Television Company Belo Reports Results for First Quarter 2011

Belo Corp. BLC today reported pro forma earnings per share of $0.09 in the first quarter of 2011 versus pro forma earnings per share of $0.11 in the first quarter of 2010. Pro forma earnings per share in the first quarter of 2011 exclude a net non-cash charge, after taxes, of $13.3 million, or $0.13 per share, related to the January 2011 split of The G. B. Dealey Retirement Pension Plan ("Pension Plan") with A. H. Belo Corporation ("A. H. Belo"). Pro forma earnings per share in the first quarter of 2010 exclude a credit of $2.5 million, net of taxes, or $0.02 per share, from pension contribution reimbursements received from A. H. Belo related to its obligation to reimburse Belo for 60 percent of any pension contributions Belo made to the Pension Plan prior to the completion of the split. Including these items, net earnings (loss) per share in the first quarter of 2011 were ($0.04) compared to $0.13 per share in the first quarter of 2010.