Belo just released its quarterly earnings report. Here’s a summary. While the report doesn’t break down individual properties, the newspaper group’s revenues fell 9.3 percent (adjusted). On the good side, web revenues were up at the company’s television sites by 30 percent, which really sounds good until you realize that only amounts to $1.2 million, which doesn’t begin to offset the losses in the newspapers. Worse — and here is a management problem — Belo missed analysts’ targets on the revenue side by $13 million. It’s done that before. The result has not been beneficial to the stock price, although today it seems to be holding.