By: Lucia Moses
Company Led By Gain At LA Times
Times Mirror reported first-quarter earnings that handily beat estimates, led by strong revenue
gains at the Los Angeles Times.
Earnings per share from continuing operations, before costs related to Times Mirror’s merger
with Tribune Co. and one-time gains from the sale of properties, were 90 cents, a 50% increase
over last year. Analysts polled by First Call Corp. had called for 75% EPS. Revenue of $745
million was up 6.6%.
Operating profit at the L.A. Times was up 39% in the fourth quarter of earnings growth in a row,
while the March publisher’s statement showed daily circulation was up 5%, chairman and CEO Mark
H. Willes said.
Overall, the newspaper division reported 25.3% higher operating profit and 6.2% higher revenue
due to strong gains at all the papers, while circulation revenue was down 3.5% from the year-ago
quarter. Circulation for the segment’s four largest papers showed daily and Sunday circulation
gains between March 1999 and March 2000, the company reported.
Lucia Moses (email@example.com) is an associate editor
for Editor & Publisher magazine.
(c) Copyright 2000, Editor & Publisher