Hearst-Argyle Reports Profit of $30.8 Million
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Hearst-Argyle Television Inc.’s second-quarter profit more than tripled as revenue increased at the owner of 24 TV stations.
Net income rose to $30.8 million, or 33 cents a share, from $9.7 million, or 10 cents, a year earlier. Per-share results reflect preferred dividends of $355,000 in both periods. Revenue increased 3.3% to $182.3 million from $176.4 million a year ago, the New York-based company said in a statement.
Local advertising improved and it had better-than-expected sales of political advertising, Hearst-Argyle said.
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