Media General Posts Q1 Loss on Interest, Tax Charges
As first-quarter earnings season continued, Media General (MEG), the Richmond, Va.-based broadcaster and newspaper publisher this morning reported a loss of $16.7 million, or 75 cents a share, vs. a loss of $21.3 million, or 96 cents per share, a year ago.
The unprofitable quarter resulted from substantial interest and tax payments, the company said. The company recorded $19.8 million in interest expense stemming from a new financing structure. Media General lowered its debt from $712 million in the fourth quarter of 2009 to $693 million in the most recent quarter.
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