By: Staff Reports 2nd Quarter Results Beat Analysts' Estimates
Tribune Co., which acquired Times Mirror Co. earlier this year to become
the third biggest U.S. newspaper chain in terms of daily circulation,
reported stronger-than-expected profits in the second quarter.
Excluding non-operating items, operating income rose 13.5% to $119 million,
or 44 cents per share (EPS), compared with $104.8 million, or 39 cents per
share, in the second quarter of 1999.
A consensus estimate of 13 analysts polled by First Call/Thomson Financial
called for second-quarter EPS of 42 cents.
Earlier in the year, Tribune announced it would fall short of Wall
Street's expectations, with earnings expected to be between 40 and 45
cents per share.
Revenue for the quarter rose 79% to $1.3 billion.
Results reflect Tribune's $8 billion cash-and-stock acquisition of Times
Mirror, which was completed June 12, and Tribune's decision to sell
Tribune Education and Times Mirror's magazine and flight information
groups.
Excluding Times Mirror results, Tribune publishing operating profit
grew 3% to $113 million. Revenue rose 3% to $402 million on 5% higher
ad revenue.
Assuming ownership of Times Mirror since 1999, publishing operating
profit edged up 0.5% to $213 million on higher ad revenues, which
were partly offset by spending on circulation initiatives and higher
newsprint prices.
On that same basis, revenue rose 4% to $1.1 billion, with retail ad
revenue up 5%, general up 10%, and classified up 5%.
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Staff Reports
Other Second-quarter Earnings:
WSJ GROWTH DRIVES EARNINGS AT DOW JONES (07/13/00)
BROADCAST DRIVES EARNINGS AT SCRIPPS (07/12/00)
MEDIA GENERAL REPORTS IMPROVED RESULTS (07/11/00)
NYT CO. BEATS SECOND-QUARTER EARNINGS ESTIMATES (07/10/00)
GANNETT EARNINGS RISE ON ADVERTISING DEMAND (07/10/00)
(c) Copyright 2000, Editor & Publisher
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