By: The Associated Press and E&P Staff Tribune Company has reported a first-quarter gain of $1.82 billion from continuing operations due to a change in tax status -- but the Chicago-based company says revenue declined 8% as newspaper ad sales continued to slump.
The newly private media conglomerate released quarterly numbers that were consistent with CEO Sam Zell's comments last month about the rapid deterioration of revenues.
The huge, tax-related gain compared with first-quarter earnings of $11 million a year ago. It resulted almost entirely from an income tax adjustment of $1.86 billion related to the company's change in tax status.
Tribune, however, had a loss from continuing operations before income taxes of $30 million.
Zell says print ad revenues continue to be challenged but the company's broadcasting results are faring much better.
At Tribune's publishing group, revenues dropped 11 percent, to $823 million, "due to a punishing 27 percent reduction in classified advertising revenue," the Chicago Tribune reported.
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