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Belo 3Q profit drops on charges

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DALLAS (AFX) - Newspaper and television station owner Belo Corp. said Thursday third-quarter profit dropped 13 percent due to charges, as revenue edged up slightly amid weak results from the company's newspaper group. 

Belo, publisher of The Dallas Morning News, said its net income fell to $19.2 million, or 19 cents per share, from $22.1 million, or 20 cents per share, during the same period last year. The results reflected $5.4 million, or 3 cents per share, in severance charges at the Dallas Morning News, and $10 million, or 6 cents per share, in transition costs associated with technology initiatives and $2.9 million, or 2 cents per share, in stock-based compensation costs.

Last year's results included a $3.5 million, or 2 cents per share, credit to network compensation and an impact of 4 cents per share from lost revenues and incremental expenses associated with Hurricanes Katrina and Rita.

Analysts polled by Thomson Financial were looking for third-quarter earnings of 18 cents per share.

Belo's shares rose 5 cents to $16.80 in early trading on the New York Stock Exchange.

Revenues rose 0.8 percent to $376.4 million from $373.4 million, missing analysts' estimates of $386.3 million. Television group revenue rose 6.9 percent, while newspaper group revenue fell 4.2 percent Copyright 2006 Associated Press. All rights reserved. This material may not be

Copyright 2006 AFX News Limited. All Rights Reserved.

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