April 15, 2008
Belo Participates in Bear Stearns Conference
DALLAS, TX -- Belo Corp. (NYSE:BLC) participated today at the Bear Stearns 8th Annual Broadcast Conference at the National Association of Broadcasters Convention in Las Vegas. In his opening remarks, Dennis A. Williamson, Belo's executive vice president/Chief Financial Officer, said first quarter total revenues, full year operating expenses and full year Corporate expenses remain in line with previous guidance.
Williamson said, "We continue to expect first quarter total revenues to be down low-single digits. The Company's total operating expenses in 2008 are expected to be up mid-single digits, with the increase generally consistent across all four quarters. Corporate costs for full year 2008 are still expected to be approximately $40 million, excluding spin-off related costs of approximately $4 million and Corporate costs attributable to A. H. Belo Corporation (NYSE: AHC) from January 1 to the spin-off date of February 8, 2008." The Company spun off its Newspaper Group and related assets into A. H. Belo Corporation on February 8, 2008.
"First quarter earnings will include discontinued operations from the Company's Newspaper Group and the related Corporate costs attributable to the Newspaper Group for the period January 1 to February 8, 2008," Williamson added.
Williamson also confirmed that the previously announced $18 million tax charge related to the transfer of certain intangible assets from Belo Corp. to A. H. Belo Corporation in the spin-off will be expensed in the first quarter of 2008.
Belo Corp. is one of the nation's largest pure-play publicly-traded television companies, with annual revenue of approximately $775 million. The Company owns and operates 20 television stations reaching more than 14 percent of U.S. television households, including ABC, CBS, NBC, FOX, CW and MyNetwork TV affiliates, and their associated Web sites, in 15 highly-attractive markets across the United States. Belo stations consistently deliver distinguished journalism for which they have received significant industry recognition including nine Alfred I. duPont-Columbia University Silver Baton Awards; nine George Foster Peabody Awards; and 19 national Edward R. Murrow Awards all since 2000, and in each case more than any other commercial station group in the nation. Nearly all Belo stations rank first or second in their local market. Belo owns stations in seven of the top 25 markets in the nation, with six stations located in the fast-growing, top-14 markets of Dallas/Fort Worth, Houston, Seattle/Tacoma and Phoenix. Additionally, the Company has leveraged its local television assets to create regional cable news channels in Texas and the Northwest increasing its impact in those regions. Additional information is available at www.belo.com or by contacting Paul Fry, vice president/Investor Relations & Corporate Communications, at 214-977-6835.
Statements in this communication concerning Belo's business outlook or future economic performance, anticipated profitability, revenues, expenses, dividends, capital expenditures, investments, future financings, or other financial and non-financial items that are not historical facts, are "forward-looking statements" as the term is defined under applicable federal securities laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements.
Such risks, uncertainties and factors include, but are not limited to, uncertainties regarding the costs, consequences (including tax consequences) and other effects of the distribution of the newspaper businesses and related assets of Belo; changes in capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates and programming and production costs; changes in viewership patterns and demography, and actions by Nielsen; changes in the network-affiliate business model for broadcast television; technological changes, including the transition to digital television and the development of new systems to distribute television and other audio-visual content; changes in the ability to secure, and in the terms of, carriage of Belo programming on cable, satellite and other program distribution methods; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; Federal Communications Commission and other regulatory, tax and legal changes; adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting standard-setting bodies or authorities; the effects of Company acquisitions, dispositions and co-owned ventures; general economic conditions; and significant armed conflict, as well as other risks detailed in Belo's other public disclosures and filings with the SEC including Belo's Annual Report on Form 10-K.