Extract from Australian article...Others misinterpreted early...

Extract from Australian article...


Others misinterpreted early Seven guidance but, either way, Seven is pumping more money into programming just when a dismal economy is making it virtually impossible to recover costs.

...That advertising revenues are down came as no surprise to anyone.

Ten reported earlier this month, so its numbers were well known and probably reminded the folk at Seven to re-check their figures.

Both Seven and Ten hit 52-week highs with the rest of the market at the end of April 2011, and at 82c, Ten is below the 12-month average of 95c while Seven at $3.17 is well above its 52c average of $2.50.

The bottom line to all this of course is this - if June year-end companies are issuing profit warnings in April, then it’s a tough market.

The peak warning month is June, but already some companies have thrown in the towel as far as meeting this year’s numbers and we still have nine weeks trading to go

http://www.theaustralian.com.au/business/opinion/seven-west-media-takes-a-bath-on-profit-downgrade/story-e6frg9io-1226338867633