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TRIBUNE REPORTS IMPROVED FIRST QUARTER EARNINGS

 CHICAGO, April 20 /PRNewswire/ -- Tribune Company (NYSE: TRB) reported net income for the 1993 first quarter of $29.7 million, up 90 percent from $15.6 million for the same period last year before giving effect to certain accounting changes made in 1992. The increase was due to higher operating profit from the company's media businesses, improved QUNO operating results and lower net interest expense. First quarter primary net income per share rose 124 percent in 1993 to $.38 from $.17 in 1992 before accounting changes.
 The cumulative effects of adopting new accounting principles in 1992 for retiree benefits, income taxes and postemployment benefits reduced 1992 net income by $16.8 million and primary net income per share by $.26. As a result, Tribune incurred a net loss of $1.2 million, or $.09 per share, in 1992's first quarter.
 On Feb. 17, 1993, Tribune's previously wholly owned newsprint subsidiary, QUNO Corporation, completed in Canada an initial public offering of common stock. Tribune now holds 49 percent of the voting common shares of QUNO plus non-voting common shares for a combined ownership interest of 59 percent. Therefore, beginning in 1993, Tribune is using the equity method of accounting for its investment in QUNO.
 Revenues for the first quarter decreased eight percent from 1992 to $435 million due to the absence of newsprint operations in the company's 1993 consolidated revenues. Excluding newsprint operations from 1992, revenues increased five percent. Operating profit for the quarter was up 61 percent to $59.1 million. Excluding newsprint operations from 1992, operating profit increased 14 percent.
 Newspaper Publishing
 First quarter newspaper publishing operating profit rose eight percent to $55.7 million from $51.4 million in 1992, due principally to higher revenues.
 Revenues for the quarter were up three percent to $295 million and were up five percent after excluding revenues of the Palo Alto newspaper operations, which were closed in March of this year. Excluding Palo Alto, advertising revenues were up $11 million, or five percent, as a 12 percent increase in classified and a four percent increase in retail more than offset an eight percent decline in general advertising revenues. Circulation revenues were up four percent, primarily reflecting price increases in Chicago and Orlando.
 Broadcasting and Entertainment
 Broadcasting and entertainment operating profit rose 56 percent to a first quarter record $9.2 million from $5.9 million, primarily due to increased television revenues.
 Revenues for the group increased 11 percent to $141 million. Television revenues were up 17 percent and radio was up 21 percent, while entertainment was down 20 percent . Excluding WPHL-TV in Philadelphia and KOSI-FM / KEZW-AM in Denver, each acquired after the first quarter of 1992, television revenues were up 10 percent and radio revenues were up six percent, with most stations reporting increases. Combined ratings for the TV and radio stations were the best ever.
 QUNO Corporation (Formerly Newsprint Operations)
 QUNO Corporation had an operating loss of $400,000 in the first quarter of 1993, compared with an operating loss of $15.1 million in 1992. The improvement was primarily due to increased selling prices, a four percent increase in shipments and a weaker Canadian dollar. Total revenues were up 12 percent to $101.4 million in 1993, as newsprint, sawmill and recycling operations all reported gains. Average newsprint selling prices rose five percent over a year ago. Tribune's share of QUNO's 1993 first quarter loss after interest and taxes was $2.7 million.
 Other Expenses
 Net interest expense for the first quarter of 1993 declined 62 percent to $3.8 million from $10.0 million in 1992, due primarily to lower debt levels, as a result of the QUNO initial public offering and lower interest rates. In addition, interest income increased, primarily due to a QUNO convertible debenture held by Tribune.
 Tribune is a leading information and entertainment company. Tribune publishes six daily newspapers, operates seven television stations and six radio stations, produces and syndicates information and entertainment, and has an interest in one of Canada's largest newsprint manufacturers.
 TRIBUNE COMPANY
 First Quarter Results Of Operations
 (Unaudited, In thousands, except per share data)
 First Quarter Percent
 Ended (A) 1993 1992 Change
 Operating Revenues
 Newspaper Publishing (B) $294,583 $285,788 3
 Broadcasting and Entertainment 140,981 127,295 11
 Newsprint Operations (Canada) (C) -- 90,832 (100)
 Intercompany (1,016) (33,477) (97)
 Total Operating Revenues $434,548 $470,438 (8)
 Operating Profit (Loss)
 Newspaper Publishing $ 55,729 $ 51,396 8
 Broadcasting and Entertainment 9,170 5,897 56
 Newsprint Operations (Canada) (C) -- (15,093) (100)
 Corporate expenses (5,798) (5,495) 6
 Total Operating Profit 59,101 36,705 61
 Equity in QUNO Net Loss (C) (2,711) -- NM
 Net Interest Expense (3,779) (10,012) (62)
 Income Before Income Taxes 52,611 26,693 97
 Income Taxes (22,960) (11,077) 107
 Income Before Cumulative Effects Of
 Changes In Accounting Principles 29,651 15,616 90
 Cumulative Effects of Changes in
 Accounting Principles, net of tax (D) -- (16,800) (100)
 Net Income (Loss) 29,651 (1,184) NM
 Preferred Dividends, net of tax (4,628) (4,542) 2
 Net Income (Loss) Attributable to
 Common Shares $ 25,023 $(5,726) NM
 Primary Net Income (Loss) Per Share:
 Before Cumulative Effects of
 Changes in Accounting Principles $0.38 $0.17 124
 Cumulative Effects of Accounting Changes -- (.26) (100)
 Net Income (Loss) $0.38 $(.09) NM
 Fully Diluted Net Income (Loss) Per Share:
 Before Cumulative Effects of
 Changes in Accounting Principles $0.36 $0.17 112
 Cumulative Effects of Accounting Changes -- (.26) (100)
 Net Income (Loss) $0.36 $(.09) NM
 Dividends Per Common Share $ .24 $ .24 --
 Average Common Shares Outstanding 65,790 64,786 2
 NOTES: NM -- Not Meaningful
 (A) 1993 quarter: December 28, 1992 to March 28, 1993. 1992 quarter: December 30, 1991 to March 29, 1992.
 (B) 1992 revenues have been restated to conform to the 1993 presentation.
 (C) On February 17, 1993, Tribune's previously wholly owned newsprint subsidiary, QUNO Corporation, completed an initial public offering of common stock. Tribune now has 49 percent of the voting common shares of QUNO plus non-voting common shares for a combined ownership interest of 59 percent. Therefore, beginning in 1993, Tribune is now using the equity method of accounting for its investment in QUNO.
 (D) Effective as of the beginning of 1992, Tribune adopted three new Financial Accounting Standards Board (FAS) rules, and recorded in earnings a one-time, non-cash cumulative effect for each rule. FAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," resulted in an after-tax charge against earnings of $37.6 million, or $.58 per share. FAS 109, "Accounting for Income Taxes," resulted in a credit to earnings of $26.3 million, or $.40 per share. FAS 112, "Employers' Accounting for Postemployment Benefits," resulted in an after-tax charge against earnings of $5.5 million, or $.08 per share. These cumulative effects resulted in a net $16.8 million after-tax charge, or $.26 per share, against 1992 earnings.
 -0- 4/20/93
 /CONTACT: Robert D. Carr, media, office 312-222-3763, or home


708-279-8021, or Joseph Andrew Hays, investor, office 312-222-3237, or home, 312-943-8244, both of the Tribune Company/
 (TRB)


CO: Tribune Company ST: Illinois IN: PUB SU: ERN

LD -- NY008 -- 7828 04/20/93 09:14 EDT
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Date:Apr 20, 1993
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