Tribune October Revenues Down on 4% Drop in Advertising

By: E&P Staff Tribune Co. reported Monday that its total revenues dipped 1.0% in October, pressured by a drop in print advertising revenue of 4.0%.

Tribune said its November results will be better than October's, and better than its November 2005 results.

Total revenues for Tribune's period 10 ended Oct. 22, 2006 were $428 million, down from $432 million in the same period last year.

Total publishing revenues for the period were $317 million, down 3.9% from last year's results of $330 million.

Retail advertising revenues increased 3.3%. Tribune said strength in hardware/home improvements, food and drug stores and specialty merchandise was partially offset by weakness in the furniture/home furnishings category. More than half of the retail ad increase was due to the Los Angeles Times' new preprint distribution agreement with ADVO, the direct mailer.

Preprint revenues, which Tribune mostly accounts in its total retail figures, were up 1%, and up 3% if revenues from Newsday are excluded.

National advertising revenues declined 15.5% on weakness across most categories, Tribune said, especially movies, cell phone and telecom services, and resorts.

Overall, classified advertising revenues decreased 3.8%, pushed by declines in help wanted of 9% and automotive of 11%.

Interactive revenues, largely accounted for in classified, were up 25% to $20 million.

Circulation revenues were down 6.0%, which Tribune attributed largely to continued selective home delivery discounting.

Broadcasting and entertainment group revenues in October increased 8.4%to $111 million, on the strength of a 5.1% increase in television revenues.