- ----- ------- -------- Income (loss) from continuing operations (60,380) 5,725 (68,359) (537,536) Discontinued operations: Income (loss) from discontinued operations (net of tax) (98) 422 96 2,516 Income (loss) related to divestiture of operations (net of tax) (1,984) --- 5,136 (11,300) --------------------- ------ --- ----- ------- Net income (loss) $(62,462) $6,147 $(63,127) $(546,320) ================= ======== ====== ======== ========= Net income (loss) per common share: Income (loss) from continuing operations $(2.71) $0.25 $(3.07) $(24.35) Discontinued operations (0.09) 0.02 0.23 (0.40) ----- ---- ---- ----- Net income (loss) $(2.80) $0.27 $(2.84) $(24.75) ====== ===== ====== ======= Net income (loss) per common share - assuming dilution: Income (loss) from continuing operations $(2.71) $0.25 $(3.07) $(24.35) Discontinued operations (0.09) 0.02 0.23 (0.40) ----- ---- ---- ----- Net income (loss) $(2.80) $0.27 $(2.84) $(24.75) ====== ===== ====== ======= Weighted-average common shares outstanding: Basic 22,273 22,101 22,236 22,096 Diluted 22,273 22,101 22,236 22,096 Media General, Inc. BUSINESS SEGMENTS Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three Months ended September 27, 2009 Virginia/Tennessee $47,980 $(3,380) $10,674 Florida 36,519 (2,076) 524 Mid-South 35,513 (3,364) 5,479 North Carolina 18,946 (1,703) 1,430 Ohio/Rhode Island 12,314 (849) 2,509 Advertising Services & Other 7,160 (209) 1,529 Eliminations (424) - - - 22,145 Unallocated amounts: Acquisition intangibles amortization (1,775) (1,775) Corporate expense (1,525) (4,752) -------- ------ $158,008 $(14,881) ======== ======== Interest expense (10,489) Impairment of and gain (loss) on investments 910 Gain on insurance recovery 1,915 Goodwill and other asset impairment (84,220) Other (784) ---- Consolidated loss from continuing operations before income taxes $(77,050) ======== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three Months ended September 28, 2008 Virginia/Tennessee $56,273 $(3,452) $10,890 Florida 47,261 (2,553) 1,205 Mid-South 41,181 (3,547) 6,222 North Carolina 25,974 (1,788) 3,900 Ohio/Rhode Island 15,928 (815) 4,694 Advertising Services & Other 6,656 (226) 833 Eliminations (335) - (146) ---- 27,598 Unallocated amounts: Acquisition intangibles amortization (2,986) (2,986) Corporate expense (1,479) (8,692) -------- ------ $192,938 $(16,846) ======== ======== Interest expense (9,962) Impairment of and gain (loss) on investments 1,375 Gain on insurance recovery 500 Other 1,661 Consolidated income from continuing operations before income taxes $9,494 ====== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Nine months ended September 27, 2009 Virginia/Tennessee $145,408 $(10,525) $24,033 Florida 116,386 (6,266) (2,313) Mid-South 106,252 (10,152) 12,516 North Carolina 57,601 (5,095) 1,355 Ohio/Rhode Island 36,014 (2,541) 5,245 Advertising Services & Other 19,963 (657) 2,894 Eliminations (1,093) 2 (46) --- 43,684 Unallocated amounts: Acquisition intangibles amortization (5,361) (5,361) Corporate expense (4,661) (20,014) -------- ------ $480,531 $(45,256) ======== ======== Interest expense (31,718) Impairment of and gain (loss) on investments 701 Gain on insurance recovery 1,915 Goodwill and other asset impairment (84,220) Other (971) Consolidated loss from continuing operations before income taxes $(95,984) ======== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Nine months ended September 28, 2008 Virginia/Tennessee $174,973 $(11,534) $31,270 Florida 151,471 (7,398) (507) Mid-South 126,883 (11,115) 17,383 North Carolina 76,948 (5,336) 7,057 Ohio/Rhode Island 43,543 (3,085) 7,041 Advertising Services & Other 19,272 (588) 474 Eliminations (1,914) 8 (999) ---- 61,719 Unallocated amounts: Acquisition intangibles amortization (10,768) (10,768) Corporate expense (4,379) (30,166) -------- ------ $591,176 $(54,195) ======== ======== Interest expense (32,799) Impairment of and gain (loss) on investments (4,586) Gain on insurance recovery 3,250 Goodwill and other asset impairment (778,318) Other 334 ------- Consolidated loss from continuing operations before income taxes $(791,334) ========= Media General, Inc. CONSOLIDATED BALANCE SHEETS September 27, December 28, (Unaudited, in thousands) 2009 2008 ------------------------- ---- ---- ASSETS Current assets: Cash and cash equivalents $6,725 $7,142 Accounts receivable - net 87,097 102,174 Inventories 5,569 12,035 Other 38,239 38,849 Assets of discontinued operations - 12,402 - ------ Total current assets 137,630 172,602 ------- ------- Other assets 39,107 41,287 Property, plant and equipment - net 427,103 453,627 FCC licenses and other intangibles - net 577,310 666,736 Total assets $1,181,150 $1,334,252 ============ ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $24,462 $41,365 Accrued expenses and other liabilities 79,381 86,291 Liabilities of discontinued operations - 3,053 - ----- Total current liabilities 103,843 130,709 ------- ------- . Long-term debt 705,673 730,049 Deferred income taxes 371 - Other liabilities and deferred credits 241,804 318,267 Stockholders' equity 129,459 155,227 ------- ------- Total liabilities and stockholders' equity $1,181,150 $1,334,252 ===================== ========== ========== Media General, Inc. EBITDA, After-tax Cash Flow, and Free Cash Flow Thirteen Weeks Ending Thirty-nine Weeks Ending (Unaudited, --------------------- ------------------------ in September 27, September 28, September 27, September 28, thousands) 2009 2008 2009 2008 ----------- ---- ---- ---- ---- Income (loss) from continuing operations $(60,380) $5,725 $(68,359) $(537,536) Interest 10,489 9,962 31,718 32,799 Taxes (16,670) 3,769 (27,625) (253,798) Depreciation and amortization 14,881 16,846 45,256 54,195 EBITDA from continuing operations $(51,680) $36,302 $(19,010) $(704,340) =========== ======== ======= ======== ========= Income (loss) from continuing operations $(60,380) $5,725 $(68,359) $(537,536) Non-cash impairment charge 62,749 - 62,749 532,084 Depreciation and amortization 14,881 16,846 45,256 54,195 ------------- ------- ------- ------- ------- After-tax cash flow excluding non-cash impairment charge $17,250 $22,571 $39,646 $48,743 =========== ======= ======= ======= ======= After-tax cash flow $17,250 $22,571 $39,646 $48,743 Capital expenditures 3,647 6,797 11,625 19,243 ------------- ------- ------- ------- ------- Free cash flow excluding non-cash impairment charge $13,603 $15,774 $28,021 $29,500 =========== ======= ======= ======= ======= Media General, Inc. BUSINESS SEGMENTS Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended March 29, 2009 Virginia/Tennessee $46,840 $(3,658) $2,036 Florida 42,240 (2,096) (3,030) Mid-South 33,798 (3,391) 1,066 North Carolina 18,981 (1,696) (1,559) Ohio/Rhode Island 11,086 (845) 160 Advertising Services & Other 6,562 (225) 591 Eliminations (374) 1 (44) --- (780) Unallocated amounts: Acquisition intangibles amortization (1,799) (1,799) Corporate expense (1,609) (8,634) -------- ------ $159,133 (15,318) ======== ======= Interest expense (9,972) Other (106) Consolidated loss from continuing operations before income taxes $(21,291) ======== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended June 28, 2009 Virginia/Tennessee $50,587 $(3,486) $11,324 Florida 37,627 (2,094) 193 Mid-South 36,941 (3,397) 5,971 North Carolina 19,675 (1,696) 1,483 Ohio/Rhode Island 12,614 (847) 2,577 Advertising Services & Other 6,242 (224) 776 Eliminations (299) - (5) -- 22,319 Unallocated amounts: Acquisition intangibles amortization (1,787) (1,787) Corporate expense (1,526) (6,629) -------- ------ $163,387 $(15,057) ======== ======== Interest expense (11,257) Loss on investments (209) Other (80) Consolidated income from continuing operations before income taxes $2,357 ====== Media General, Inc. BUSINESS SEGMENTS Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended March 30, 2008 Virginia/Tennessee $58,188 $(3,795) $8,972 Florida 52,641 (2,379) 196 Mid-South 41,605 (3,797) 4,248 North Carolina 24,318 (1,778) 711 Ohio/Rhode Island 12,998 (1,151) 278 Advertising Services & Other 5,197 (160) (847) Eliminations (961) 7 (471) ---- 13,087 Unallocated amounts: Acquisition intangibles amortization (3,825) (3,825) Corporate expense (1,449) (11,250) -------- ------ $193,986 (18,327) ======== ======= Interest expense (12,289) Equity in net loss of unconsolidated affiliates (21) Other (2,085) Consolidated loss from continuing operations before income taxes $(16,383) ======== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended June 29, 2008 Virginia/Tennessee $60,511 $(4,288) $11,409 Florida 51,569 (2,466) (1,908) Mid-South 44,097 (3,772) 6,913 North Carolina 26,656 (1,770) 2,445 Ohio/Rhode Island 14,617 (1,119) 2,070 Advertising Services & Other 7,419 (201) 488 Eliminations (617) 1 (383) ---- 21,034 Unallocated amounts: Acquisition intangibles amortization (3,957) (3,957) Corporate expense (1,451) (10,224) -------- ------ $204,252 (19,023) ======== ======= Interest expense (10,548) Impairment of and loss on investments (5,940) Gain on fire insurance recovery 2,750 Goodwill and other asset impairment (778,318) Other 758 Consolidated loss from continuing operations before income taxes $(784,445) ========= Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended September 28, 2008 Virginia/Tennessee $56,273 $(3,452) $10,890 Florida 47,261 (2,553) 1,205 Mid-South 41,181 (3,547) 6,222 North Carolina 25,973 (1,788) 3,900 Ohio/Rhode Island 15,928 (815) 4,694 Advertising Services & Other 6,656 (226) 833 Eliminations (334) - (146) ---- 27,598 Unallocated amounts: Acquisition intangibles amortization (2,986) (2,986) Corporate expense (1,479) (8,692) -------- ------ $192,938 (16,846) ======== ======= Interest expense (9,962) Impairment of and income on investments 1,375 Gain on fire insurance recovery 500 Other 1,661 Consolidated income from continuing operations before income taxes $9,494 ====== Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Three months ended December 28, 2008 Virginia/Tennessee $57,493 $(3,709) $9,338 Florida 49,820 (2,507) (960) Mid-South 44,648 (3,720) 7,584 North Carolina 28,425 (2,035) 4,586 Ohio/Rhode Island 19,378 (784) 6,907 Advertising Services & Other 7,375 (209) 1,021 Eliminations (940) 2 (113) ---- 28,363 Unallocated amounts: Acquisition intangibles amortization (2,902) (2,902) Corporate expense (1,404) (8,338) -------- ------ $206,199 (17,268) ======== ======= Interest expense (10,650) Recovery on investments 167 Goodwill and other asset impairment (130,383) Other 3,630 Consolidated loss from continuing operations before income taxes $(120,113) ========= Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Twelve months ended December 28, 2008 Virginia/Tennessee $232,465 $(15,244) $40,609 Florida 201,291 (9,905) (1,467) Mid-South 171,531 (14,836) 24,967 North Carolina 105,372 (7,371) 11,642 Ohio/Rhode Island 62,921 (3,869) 13,949 Advertising Services & Other 26,647 (796) 1,495 Eliminations (2,852) 10 (1,113) ------ 90,082 Unallocated amounts: Acquisition intangibles amortization (13,670) (13,670) Corporate expense (5,783) (38,504) -------- ------ $797,375 (71,464) ======== ======= Interest expense (43,449) Impairment of and net loss on investments (4,419) Gain on fire insurance recovery 3,250 Goodwill and other asset impairment (908,701) Other 3,965 Consolidated loss from continuing operations before income taxes $(911,446) ========= Media General, Inc. BUSINESS SEGMENTS Depreciation & Operating (In thousands) Revenues Amortization Profit (Loss) -------------- -------- -------------- -------------- Twelve months ended December 30, 2007 Virginia/Tennessee $265,879 $(13,043) $64,683 Florida 253,442 (9,381) 30,299 Mid-South 180,236 (15,070) 30,252 North Carolina 110,308 (6,574) 14,204 Ohio/Rhode Island 60,578 (3,799) 10,294 Advertising Services & Other 34,486 (551) (840) Eliminations (8,636) 31 (1,755) ------ 147,137 Unallocated amounts: Acquisition intangibles amortization (17,003) (17,003) Corporate expense (7,608) (39,061) -------- ------ $896,293 $(72,998) ======== ======== Interest expense (59,577) Equity in net loss of unconsolidated affiliates (31,392) Gain on fire insurance recovery 17,604 Other (5,552) Consolidated income from continuing operations before income taxes $12,156 ======= DATASOURCE: Media General, Inc. CONTACT: Investors: Lou Anne Nabhan, +1-804-649-6103, or Media: Ray Kozakewicz, +1-804-649-6748, both of Media General, Inc. Web Site: http://www.mediageneral.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

MEG Mice Grp.