PROVIDENCE – LIN TV Corp.’s revenue for the year ended Dec. 31 surged 33 percent to $426.1 million from 2005’s $321.1 million, the company said today. It gave partial credit to political advertising, which brought in a record $58.1 million in gross revenue, up from $4.8 million in 2005.
The net operating loss for the year ended Dec. 31 was $234.5 million or $4.78 per share, compared with a net loss of $26.1 million or 51 cents per share the year before.
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The company cited $349.2 million in assorted charges: $333.6 million in non-cash charges for impairment of goodwill and broadcast licenses; $5.6 million in executive severance costs; a $5.3 million increase in stock-based compensation; and $4.7 million in restructuring charges. That compares with 2005’s pre-tax charges of $47.8 million.
For the quarter ended Dec. 31, LIN TV reported net income of $10.3 million, or 21 cents per share, compared with a year-ago loss of $29.7 million, or 58 cents per share.
Net revenue rose 40 percent to $129.1 million, from the year-ago $92.0 million. Much of the gain was credited to political ads, which brought record gross revenue of $35.7 million, compared with the year-ago period’s $2.7 million.
LIN TV Corp. (NYSE: TVL), parent of Providence’s WPRI-TV and WNAC-TV, owns and operates 31 TV stations in 18 mid-sized markets and is a part owner of five others. Additional information is available at www.lintv.com.
