What's this blog really about?

You may notice a variety of topics here - from business, to charity promotion, even to local news, but the primary reason this blog was created was to alert readers to the hostile atmosphere and sexual harassment at The Danville Register & Bee. The readers and creator of this blog want a FULL FRONT PAGE apology in the Danville Register & Bee, plus the disciplining of those individuals involved. Until then, we'll continue to post regular updates. To tolerate THIS kind of behavior by a major media network is intolerable. And this isn't just ONE instance. Media General has been sued nationwide for racism and sexism, yet they CONTINUE to keep the offenders employed. Why? And why am I doing this? TRUTH compels me.

Thursday, January 29, 2009

Media General posts net loss of $85.5 MILLION dollars

RICHMOND, Va., Jan. 29 /PRNewswire-FirstCall/ -- Media General, Inc. (NYSE: MEG - News) today reported a net loss for the fourth quarter of 2008 of $85.5 million, or $3.86 per diluted share, including a non-cash pre-tax impairment charge of $130.4 million ($83.1 million after-tax). This compares to net income in 2007 of $9.6 million, or 43 cents per diluted share. The impairment charge and a tax valuation allowance that affected the quarter are discussed in more detail below.
Related Quotes
Symbol Price Change
MEG 2.38 -0.46
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Excluding the impairment charge, the tax valuation allowance, and $6.1 million of pre-tax severance expense, fourth-quarter income from continuing operations was $8.6 million, or 39 cents per diluted share. This compares to income from continuing operations, also adjusted for severance expense, in 2007 of $10.2 million, or 46 cents per diluted share.

Media General's fourth-quarter results reflected a decrease in divisional operating profits, the majority of which was in the Publishing segment, as a result of lower advertising revenues. Partially offsetting lower divisional profits were lower corporate expense, decreased intangibles amortization and reduced interest expense in 2008. Also affecting the quarterly comparisons were the absence of an insurance recovery, and losses and a write-down related to SP Newsprint, both of which were present in the 2007 results.

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