Media General Reports Q4 EPS of $.39 vs. $.70

Media General, Inc. MEG today reported that operating income in the fourth quarter of 2010 increased 12 percent to $36.4 million from $32.5 million in the fourth quarter of 2009. Net income in the fourth quarter of 2010 was $9 million, or 39 cents per share, compared with $27.4 million, or $1.18 per diluted share in the 2009 fourth quarter. The year-over-year change in net income was due almost entirely to non-cash tax expense and higher interest expense in the 2010 period. Total revenues in the quarter increased 7.2 percent to $189.9 million, driven by a nearly 29 percent increase in Broadcast television revenues, which reflected strong Political advertising and an overall firming in broadcast transactional business. Total operating costs in the fourth quarter increased 6.1 percent, reflecting the absence of last year's furlough days, a 28 percent increase in newsprint expense and support of new revenue initiatives.