Belo is one of the nation’s largest media companies with a diversified group of market-leading television, newspaper, cable and interactive media assets.  A Fortune 1000 company with approximately 7,800 employees and $1.4 billion in annual revenues, Belo operates news and information franchises in some of America’s most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic region.  Belo owns 19 television stations (six in the top 16 markets) reaching 13.7 percent of U.S. television households; owns or operates nine cable news channels; and manages one television station through a local marketing agreement.  Belo publishes four daily newspapers: The DallasMorning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX).  Belo Interactive’s new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products.

http://www.belo.com/

April 30, 2009 Television Company Belo Corp. (BLC) Reports Results for First Quarter 2009 
EPS results exceed analysts' estimates
DALLAS - Belo Corp. (NYSE: BLC), one of the nation's largest pure-play, publicly-traded television companies, today reported GAAP net earnings per share of $0.09 in the first quarter of 2009 compared to a GAAP net loss per share of ($0.15) in the first quarter of 2008. 
The first quarter of 2009 included a gain, net of taxes, of $9.1 million, or $0.09 per share, associated with the purchase and retirement of Company bonds. The first quarter of 2008 included spin-off related transaction and financing costs and a one-time tax charge related to the spin-off of the Company's newspaper businesses and related assets on February 8, 2008 totaling $21.4 million, or $0.21 per share. The results of Belo's newspaper businesses and related assets from January 1 to February 8, 2008 are included in discontinued operations and total a loss of ($0.04) per share in the first quarter of 2008. 
Excluding the gain on the purchase and retirement of Company bonds in the first quarter of 2009, and spin-off related charges and discontinued operations in the first quarter of 2008, pro forma earnings per share from continuing operations were break-even ($0.00) in the first quarter of 2009, exceeding analysts' estimates, and $0.10 in the first quarter of 2008. 
Dunia A. Shive, Belo's president and Chief Executive Officer, said, "The Company's cost-saving measures, which included the holding of open positions Company-wide, a wage freeze enacted in November 2008, staff reductions in certain markets and other cost-saving measures, led to a 14 percent reduction in combined station and corporate operating costs in the first quarter of 2009 compared to the first quarter of 2008, excluding spin-off related charges and non-cash pension expense. Belo's first quarter total revenue declined 23.6 percent from the first quarter of 2008 and is indicative of the soft advertising environment prevalent throughout the country, especially in the automotive category. Retransmission revenue, however, increased 10 percent in the first quarter of 2009. For the remainder of the year, the Company's primary focus will continue to be on cash generation and reducing debt. The Company reduced its debt by $15 million during the quarter."
First Quarter in Review
Operating Results
Total revenues decreased 23.6 percent in the first quarter of 2009 versus the first quarter of 2008. Total spot revenue, including political, was down 27.5 percent with 26 percent and 24 percent decreases in local and national spot, respectively. First quarter 2009 revenues were affected by the soft advertising environment, particularly in the automotive category which was down 51 percent. Political revenues in the first quarter of 2009 were $4.4 million lower than the first quarter of 2008.
Advertising revenue associated with Belo's Web sites decreased 5.4 percent to $6.5 million in the first quarter 2009, representing almost 5 percent of Belo's total revenue. Retransmission revenue totaled $9.7 million in the first quarter of 2009, a 10 percent increase compared to the first quarter of 2008, and represents over 7 percent of the Company's total revenue. 
Total station expenses decreased 13 percent in the first quarter of 2009 versus the same period last year. Station EBITDA in the first quarter of 2009 was down 45 percent versus the prior year. The station EBITDA margin for the first quarter of 2009 was 24.3 percent compared to 33.6 percent in the first quarter of 2008.
Corporate
Corporate operating costs were $9 million in the first quarter of 2009 as compared to $9.1 million in the first quarter of 2008, a decrease of 1.5 percent. First quarter 2009 corporate operating costs included a $1.4 million increase in non-cash pension expense. Excluding non-cash pension expense from both years, first quarter 2009 corporate operating costs decreased 16 percent compared to the prior year. 
Other Items
Belo's depreciation and amortization expense decreased slightly to $10.8 million in the first quarter of 2009, from $10.9 million in the first quarter of 2008. 
Interest expense decreased $8.2 million, or 36 percent, in the first quarter of 2009. 
Other income, net, increased $16.1 million in the first quarter of 2009 due primarily to a pre-tax gain on the retirement of $40.5 million of bonds due in 2013 that were purchased for $25.3 million.
Income tax expense decreased $17.3 million in the first quarter of 2009 due primarily to a one-time $18.2 million tax charge in the first quarter of 2008 related to the transfer of certain intangible assets in connection with the spin-off. 
Total debt at March 31, 2009 was $1.078 billion, a reduction of $15 million from December 31, 2008. The Company's leverage and interest coverage ratios, as defined in the Company's credit facility, were 4.8 and 3.1 times, respectively, at March 31, 2009. The Company invested $1.1 million in capital expenditures in the first quarter of 2009, down from $6.4 million in the first quarter of 2008. 
Discontinued Operations
On February 8, 2008, Belo completed the spin-off of its newspaper businesses and related assets into a separate publicly-traded company, A. H. Belo Corporation. The results of operations of the Newspaper Group and related corporate expenses are classified as discontinued operations for all periods prior to the spin-off.
Other Matters
In the first quarter, the Company successfully completed an amendment to its bank credit facility. Although Belo was in compliance with the terms of its bank facility, the Company entered into the amendment to allow for additional capacity under the agreement's leverage and interest coverage covenants. The amendment reduced the banks' commitment from $600 million to $550 million at February 26, 2009, with a further reduction to $525 million at December 31, 2009. The amendment provides for an increase in pricing, based on the Company's leverage ratio, in addition to other modifications to the existing agreement. The credit facility retains its June 2011 expiration date. 
In March, the Company announced the suspension of its dividend for an indefinite period following the June 5, 2009 payment of the second quarter dividend. 
Non-GAAP Financial Measures
A reconciliation of station EBITDA to earnings from operations, a reconciliation of cash operating costs and expenses before spin-off related costs and pension expense to total operating costs and expenses, and a reconciliation of net earnings from continuing operations to pro forma net earnings from continuing operations, are set forth in an exhibit to this release.

Belo's Monthly Revenue and Statistical Report August 2006 
Dallas, TX - Belo Corp. (NYSE: BLC) today issued its statistical report for the month of August. Consolidated revenue for August increased 3.2 percent versus August of last year with an 8.4 percent increase in Television Group revenue partially offset by a 1.2 percent decrease in Newspaper Group revenue. 
Robert W. Decherd, Belo's chairman, president, and chief executive officer, said, "As in July, advertising revenues in August were strong in Belo's Television Group while Newspaper Group advertising revenues were below our original internal projections. We continue to be pleased by the steady and impressive growth in Belo's online revenues. Given the uneven nature recently of retail and national advertising that is impacting the newspaper industry and other media, it is unlikely that Belo's Newspaper Group will meet the third quarter revenue guidance we provided in our second quarter 2006 earnings release of flat newspaper advertising revenue versus the prior year."
August Statistical Report
Television Group revenue increased 8.4 percent in August versus last year, with a 6.3 percent increase in spot revenue. National spot increased 13.3 percent versus August of the prior year, local spot was flat and political revenues were $1.4 million. Advertising revenues from Belo's Television Group Web sites increased 57 percent in August 2006 versus August 2005 Newspaper Group total revenue decreased 1.2 percent for the month of August versus the prior year, with a 1.9 percent decrease in advertising revenue. Online advertising revenue, which is included in advertising revenue, increased 47 percent in August 2006 versus August 2005. 

Belo's monthly revenue and statistical report July 2006 
Dallas, TX -- Belo Corp. (NYSE: BLC) today issued its statistical report for the month of July. Consolidated revenue for July increased 1.1 percent versus July of last year with an increase in Television Group revenue partially offset by a decrease in Newspaper Group revenue. 
Robert W. Decherd, Belo's chairman, president, and chief executive officer, said, "Belo's Television Group revenue growth rates have been at the top of the industry throughout 2006 and were again in July. The newspaper advertising environment has been more challenging with results across the industry fluctuating from month to month. June was a relatively strong revenue month for Belo's newspapers; however, while we expected July to be the softest month of the third quarter, July revenues were below our original internal projection."

Belo Reports Results for Second Quarter 2006 
DALLAS -- Belo Corp. (NYSE: BLC) today reported net earnings per share of $0.41 for the second quarter of 2006, including one-time benefits totaling $0.08 per share (a tax benefit of $3.8 million related to Texas state tax reforms and a previously disclosed $7.5 million gain related to a payment associated with a change-in-control provision in one of Belo's vendor contracts). Second quarter 2006 earnings include an expense of $3.7 million for stock-based compensation, or $0.02 per share on an after-tax basis, all of which is incremental to the prior year. In the second quarter of 2005, Belo reported net earnings per share of $0.36. 
Robert W. Decherd, Belo's chairman, president, and chief executive officer, said, "We made significant progress during the second quarter in transforming Belo's businesses to compete effectively in an increasingly Internet-centric marketplace. We made important announcements regarding the reallocation of human, financial and capital resources and experienced strong growth in new products launched throughout the Company as well as significant increases in Internet revenues. We're very positive about the progress being made on many fronts and I'm convinced that the steps we are taking in 2006 will create significant shareholder value over the intermediate to long-term."