Media General posted its quarterly SEC filings yesterday and reported a net income for the second quarter of $20.6 million.
The number is in stark contract with a loss of $532.2 million in the same period last year. After tax, Media General earned about $7 million from the sale of a TV station in Florida.
The gain is in direct response to the drastic measures the company took last year.
“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, Media General president and chief executive officer in the company’s filing.
The publishing opertion’s profit increased about 20 percent from 2008, even though total revenues decreasing 20.3 percent and advertising revenues down 26 percent.
In Virginia specifically, revenues decreased 16.2 percent.
“While we are still dealing with the recession, we are optimistic about our long-term prospects. Even as we have dramatically reduced expenses, we have expanded into new digital and mobile platforms and created new ways to serve consumers and advertisers,” said Morton.
At 2:31pm today, Media General’s shares were trading at 4.70, up 100 percent.
Click here for our recent cover story on Media General’s financial woes.
