LIN TV Corp., the parent of LIN Television Corporation, reported a net loss of $44.2 million, or 88 cents a share, for the fourth quarter of 2003, and net revenues of $97.4 million, down 8 percent from the fourth quarter of 2002.
The reported results reflect the impact of the acquisition of Sunrise Television Corp. on May 2, 2002, LIN TV said in an earnings statement.
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In accordance with Statement of Financial Accounting Standards No. 142, LIN TV discontinued the amortization of goodwill and broadcast licenses on January 1, 2002, and is required to review these license valuations at least annually.
During the fourth quarter of last year, the company recorded a $51.7 million pre-tax impairment in the carrying value of its broadcast licenses, recorded as an operating expense.
LIN also reported an operating loss of $26.7 million in the fourth quarter, a result of the $51.7 million impairment recorded in the quarter compared to $36.8 million of operating income in the fourth quarter of 2002, the company said.
