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TRIBUNE COMPANY REPORTS FOURTH QUARTER, FULL YEAR RESULTS

 TRIBUNE COMPANY REPORTS FOURTH QUARTER, FULL YEAR RESULTS
 CHICAGO, Feb. 4 /PRNewswire/ -- Tribune Company (NYSE: TRB) today


reported 1991 fourth quarter net income of $32.7 million or $.44 per share on a primary basis. Tribune reported a net loss in the 1990 fourth quarter of $191.4 million or $3.05 per share primarily due to a large non-recurring charge relating to the sale of the New York Daily News and Daily News operating losses. For the full year, Tribune's net income was $142.0 million or $1.94 on a primary per share basis, compared to a net loss for 1990 of $63.5 million or $1.22 per share, which includes the non-recurring charge.
 Excluding the Daily News from 1990 results, 1991 fourth quarter net income and primary net income per share declined 9 percent and 10 percent, respectively, from $36.0 million and $.49. The decline was due to lower newspaper operating profit and a higher effective income tax rate, partially offset by lower net interest expense and improved broadcasting and entertainment results. For the full year, net income declined 26 percent from $191.5 million and 27 percent from $2.64 per share.
 Revenues for the fourth quarter were essentially unchanged at $526 million but were down 14 percent for the year to $2.0 billion. Operating profit for the quarter was $66.7 million, vs. $1.2 million reported in 1990, and $288.0 million for the full year, up 21 percent from $237.9 million. Excluding the Daily News, revenues improved 8 percent for the fourth quarter and were essentially flat for the year, while operating profit declined 5 percent for the quarter and 18 percent for the year.
 Commenting on the year's results, Charles T. Brumback, president and chief executive officer, said: "A steep decline in advertising revenues led to lower profits at the media businesses, while declining prices resulted in a loss in newsprint. Given the current economic outlook, we expect that our media businesses should generate increased earnings in 1992, although we do not foresee a turnaround in newsprint until pricing improves."
 Newspaper Publishing
 Fourth quarter newspaper publishing operating profit was $64.1 million in 1991 vs. $5.4 million reported in 1990. Excluding the Daily News, operating profit in the 1991 quarter was down 14 percent primarily because of continued weakness in advertising.
 Excluding the Daily News, fourth quarter revenues declined 1 percent to $303 million. Advertising revenues were down 3 percent, the smallest quarterly percentage decline in 1991, reflecting slightly higher revenues in Chicago. Retail advertising revenues were down 2 percent and classified down 7 percent while general advertising revenues were up 5 percent. Circulation revenues were up 3 percent.
 Broadcasting and Entertainment
 Operating profit for the broadcasting and entertainment group rose 40 percent for the fourth quarter to $19.5 million from $14.0 million. Both television and entertainment reported improved results, while radio results were down.
 The group's revenues were up 12 percent for the quarter primarily due to higher entertainment revenues. Television and radio revenues increased 2 percent and 4 percent, respectively.
 Newsprint Operations
 For the fourth quarter, the newsprint group reported a loss of $10.7 million primarily because of industry-wide pricing pressures created by increasing manufacturing capacity and declining demand. A stronger Canadian dollar also contributed to the loss. In the 1990 fourth quarter, the group reported a loss of $12.1 million, primarily due to a strike at the company's Ontario mill. Revenues for the group were up 54 percent.
 Other Expenses
 Lower average debt levels and interest rates contributed to a 14 percent decline in fourth quarter net interest expense to $10.1 million from $11.8 million. The effective income tax rate for the 1991 fourth quarter was 42.3 percent vs. 38.7 percent in 1990, excluding the Daily News.
 Tribune is a leading information and entertainment company. It publishes seven daily newspapers; operates six television and four radio stations; produces and syndicates information and programming; and manufactures newsprint.
 TRIBUNE COMPANY
 Fourth Quarter Results of Operations
 (In thousands, except per share data)
 Fourth Quarter (A)
 Percent
 1991 1990 Change
 OPERATING REVENUES
 Newspaper Publishing
 Newspapers Excluding Daily News $302,882 $ 305,550 (1)
 New York Daily News (B) -- 37,980 NM
 Total 302,882 343,530 (12)
 Broadcasting and Entertainment 153,479 136,750 12
 Newsprint Operations (Canada) 100,605 65,305 54
 Intercompany (primarily newsprint) (30,574) (20,302) 51
 Total Operating Revenues $526,392 $ 525,283 --
 OPERATING PROFIT (LOSS)
 Newspaper Publishing
 Newspapers Excluding Daily News $ 64,092 $ 74,682 (14)
 New York Daily News (B) -- (69,292) NM
 Total 64,092 5,390 NM
 Broadcasting and Entertainment 19,547 13,990 40
 Newsprint Operations (Canada) (10,734) (12,101) (11)
 Corporate expenses (6,220) (6,079) 2
 Total Operating Profit 66,685 1,200 NM
 Net Interest Expense (10,115) (11,775) (14)
 Sale of New York Daily News (B) -- (295,000) NM
 Income (Loss) Before Income Taxes 56,570 (305,575) 119
 Income Taxes (23,919) 114,177 121
 NET INCOME (LOSS) (B) 32,651 (191,398) 117
 Preferred Dividends, net of tax (4,225) (4,287) (1)
 Net Income (Loss) Attributable to
 Common Shares $ 28,426 $(195,685) 115
 NET INCOME (LOSS) PER SHARE (B)(C)
 Primary $ 0.44 $(3.05) 114
 Fully Diluted $ 0.42 $(3.05) 114
 DIVIDENDS PER COMMON SHARE $ 0.24 $ 0.24 --
 Average Common Shares Outstanding 64,498 64,125 1
 (A) -- 1991 quarter: Sept. 30, 1991, to Dec. 29, 1991. 1990 quarter: Oct. 1, 1990, to Dec. 30, 1990.
 (B) -- On March 20, 1991, the company sold substantially all of the assets of the New York Daily News. The sale of the News resulted in a fourth quarter 1990 pre-tax charge of $295 million, which reduced fourth quarter net income by $185 million and primary and fully diluted net income per share by $2.88. Daily News operating losses for 1991 were included in this charge.
 (C) -- Excluding Daily News operating losses and the loss on its sale from the 1990 quarter, primary and fully diluted net income per share were $.49 and $.47, respectively.
 NM -- Not meaningful.
 TRIBUNE COMPANY
 Full Year Results of Operations
 (In thousands, except per share data)
 Full Year (A)
 Percent
 1991 1990 Change
 OPERATING REVENUES
 Newspaper Publishing
 Newspapers Excluding Daily News $1,141,584 $1,196,739 (5)
 New York Daily News (B) -- 321,823 NM
 Total 1,141,584 1,518,562 (25)
 Broadcasting and Entertainment 617,514 623,981 (1)
 Newsprint Operations (Canada) 422,128 351,738 20
 Intercompany (primarily newsprint) (146,551) (141,234) 4
 Total Operating Revenues $2,034,675 $2,353,047 (14)
 OPERATING PROFIT (LOSS)
 Newspaper Publishing
 Newspapers Excluding Daily News $ 217,031 $ 278,594 (22)
 New York Daily News (B) -- (114,468) NM
 Total 217,031 164,126 32
 Broadcasting and Entertainment 100,175 107,528 (7)
 Newsprint Operations (Canada) (6,975) (11,058) (37)
 Corporate expenses (22,256) (22,654) (2)
 Total Operating Profit 287,975 237,942 21
 Net Interest Expense (46,100) (37,170) 24
 Sale of New York Daily News (B) -- (295,000) NM
 Income (Loss) Before Income Taxes 241,875 (94,228) 357
 Income Taxes (99,894) 30,695 425
 NET INCOME (LOSS) (B) 141,981 (63,533) 323
 Preferred Dividends, net of tax (16,900) (17,148) (1)
 Net Income (Loss) Attributable to
 Common Shares $ 125,081 $ (80,681) 255
 NET INCOME (LOSS) PER SHARE (B)(C)
 Primary $ 1.94 $(1.22) 259
 Fully Diluted $ 1.83 $(1.22) 250
 DIVIDENDS PER COMMON SHARE $ 0.96 $ 0.96 --
 Average Common Shares Outstanding 64,364 66,032 (3)
 (A) -- 1991 fiscal year: Dec. 31, 1990, to Dec. 29, 1991. 1990 fiscal year: Jan. 1, 1990, to Dec. 30, 1990.
 (B) -- On March 20, 1991, the company sold substantially all of the assets of the New York Daily News. The sale of the News resulted in a fourth quarter 1990 pre-tax charge of $295 million, which reduced 1990 net income by $185 million and primary and fully diluted net income per share by $2.80 and $2.73, respectively. Daily News operating losses for 1991 were included in this charge.
 (C) -- Excluding Daily News operating losses and the loss on its sale from 1990, primary and fully diluted net income per share were $2.64 and $2.47, respectively.
 NM -- Not meaningful.
 -0- 2/4/92
 /CONTACT: Martha Lindeman (media), 312-222-3787, or home, 708-848-2738; or Andy Hays (investors), 312-222-3237, or home, 312-943-8244, both of Tribune/
 (TRB) CO: Tribune Company ST: Illinois IN: PUB SU: ERN


GK -- NY033 -- 6629 02/04/92 11:05 EST
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