HTV Hearst-Argyle Television Inc.

NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Hearst-Argyle Television, Inc. (NYSE:HTV) intends to release fourth-quarter and full-year results before NYSE trading begins on Wednesday, February 25, 2009. The Company intends to host a conference call to discuss the earnings release that morning at 9:30 a.m. eastern time. The effects of the national recession have been particularly hard felt in the Company's California, Florida and New England markets, especially in the auto category. This concentrated regional weakness has offset substantial growth in many of the Company's small to mid-sized markets and the widespread growth in its political revenue category. The Company expects to report 2008 revenue of approximately $720.5 million, a 4.7% decrease from 2007. Also as a result of adverse economic conditions, the Company expects to record a non-cash impairment charge of approximately $926 million to reduce the carrying value of intangible assets from $3.2 billion to $2.3 billion. On an after-tax basis, the estimated impairment charge is approximately $570 million. In addition to the impairment charge, the Company expects to incur charges of approximately $13.5 million associated with its cost reduction efforts, including severance, and the write-down of certain investments. The Company will report a total debt balance (including current maturities and convertible preferred notes) of approximately $791 million, a $136 million reduction from December 31, 2007, and a leverage ratio of less than 4.0x. The February 25 conference call will be webcast simultaneously from Hearst-Argyle's Website, http://www.hearstargyle.com/. Access to the live audio webcast will be given from the site's Investor Relations section. A recording of the webcast will remain archived on the site. The conference call number is (888) 946-7611; the conference can be accessed with the identification "Hearst-Argyle." A replay of the call will be available through March 4 at (866) 469-5759. Hearst-Argyle Television, Inc. a leading local media company, owns 26 television stations, and manages an additional three television and two radio stations. The Company's television stations reach approximately 18% of U.S. TV households, making it one of America's largest television station groups. It also owns 30 websites and 19 digital multicast channels providing news, weather and entertainment programming. Hearst-Argyle is majority-owned by Hearst Corporation. The Company's Web address is http://www.hearstargyle.com/. This report includes or incorporates forward-looking statements. We base these forward-looking statements on our current expectations and projections about future events. These forward-looking statements generally can be identified by the use of statements that include phrases such as "anticipate", "will", "may", "likely", "plan", "believe", "expect", "intend", "project", "forecast" or other such similar words and/or phrases. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this report, concerning, among other things, trends and projections involving revenue, income, earnings, cash flow, liquidity, operating expenses, assets, liabilities, capital expenditures, dividends and capital structure, involve risks and uncertainties, and are subject to change based on various important factors. Those factors include the impact on our operations from: -- Changes in national and regional economies; -- Changes in advertising trends and our advertisers' financial condition; -- Our ability to service and refinance our outstanding debt and meet our liquidity needs; -- Competition in the broadcast television markets we serve; -- Pricing fluctuations in local and national advertising; -- Changes in Federal regulations that affect us, including changes in Federal communications laws or regulations; -- Local regulatory actions and conditions in the areas in which our stations operate; -- Our ability to obtain quality programming for our television stations; -- Successful integration of television stations we acquire; -- Volatility in programming costs, industry consolidation, technological developments, and major world events; and -- Potential adverse effects if we are required to recognize impairment charges or other accounting-related developments. DATASOURCE: Hearst-Argyle Television, Inc. CONTACT: Harry Hawks, Executive Vice President & CFO, +1-212-887-6823, , or Ellen McClain, Vice President, Finance, +1-212-887-6825, , both of Hearst-Argyle Television, Inc.; Investors, Tom Campo, Campo Communications, LLC, +1-212-590-2464, Web Site: http://www.hearstargyle.com/

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