|
Tribune Co. meets forecast
|
 |
April 14, 2000: 9:55 a.m. ET
Strong gains on broadcast and entertainment bring record profit
|
NEW YORK (CNNfn) - Tribune Co. posted record first-quarter earnings Friday in line with Wall Street estimates.
The Chicago newspaper publisher and broadcaster, which is in the process of buying Times Mirror Co. (TMC: Research, Estimates) for about $8 billion, earned $85.6 million, or 32 cents a diluted share, before special items. That matched the forecast of analysts surveyed by earnings tracker First Call. A year earlier, the company earned $72.8 million, or 27 cents a share, on the same basis.
 Including special items, net income came to $71.2 million, or 26 cents a share, compared with $343.3 million, or $1.30 a share, a year earlier, when it had a gain from sale of an Atlanta television station and stock in various companies, including America Online Inc. (AOL: Research, Estimates).
Revenue gained 9 percent to $782.5 million from $719.9 million a year earlier. The company had an 18 percent gain in broadcast and entertainment revenue, compared with only a 3 percent gain in publishing revenue.
Its education unit's revenue rose 6 percent to $68 million, but its operating loss jumped 129 percent to $2.4 million. The company said April 3 it is considering selling the unit in light of its pending purchase of Times Mirror Co.
Tribune Co. (TRB: Research, Estimates) stock fell 1/4 to 37-7/8 in trading Thursday.
(Click here for more earnings news) 
|
|
|
|
|
 |
|
