Providence-based LIN TV Corp., owner of WPRI-Channel 12, yesterday reported first-quarter net income of $1.5 million, or 3 cents a share, compared with net income of $20.7 million, or 42 cents a share, for the comparable period a year ago.

The decrease in net income and earnings per share from the prior year was primarily due to a $23.1-million or 47-cents-per-share gain in the first quarter of that year from the sale of the company’s Puerto Rico operations.

Income from continuing operations increased this year by $2.5 million, to $0.9 million, compared to a loss of $1.6 million in the first quarter of last year. The growth in income from continuing operations was primarily driven by higher digital and political revenues and lower interest expense due to declining debt balances

LIN’s president and chief executive officer Vincent L. Sadusky said: “…our net revenues grew one percent, despite the industry-wide weakness in local advertising and this included a 100-percent increase in our digital revenues versus the prior year…. In addition, we strengthened our balance sheet by paying-off $22 million of debt during the quarter.”

Net revenues were $93.1 million, compared with $91.8 million for the same period last year. The increase was primarily due to higher political advertising in this election year of $3.2 million, compared with $0.6 million for the prior year period, and to higher digital revenues.

Capital Properties

Capital Properties, Inc. (CPI:Amex) reported net income of $404,000, or 12 cents a share for the three months that ended March 31. The company reported net income of $380,000, or 12 cents a share for the year-earlier period.

Leasing revenue increased $56,000 from last year principally due to rent increases under short-term leases, including rentals from the Steeple Street Building purchased in November. Leasing expense increased $52,000 from last year, principally due to higher real property taxes and expenses associated with the Steeple Street Building.

Petroleum storage facility revenue decreased $24,000 from last year, due principally to lower contingent revenue as a result of lower throughput, offset in part by higher monthly rent resulting from the annual cost-of-living adjustment May 1, 2007 and a $25,000 payment by the tenant for the increase in property taxes as required by the lease.

General and administrative expense decreased $44,000 from last year due principally to a decrease in payroll and related costs due to the non-replacement of a retired-employee offset in part by higher professional fees incurred in complying with Section 404(a) of the Sarbanes-Oxley Act of 2002.

Interest income decreased $24,000 due to lower levels of cash available for investment resulting in part from the purchase of the Steeple Street Building and lower interest rates.

FGX International

FGX International (FGXI:Nasdaq), the company that runs offices and a warehouse in Smithfield, said first-quarter sales were $59.2 million, compared with $61.1 million in the year-ago quarter. During the first quarter of last year, the company benefited from about $3.2 million of incremental sales related to a nonprescription reading glasses and sunglasses program launched at a major customer.

Net income increased 14 percent to $2.2 million from $1.9 million in the first quarter of last year. Earnings per diluted share were 10 cents compared with 13 cents in the year-ago quarter.

Earnings before interest, taxes, depreciation and amortization were $10.5 million compared with $12.5 million in the first quarter of last year. Gross margin as a percentage of net sales was 53.8 percent in the first quarter, compared with 52.1 percent in the first quarter of last year.

CEO Alec Taylor commented, “We experienced sales and earnings during the first quarter of 2008 that exceeded our guidance. As expected, sales were down slightly due to the effect of a major customer rollout in the year-ago period, but net income was up due to lower interest expense and improved gross margins. Our non-prescription reading glasses business remained strong as we continued to grow in this dynamic category. Early results for our sunglasses business were encouraging despite the soft economy.”

MetLife

MetLife Inc.’s profit shrank 37 percent in the first quarter as turbulent markets and the plummeting dollar pummeled the insurer’s investment portfolio, the company said yesterday. MetLife earned $615 million, or 84 cents per share, in the first quarter, compared with profit of $983 million, or $1.28 per share, in the first quarter last year.

New York-based MetLife runs a corporate headquarters for its MetLife Auto & Home division in Warwick.

During a rough first quarter for stock and bond markets, the insurer’s investment portfolio lost $560 million. Bad credit, the plunge of the dollar and a drop in interest rates hobbled the insurer’s investments.

Like most insurers, MetLife emphasizes operating income because it excludes certain costs — including investment losses — that insurers do not consider reflective of trends in their business.

Operating income jumped 3 percent to $1.11 billion, or $1.52 per share. Analysts surveyed by Thomson Financial forecast operating profit of $1.48 per share.

Rogers

Rogers Corp. (ROG:NYSE), of Rogers, Conn., reported first-quarter revenues of $102.3 million and net earnings of 48 cents per diluted share. Last year’s first-quarter revenues were $115.1 million with net earnings from continuing operations of 55 cents per diluted share.

Sales of printed-circuit materials for the quarter totaled $33.0 million, down 15.5 percent from the first quarter of last year.

Rogers’ gross margin for the first quarter improved to 31.6 percent versus 30.5 percent in the first quarter of last year, even though sales were lower. Inventories at the end of the first quarter totaled $48.0 million versus $71.5 million at the end of the first quarter last year and $51.2 million at the end of last year.