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Jeff-Pilot Enjoys Broadcast Earnings Rebound

Jeff-Pilot Enjoys Broadcast Earnings Rebound

Jefferson-Pilot Communications reported an increase of 21% in earnings to $10.5 million in the second quarter, up from $8.7 million in the same period last year. It said earnings and broadcast cash flow were higher in the quarter for both its radio and TV divisions, and credited “favorable revenue trends and strong expense control.” It owns 17 radio and three television stations and is part of the larger Jefferson-Pilot Corp., which has broader businesses in finance and insurance. Year-to-date earnings for the communications division increased 10% to $17.1 million.
“The swift return to record profits in (the communications division) reinforces our belief that this is a really exceptional group of broadcast properties,” stated Jefferson-Pilot Corp. CEO David Stonecipher.