BELO CORP-CL B (BLCBB:OTC US)

Belo Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2010. For the quarter, the company reported net earnings of $13.5 million or $0.13 per basic and diluted share on net operating revenues of $154.3 million compared to net earnings of $8.9 million or $0.09 per basic and diluted share on net operating revenues of $133.5 million for the same quarter a year ago. Earnings from operations was $42.7 million and earnings before income taxes of $22.5 million compared to earnings from operations of $12.8 million and earnings before income taxes of $14.5 million for the same quarter a year ago. Pro forma net earnings was $11.1 million or $0.11 per share compared to pro forma net loss of $220,000 or $0.00 per share for the same quarter a year ago. Station EBITDA was $57.5 million compared to $32.5 million for the same quarter a year ago. The company provides revenues guidance for the second quarter of 2010. Based on these pacing trends, total spot advertising revenue could approach a mid-teen increase in the second quarter of 2010 compared to the second quarter of 2009. Total spot revenue in April is expected to finish up about 10% compared to April 2009 with little political revenue, and the months of May and June are currently pacing above that level.

Belo Corp. announced that Peter L. Diaz has been named president of media operations. Diaz has served as executive vice president/Television Operations since November 2007 and joined the Management Committee of Belo Corp. in February 2008.

Belo Corp. Presents at 6th Annual ONTRACK 2010 Equity Conference, Jun-07-2010 09:00 AM. Venue: Seminole Hard Rock Hotel, Victory Lane, Hollywood, Florida, United States. Speakers: Carey P. Hendrickson, Chief Financial Officer, Senior Vice President, Treasurer and Member of Management Committee.