By: (AP) Three media companies, The New York Times Co., Tribune Co., and Journal Register Co., reported a rise in third-quarter profits Thursday, even as the economic slowdown continued to crimp advertising revenues, a key source of income.
The newspaper companies gave several reasons for the gains, ranging from cost-cutting to higher ad rates and indications that the advertising slump might be steadying. Although all three remained cautious about making projections of any significant turnaround, there was some confidence that the business environment was improving rather than worsening.
To see the New York Times Co. report, posted earlier,
click here.
Tribune Co.Media giant Tribune Co. posted a $236.8 million profit for the third quarter Thursday as the advertising slump eased and television stations provided a strong boost to earnings and revenue.
Net earnings amounted to 71 cents a share, compared with a loss of $138.9 million, or 49 cents a share, for the same period of 2001. Excluding non-operating items, such as gains from the sales of subsidiaries and investments, earnings were 46 cents a share, beating the 38 cents forecast by analysts surveyed by Thomson First Call. Adjusted to reflect new accounting standards adopted in 2002, the 2001 results were a loss of $85.1 million, or 31 cents per share.
Operating revenues were $1.34 billion, up 5% from $1.28 billion.
The company said fourth-quarter results will be between 46 cents and 56 cents per share and full-year results will be between $1.65 and $1.80 a share. The consensus at Thomson First Call puts the fourth quarter at 50 cents per share and the full-year at $1.71.
Tribune shares fell 62 cents to $46.50 in afternoon trading on the New York Stock Exchange.
Analyst James Goss of Chicago-based Barrington Research Associates, noting that the stock had climbed nearly 20% in the past week on speculation of a good showing, said it appeared to be a case of investors buying on the rumors and selling on the news.
Tribune, whose holdings include 23 TV stations, 11 daily newspapers, and the Chicago Cubs baseball team, said the results show the resilience of its media businesses despite a difficult economic environment.
For the nine months ending Sept. 29, revenues were $3.95 billion, compared with $3.94 billion at the same point a year ago. Net income was $249.4 million, or 73 cents per share, compared with $4.36 million, which came to a loss of 5 cents a share after the company paid dividends.
http://www.tribune.comJournal Register Co.Journal Register Co. posted a 35% increase in third-quarter net income as advertising and other revenues continued to grow while the newspaper publisher's printing and interest expenses dipped.
The Trenton, N.J.-based publisher of the
New Haven (Conn.)
Register, The Trentonian, 21 other daily newspapers, and scores of weeklies said Thursday its net income for the three months ended Sept. 29 was $11.9 million, or 28 cents per share, compared with $8.9 million, or 21 cents per share, at the same time a year ago.
Excluding a 2-cent gain related to newly reduced estimates of the company's tax liability for the year, net income would have been 26 cents per share. That matches the consensus forecast of analysts surveyed by Thomson First Call.
Total revenues rose 3%, to $100.5 million from $97.6 million a year earlier.
In afternoon trading on the NYSE, the company's shares rose 72 cents to $19.30.
http://www.journalregister.com
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