DALLAS, March 1, 2012 /PRNewswire/ -- Belo Corp.
(NYSE: BLC), one of the nation's largest pure-play, publicly-traded
television companies, announced today that its Board of Directors
declared a quarterly cash dividend of $0.08 per share, representing a 60 percent
increase over the Company's previous quarterly cash dividend rate
of $0.05 per share. The
dividend is payable on June 1, 2012,
to shareholders of record on May 11,
2012 for each outstanding share of Series A common stock and
Series B common stock. The new annualized rate of
$0.32 per share represents a dividend
yield of 4.5 percent based on yesterday's closing price of
$7.17.
Commenting on the dividend increase, Dunia A. Shive, Belo Corp.'s president and Chief
Executive Officer, said, "This action demonstrates the confidence
the Board and management have in the Company's ability to continue
its exceptional cash generation, and reflects our commitment to
providing an attractive return to shareholders. The Company
also has the flexibility to pursue investments or acquisitions,
repurchase shares opportunistically or make cash positive open
market repurchases of its 2013 bonds."
The Company currently has more than $100
million in cash and $887
million in fixed-rate debt securities, $175 million of which is due in May 2013.
The Company has nothing drawn on its $200
million revolving credit facility that expires in August
2016.
About Belo Corp.
Belo Corp. (BLC), one of the nation's largest pure-play,
publicly-traded television companies, owns and operates 20
television stations (nine in the top 25 markets) and their
associated websites. Belo stations, which include
affiliations with ABC, CBS, NBC, FOX, and the CW, reach more than
14 percent of U.S. television households in 15 highly-attractive
markets. Belo stations rank first or second in nearly all of
their local markets. Additional information is available at
www.belo.com or by contacting Paul
Fry, vice president/Investor Relations & Treasury
Operations, at 214-977-4465.
Statements in this communication concerning Belo's business
outlook or future economic performance, anticipated profitability,
revenues, expenses, capital expenditures, dividends, investments,
future financings, impairments, pension matters, and other
financial and non-financial items that are not historical facts,
are "forward-looking statements" as the term is defined under
applicable federal securities laws. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from those
statements.
Such risks, uncertainties and factors include, but are not
limited to, uncertainties regarding the costs, consequences
(including tax consequences) and other effects of the Company's
spin-off distribution of its newspaper businesses and related
assets to A. H. Belo Corporation and the associated agreements
between the Company and A. H. Belo
relating to various matters; changes in capital market conditions
and prospects, and other factors such as changes in advertising
demand, interest rates and programming and production costs;
changes in viewership patterns and demography, and actions by
Nielsen and its competitors; changes in the network-affiliate
business model for broadcast television; technological changes, and
the development of new systems and devices to distribute and
consume television and other audio-visual content; changes in the
ability to secure, and in the terms of, carriage of Belo
programming on cable, satellite, telecommunications and other
program distribution methods; development of Internet commerce;
industry cycles; changes in pricing or other actions by
competitors and suppliers; Federal Communications Commission and
other regulatory, tax and legal changes, including changes
regarding spectrum; adoption of new accounting standards or changes
in existing accounting standards by the Financial Accounting
Standards Board or other accounting standard-setting bodies or
authorities; the effects of Company acquisitions, dispositions,
co-owned ventures, and investments; pension plan matters; general
economic conditions; and significant armed conflict, as well as
other risks detailed in Belo's other public disclosures and filings
with the SEC including Belo's Annual Report on Form 10-K.
SOURCE Belo Corp.