CEO Vince Sadusky says political is the variable, so LIN Media is giving Wall Street a wide range of 24-33% for revenue growth in Q3. That follows growth of 21% in Q2 to $99.5 million.
“National advertising is rebounding more rapidly than local advertising, especially in our largest markets,” Sadusky said in his conference call with analysts. He noted that nine of the company’s top 10 advertising categories grew from a year ago. “Our most significant category, Automotive, was up 51% from the second quarter of 2009,” he said.
Scott Blumenthal, Exec. VP of Television, provided more details about Q2. National ad sales, excluding political, rose 23% in Q2 to $30.1 million. Local, excluding political, gained 9% to $59.2 million. National and local combined, excluding political, increased 13% to $89.3 million.
“Our political category has been consistently growing over time,” Blumenthal said. Q2 political revenues were $5.3 million, compared to $1.4 million a year earlier. Year-to-date, political revenues are up 24% compared to the last non-presidential political year, 2006, he noted.
Operating expenses for Q2 were up 12%, attributed primarily to the acquisition of RMM last October and direct costs from increased ad sales.
CFO Rich Schmaeling reported that broadcast cash flow was up 49% in Q2 to $36.3 million.
