WNEG-TV 32's parent company Media General announces earnings

RICHMOND - Media General today announced fourth-quarter earnings of 34 cents per diluted share from continuing operations, compared with 91 cents in the fourth quarter of 2000, which included an additional week.<br> <br> Income from continuing operations was $7.9 million, down from $20.8 million in the fourth quarter of 2000. <br> <br> Revenues for the fourth quarter were<br> $209.5 million, compared with $245 million in the fourth quarter of 2000.<br> <br> &#34;Media General&#39;s 2001 results reflect the impact of one of the most challenging years in our industry&#39;s history,&#34; said J. Stewart Bryan III, Media General&#39;s chairman and chief executive. The performance of our Broadcast and Interactive Media divisions exceeded expectations, and the termination of our newsprint swap agreement in late November 2001 resulted in lower newsprint expense.<br> <br> &#34;In addition, our results reflect the benefit of stringent cost controls that we implemented early in 2001. The full impact of our cost-saving measures became stronger as the year unfolded and is most evident in our<br> fourth-quarter results. <br> <br> For the full year 2001, earnings from continuing operations were 78 cents per diluted share, compared with $2.63 in the full year 2000. Income from continuing operations was $17.9 million, down from $63.6 million in 2000. Revenues were $807.2 million, compared with $830.6 million.<br> <br> Media General is an independent, publicly owned communications company situated primarily in the Southeast with interests in newspapers, television stations, interactive media and diversified information services. <br> <br> Media General also has a 33 percent<br> interest in SP Newsprint Co., which operates newsprint mills in Dublin, Ga., and Newberg, Ore.<br>