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Providence Journal

By DAVID McPHERSON Journal Staff Writer

LIN TV Corp. of Providence reported a $244.4-million net loss for the second quarter yesterday as the company took a $333.5-million charge as it wrote down the value of its broadcast licenses and goodwill.

The loss amounted to $4.87 a share and compared with net income of $10.1 million, or 17 cents a share, in the same period last year.

Higher corporate overhead expenses, including a $5.6-million charge related to the retirement of former chief executive officer Gary Chapman, also hurt the company's performance in the second quarter.

LIN, which owns and operates 30 television stations, also reported a 60-percent increase in interest expense as its debt load rose 40 percent to fund the acquisition of seven stations last year.

The company's holdings include WPRI Channel 12 in Providence.

The loss at LIN came despite a 17-percent increase in revenues after the purchase of the seven stations. Had the seven stations been acquired at the start of 2005 rather than midyear, the revenue comparison would have shown just a 1-percent increase this year.

"We were pleased to have exceeded our revenue guidance for the second quarter of 2006, led by better-than-expected political revenue and revenue from our new stations," LIN's new president and CEO, Vincent L. Sadusky, said in a statement announcing the financial results.

Looking ahead, the company expects the third-quarter results to show same-station revenue increases in the "mid single digits."

Shares of LIN TV stock fell 16 cents, or 2 percent, to close at $6.50 yesterday and have fallen 41.4 percent since the start of the year.

dmcpherson@projo.com / (401) 277-7350

(c) 2006 Providence Journal. Provided by ProQuest Information and Learning. All rights Reserved.