Belo Corp., one of the nation's largest pure-play, publicly-traded television companies, today reported total revenues decreased 6.4 percent in the third quarter of 2008 versus the third quarter of 2007 as declines in Belo's core local and national spot business failed to offset gains from political and Olympics revenue.

Spot revenue, including political, was down 8.8 percent with 13 percent and 18 percent decreases in local and national spot, respectively. Third quarter 2008 revenues were affected by the hurricanes and the weak advertising environment, particularly in the automotive category which was down 26 percent.

Excluding the $2.6 million in displaced revenue due to the hurricanes, total revenue decreased 4.9 percent and total spot revenue, including political, decreased 7.2 percent. Approximately one-half of the 4.9 percent total revenue decline came from the Company's stations in Phoenix as that market continues to experience significant economic issues related to the housing crisis.

Third quarter Olympics revenue totaled $9.7 million. Political revenues in the third quarter were $11.7 million, up $8.4 million over the third quarter of 2007.

Advertising revenue associated with Belo's Web sites increased 18 percent to $7.9 million in the third quarter 2008, representing 4.6 percent of Belo's total revenues.

Retransmission revenues totaled $8.4 million in the third quarter of 2008, a 41 percent increase compared to the third quarter of 2007. The Company expects to generate more than $31 million in retransmission revenue for full year 2008.

Total station expenses decreased 2.4 percent in the third quarter of 2008 versus the same period last year due primarily to the freezing of open positions company-wide, staff reductions in certain markets and other cost-saving measures.

Station expenses decreased 3.2 percent in the third quarter of 2008 when excluding one-time costs related to Hurricanes Ike and Gustav, which totaled almost $1 million. The company's total employment at Sept. 30, 2008 was about 5 percent lower than at Dec. 31, 2007.

Station EBITDA for the third quarter of 2008 was down 13 percent versus the third quarter of 2007, and down 7.6 percent when excluding the effects of Hurricanes Ike and Gustav. Despite the current economic climate, the station EBITDA margin for the third quarter of 2008 was 36.1 percent, and 37.6 percent when excluding the effects of Hurricanes Ike and Gustav.

To read the company's press release, click here.