Hearst-Argyle Television to Release Fourth Quarter Earnings on February 25, 2009
12 Febbraio 2009 - 10:05PM
PR Newswire (US)
NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Hearst-Argyle
Television, Inc. (NYSE:HTV) intends to release fourth-quarter and
full-year results before NYSE trading begins on Wednesday, February
25, 2009. The Company intends to host a conference call to discuss
the earnings release that morning at 9:30 a.m. eastern time. The
effects of the national recession have been particularly hard felt
in the Company's California, Florida and New England markets,
especially in the auto category. This concentrated regional
weakness has offset substantial growth in many of the Company's
small to mid-sized markets and the widespread growth in its
political revenue category. The Company expects to report 2008
revenue of approximately $720.5 million, a 4.7% decrease from 2007.
Also as a result of adverse economic conditions, the Company
expects to record a non-cash impairment charge of approximately
$926 million to reduce the carrying value of intangible assets from
$3.2 billion to $2.3 billion. On an after-tax basis, the estimated
impairment charge is approximately $570 million. In addition to the
impairment charge, the Company expects to incur charges of
approximately $13.5 million associated with its cost reduction
efforts, including severance, and the write-down of certain
investments. The Company will report a total debt balance
(including current maturities and convertible preferred notes) of
approximately $791 million, a $136 million reduction from December
31, 2007, and a leverage ratio of less than 4.0x. The February 25
conference call will be webcast simultaneously from Hearst-Argyle's
Website, http://www.hearstargyle.com/. Access to the live audio
webcast will be given from the site's Investor Relations section. A
recording of the webcast will remain archived on the site. The
conference call number is (888) 946-7611; the conference can be
accessed with the identification "Hearst-Argyle." A replay of the
call will be available through March 4 at (866) 469-5759.
Hearst-Argyle Television, Inc. a leading local media company, owns
26 television stations, and manages an additional three television
and two radio stations. The Company's television stations reach
approximately 18% of U.S. TV households, making it one of America's
largest television station groups. It also owns 30 websites and 19
digital multicast channels providing news, weather and
entertainment programming. Hearst-Argyle is majority-owned by
Hearst Corporation. The Company's Web address is
http://www.hearstargyle.com/. This report includes or incorporates
forward-looking statements. We base these forward-looking
statements on our current expectations and projections about future
events. These forward-looking statements generally can be
identified by the use of statements that include phrases such as
"anticipate", "will", "may", "likely", "plan", "believe", "expect",
"intend", "project", "forecast" or other such similar words and/or
phrases. For these statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements contained in this report, concerning,
among other things, trends and projections involving revenue,
income, earnings, cash flow, liquidity, operating expenses, assets,
liabilities, capital expenditures, dividends and capital structure,
involve risks and uncertainties, and are subject to change based on
various important factors. Those factors include the impact on our
operations from: -- Changes in national and regional economies; --
Changes in advertising trends and our advertisers' financial
condition; -- Our ability to service and refinance our outstanding
debt and meet our liquidity needs; -- Competition in the broadcast
television markets we serve; -- Pricing fluctuations in local and
national advertising; -- Changes in Federal regulations that affect
us, including changes in Federal communications laws or
regulations; -- Local regulatory actions and conditions in the
areas in which our stations operate; -- Our ability to obtain
quality programming for our television stations; -- Successful
integration of television stations we acquire; -- Volatility in
programming costs, industry consolidation, technological
developments, and major world events; and -- Potential adverse
effects if we are required to recognize impairment charges or other
accounting-related developments. DATASOURCE: Hearst-Argyle
Television, Inc. CONTACT: Harry Hawks, Executive Vice President
& CFO, +1-212-887-6823, , or Ellen McClain, Vice President,
Finance, +1-212-887-6825, , both of Hearst-Argyle Television, Inc.;
Investors, Tom Campo, Campo Communications, LLC, +1-212-590-2464,
Web Site: http://www.hearstargyle.com/
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