Media General shows net profit in second quarter
Media General reported net income for the second quarter of 2009, and while the income number was modest, at $20.6 million for the quarter, it was a number in the black and not $532.2 million in the red like the second quarter of 2008 was for the media conglomerate.
“A 23-percent decrease in total operating costs year-over-year was a major contributor to the company’s improved operating results, helping to offset a 20 percent revenue decline,” said Marshall N. Morton, president and chief executive officer of Media General, which owns and operates The News Virginian in Waynesboro among its properties.
Profits in the company’s publishing division were $12 million in the second quarter of 2009, according to a company news releae issued this week, up from $6.8 million in the second quarter of 2008. Revenues were still down from 2008 to 2009 on order of 20.3 percent. The losses were made up by company-mandated employee furloughs that were instituted across the Media General platforms earlier this year in addition to a suspension of matching in the company’s 401(k) plan in 2009 and the final freeze of the employee pension plan effective May 31, 2009.
“While we are still dealing with the recession, we are optimistic about our long-term prospects,” Morton said.
– Story by Chris Graham