LIN TV 1Q REVENUE UP 1% TO $93 MILLION

LIN TV Corp. announced its financial results for the first quarter ended March 31 on Thursday morning and reported that its net revenues increased 1 percent to $93.1 million, compared to $91.8 million for the same period in 2007.

LIN said the increase was primarily due to higher political advertising in this election year of $3.2 million, compared to $0.6 million for the prior year period, and to higher digital revenues.

Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased $2.4 million or 100 percent to $4.9 million, compared to $2.5 million in the same period last year. These increases were partially offset by lower core advertising revenues, which include local and national advertising, but exclude political advertising.

LIN TV’s core advertising revenues declined 3 percent for the first quarter of 2008 due to the TV advertising marketplace decline in LIN TV’s markets.

Operating income for the three months ended March 31, 2008 was $15.6 million, which was flat compared to operating income for the same period in 2007. Net income for the three months ended March 31, 2008 was $1.5 million, compared to net income of $20.7 million for the same period last year.

Local advertising revenues, which exclude political advertising, decreased 3 percent for the first quarter of 2008 compared to the same period in 2007. The decrease is due to the TV advertising marketplace decline in LIN TV’s markets resulting from general economic pressure now impacting a number of local economies, primarily in the housing, automobile and retail segments. Local advertising revenues represented 65 percent of total advertising revenues for the first quarter of 2008.

National advertising revenues, which exclude political advertising, decreased 3 percent for the first quarter compared to the same period in 2007. The decrease is also due to the TV advertising marketplace decline in LIN TV’s markets, which has impacted most national advertising categories, particularly automotive spending. National advertising revenues represented 32 percent of total advertising revenues for the first quarter of 2008.

Core local and national advertising revenues combined, which excludes political advertising, decreased 3 percent for the first quarter compared to the same period in 2007.

Advertising categories that decreased for the first quarter of 2008 were automotive, retail, restaurants, services, medical, education and grocery. Advertising categories that increased for the first quarter of 2008 included political, media/telecommunications, insurance/financial services, and health/beauty. The automotive category, which represents 23 percent of the Company’s core advertising revenues for the first quarter of 2008, decreased 5 percent compared to the same quarter last year.

The company’s political advertising revenues were $3.2 million for the first quarter of 2008, compared to $0.6 million in the same period last year. Political advertising revenues represented 3 percent of total advertising revenues for the first quarter of 2008.