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Hearst-Argyle Television announces earnings

(PRN) -- Hearst-Argyle Television, Inc. (NYSE: HTV) Thursday announced fourth-quarter earnings of $0.36 per diluted share, compared to $0.39 per diluted share in the fourth quarter of 2002. The mean estimate of analysts polled by Thomson First Call was for earnings of $0.55 per share. The results primarily reflect the normal off-cycle comparison to political advertising revenues recorded in the fourth quarter of 2002.

Net revenues for the quarter ended December 31, 2003 of $190.6 million declined 8.2%, from $207.6 million in the fourth quarter of 2002, while adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), as defined in the Supplemental Disclosures Regarding Non-GAAP Financial Information at the end of this news release, declined 11.7% to $83.7 million, from $94.8 million in the fourth quarter of 2002. Income applicable to common stockholders of $33.6 million decreased from $37.4 million in the fourth quarter of 2002.

The company expects first quarter revenues to grow by a high single-digit percentage from the $149.3 million reported in the first quarter of 2003.

Hearst-Argyle Television, Inc. owns 24 television stations, and manages an additional three television and two radio stations, in geographically diverse U.S. markets.

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