By: E&P Staff Tribune Co. said Wednesday morning that because of lower-than-anticipated revenues in its newspaper and broadcast businesses, it anticipates its third-quarter earnings per share would come in at about 50 cents per share. That's down from the 54-cents-per-share consensus among analysts surveyed by Thomson First Call.
Chicago-based Tribune said the earnings guidance does not include charges related to the circulation scandals at Newsday and Hoy in New York. Last week, Tribune said it would set aside for possible compensation to advertisers another $45 million to $60 million in the third quarter on top of the $35 million set aside in July.
The lowered guidance came as Tribune reported earnings for its August period were $432 million, up 2% from last year's $423 million. Publishing revenues in August were $233 million, up 3% from $226 million in the same period last year.
Advertising revenues were up 3% to $233 million, Tribune said. Total advertising inches were up 4%, while preprint pieces increased 14% over the period last year.
Retail advertising revenues decreased 0.8% "due to weakness in the department stores and other retail categories, partially offset by strength in the food, home furnishings and electronics categories," Tribune said. However preprint revenues were up 5% and full run retail linage was up 3%.
National advertising revenues were up 3.9%, principally because of growth in movies and entertainment, automobile and financial institutions, the company said.
Classified revenues increased 7.1% on strengthening help wanted and real estate, which were up 20% and 18% respectively, Tribune said. Auto classified revenues fell 9%, and full run classified volume was down 4%.
Interactive revenues were up 35%, the company said.
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