Growing TV group posts solid gains in Q2
NEW YORK — Hearst-Argyle Television reported a swing into profitability Wednesday with $20.5 million in net income for the quarter ended June 30 as sales climbed 401% to $109.7 million.
The burgeoning TV station group, which recently announced an agreement to buy the broadcasting group of Pulitzer Publishing, reported a net loss of $2.1 million in the year-earlier second quarter.
Once Pulitzer’s performance is included, Hearst-Argyle’s revenues gained 6.7% to $178.4 million, while operating cash flow — or earnings before interests, depreciation, amortization and nonrecurring items — advanced 11.4% to $89.5 million.
Hearst-Argyle manages two radio stations in addition to owning or operating 15 network-affiliated television stations.
Its TV stations reach approximately 11% of U.S. TV households, making it the country’s fourth largest non-network-owned television station group. The addition of Pulitzer’s nine TV and five radio stations will extend that reach to 16.5%.
Hearst-Argyle’s stock gained $1.63 on the report to close Wednesday at $37.06.