Earnings Down at Times Mirror, Up at Time, Media General, Tribune
Undated (AP) _ Times Mirror Co. said Tuesday its profits fell in the second quarter, while Time Inc., Tribune Co. and Media General Inc. reported gains.
Times Mirror reported a 4.8 percent drop in after-tax profit to $79 million, or 62 cents a share, down from $83 million, or 64 cents a share, in the same period last year. Revenue rose 4 percent to $818.1 million from $784.1 million.
Times Mirror, which publishes the Los Angeles Times and Newsday among other publications, attributed the drop in earnings to weakness in advertising and higher costs of newsprint.
For the first half of 1988, Times Mirror reported a profit of $154.1 million, or $1.20 a share, which was up from $141.2 million, or $1.09 a share in the first half of 1987. Revenue rose to $1.6 billion from $1.5 billion.
Time, with interests in magazines and broadcasting, said its profit rose 7.7 percent in the second quarter to $84 million, or $1.45 a share, from $78 million, or 1.30 a share, in 1987. Revenue advanced 5.8 percent to $1.1 billion from $1.04 billion.
For the first six months, Time had earnings of $150 million, or $2.58 a share, compared with of $124 million, or $2.06 a share, a year earlier. Revenue rose to $2.17 billion from $1.98 billion.
Tribune Co. said its second-quarter profit climbed 31 percent to $63.6 million, or 84 cents a share, from $48.6 million, or 61 cents a share, a year earlier. Revenue rose 10 percent to $613 million from $559.3 million.
Tribune, which publishes newspapers and owns broadcast stations and the Chicago Cubs baseball team, said earnings for the first six months totaled $95.8 million, or $1.26 per share, compared with $65.2 million, or 82 cents per share, a year ago. Revenue increased to $1.13 billion from $1.04 billion.
Media General reported a profit of $16.2 million, or 56 cents a share, in the second quarter, a 28 percent gain from $12.7 million, or 44 cents a share, in the same period last year. Revenue rose 5.1 percent to $196.6 million from $187 million.
Media General, which has publishing and broadcast interests, said earnings for the first six months rose to $27.7 million, or 96 cents a share, from $20.7 million, or 72 cents a share, last year. Revenue increased to $382.6 million from $354 million.