Media General Earnings Rise
RICHMOND, Va. (AP) _ Media General Inc.’s third-quarter earnings rose 37 percent, as stronger earnings in publishing and newsprint overcame declines in its broadcast and cable television results.
Media General reported Tuesday that it earned $14.5 million, or 54 cents per diluted share, for the quarter ended Sept. 27. The company earned $10.6 million, or 39 cents per share, in the same period last year.
Revenues rose 7 percent to $236.8 million from $222 million.
The company’s class A shares fell $1.12 1/2 to $34.25 on the American Stock Exchange.
Operating earnings from publishing rose 21 percent to $23.2 million, while newsprint earnings of $1.7 million reversed a loss from last year. Broadcasting earnings fell 42 percent to $1.7 million and cable earnings slipped 2 percent to $7.4 million.
Media General’s operations are primarily in the Southeast.
For the first nine months of the year, Media General earned $48.7 million, or $1.81 per share, compared to a loss of $30.3 million, or $1.14 per share, in 1997. Last year’s figures included costs of $63 million related to its purchase of Park Communications.
Nine-month revenue increased 8 percent to $722.7 million from $667.5 million.