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/
Copyright