MEDIA GENERAL INC. FIRST QUARTER EARNINGS INCREASE
MEDIA GENERAL INC. FIRST QUARTER EARNINGS INCREASE RICHMOND, Va., April 8 /PRNewswire/ -- Media General Inc.
(AMEX: MEG.A) today reported that first quarter 1992 net income increased 15 percent to $2.7 million, or $0.11 per share, from first quarter 1991 net income of $2.4 million, or $0.09 per share.
Revenues for the 1992 first quarter were $141.7 million, compared with revenues of $145.6 million for the year earlier period. The Company said first quarter 1992 net income benefitted principally from improved earnings at its daily newspapers, continued strength at its cable television systems, and stringent cost controls throughout the corporation. Newsprint revenues and profits for the quarter were down sharply from the prior year period, reflecting the continuing oversupply and weak demand which has resulted in industry-wide deep price discounting. Media General said its broadcast television stations have yet to realize any significant strengthening in advertising revenues which typically accompany an improved economy. Quarters Ended March 29, March 31, 1992 1991 Revenues $141,667,000 $145,554,000 Net Income $ 2,748,000 $ 2,387,000 Earnings Per Common Share and Equivalent $ 0.11 $ 0.09 Weighted Average Common Shares and Equivalents 26,053,000 25,978,000 -0- 4/8/92 /CONTACT: Robert W. Pendergast, Media General Inc., 804-649-6657/ (MEG) CO: Media General Inc. ST: Virginia IN: TLS PUB SU: ERN
JZ -- CH007 -- 6344 04/08/92 14:27 EDT
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|Date:||Apr 8, 1992|
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