Classified revenue still bleak, some hope in recruitment
Classified revenue up at Media General
Media General has just reported a strong year over year increase in operating income for Q110 in the first quarter earnings release. The $8.7 million income compared very favorably with Q209′s $11.6 million loss. The media firm still realized a net loss for the quarter, however, of $16.7 million.
Broadcast revenues increased 12.1 percent for the quarter, aggregate publishing revenues were down 9.4 percent from 2009, and digital media revenues increased 9.8 percent YOY. The latter included a 2 percent increase in classified ad revenues.
Unique visitors jumped 13 percent, and page views climbed up 5 percent, attributed to partnerships with Yahoo and Zillow, and DealTaker.com audience growth.
“Media General’s first-quarter operating results improved markedly year over year,” said president and CEO Marshall Morton, in the announcement. “We benefited from strong advertising sales during the Winter Olympics and March Madness, and political spending began to ramp up.”
Here’s the complete earnings release.
Mobile at the forefront at SNA/SNPA conference day two
A look at yesterday’s media stock drops
On the day that the Dow dropped below 8,000 for the first time in five years, PaidContent.org took a look at how tech and media stocks fared yesterday. We’ve already been tracking many of these drops for you here, but seeing the one-day crash all in one place is sobering to say the least.
Here’s what’s on PaidContent’s list.
– Yahoo was down yesterday 20.8 percent t $9.14 on Steve Ballmer’s most recent comment that Microsoft would not be making another take over offer.
– Media General lost nearly 30 percent of what was left of its value, closing at $2.96.
– McClatchy dropped nearly 22 percent to $1.51.
– Google dropped 5.8 percent to $280 – relatively decent on a dark day.
– New York Times Co. was down 10.3 percent to $6.35.
– News Corp dropped 4.8 percent to $6.55.
Maybe today will be a better one?
Media General earnings tripled in Q3
Media General saw earnings nearly triple in Q3 to $6.2 million from $2.5 million in the same period of the previous year, presumably due to the politics-Olympics combo and job cuts and belt tightening that saved the company 10 percent.
Media General’s broadcast profits rose 24.5 percent to $17.7 million while online revenue rose 9 percent (aided by the company’s acquisition of DealTaker.com in the first quarter of 2008). The group’s partnership with Yahoo Hot Jobs also generated $1.7 million in the quarter, helping to mitigate a 12 percent decrease in overall classified revenues.
Separate from its Q3 earnings report, Media General gave data on September where the picture wasn’t quite as rosy: company revenues came in at only $59.7 million vs. $69.3 million the year before, a 13.9 percent drop. And the interactive side’s revenue fell 22.3 percent, mostly due to weakness in the Florida market. The company’s COO Reid Ashe said that ad rates for some of Media General’s online newspapers may have to go up in 2009.
The full press release is here: http://www.mediageneral.com/press/2008/oct16_08_earnings.html
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