LIN TV Corp. Q1 2008 Earnings Call Transcript

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2008-05-28 18:22:12.0

Tags: LIN TV Corp.

Question-and-Answer Session

Operator

(Operator Instructions) We'll go to Victor B. Miller – Bear Stearns & Co.

Victor B. Miller - Bear Stearns & Co.

Could you give a little bit more detail on the auto category specifically in first quarter and as you go into second quarter? Secondly, could you talk about where you are percentage wise against your goal of the retrans development which is a statistic you've been nice enough to provide us with every quarter? And then Bart for you, what's the average interest rate you're paying on your debt right now?

Vincent L. Sadusky

With regard to the auto category, the auto category has been a challenge. We were down in that category in total just over 5% for the quarter and it broke down that domestic was down the most was down close to 12% and foreign was down about 4%. With regard to the percentage of our retrans goal, by getting the DISH deal done and some of these other systems we're now well on our way and we're north of 50% coverage. And then as far as the last question, I'll let Bart go ahead and handle the average interest rate.

Bart W. Catalane

Victor our average interest rate is about 6% right now and that will go up a bit as obviously the 2.5% debentures are replaced by our revolving credit facility, but of course as we described this morning given where LIBOR is the borrowing rate of that incremental piece for the revolver should be around 4.5%.

Operator

We'll go next to Marci Ryvicker - Wachovia Securities.

Marci Ryvicker - Wachovia Securities

Can you remind us of the digital revenue break out, how much is retrans and how much is Internet? And then secondly, for Q2 has core growth decelerated from Q1? And, how are local and national doing? They were both pretty much on par for the first quarter. Have you seen a disparity there?

Vincent L. Sadusky

On the first part of the question Marci we've said previously of the digital revenue total, it's roughly one-third Internet and two-thirds retrans and that's a pretty good metric to use for now and going forward.

Marci Ryvicker - Wachovia Securities

I just wanted to make sure since you did sign a couple new agreements. And the core growth?

Scott M. Blumenthal

Core growth for second quarter we think is going to be very similar to what we saw in first quarter. There's not a lot of drivers in second quarter in terms of special events. Clearly as we hit political campaigns in third and Olympics in third we're going to see changes. Going back to your first question earlier about automotive we already have a lot of automotive orders in for Olympics which is traditionally something that will keep the category down but should help LIN in terms of its share of market in that category. But we don’t expect any major changes in second quarter from first.

 

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