T/SF COMMUNICATIONS ANNOUNCES NINE MONTH RESULTS
T/SF COMMUNICATIONS ANNOUNCES NINE MONTH RESULTS TULSA, Okla., Nov. 14 /PRNewsire/ -- T/SF Communications Corp.
(AMEX: TCM) today announced a small loss for the third quarter of 1991. The company stated that it lost $70,000, or 1 cent per share, on revenues of $23,572,000 for the third quarter and $1,436,000, or 27 cents per share on revenues of $68,369,000 for the nine months ended Sept. 30, 1991. This compares to a loss of $408,000, or 7 cents per share, on revenues of $23,598,000, for the third quarter of 1990 and a loss of $844,000 or 15 cents per share, on revenues of $66,713,000 for the first nine months of 1990.
G. Douglas Fox, chairman and chief executive officer of T/SF stated, "While the national recession continues to negatively impact revenues for all media companies and T/SF is not immune from this, the trend for the company is positive, with the third quarter being slightly better than the second quarter and both quarters being substantially improved over the first quarter of 1991. We also believe that it is important that the third quarter of 1991 is a significant improvement over the third quarter of 1990. This can be attributed primarily to our beginning to feel the positive effects of the cost-cutting and other actions begun in the fourth quarter of 1990. We believe that improvement on a quarter to quarter basis will continue." The primary reason for the company's loss in the third quarter was losses from its shopper operations in New Jersey and Long Island. However, both of these operations improved significantly over the third quarter of 1990. These gains were somewhat offset by reduced income from the company's two largest operations, The Tulsa Tribune, its daily newspaper in Tulsa, and BMT Publications, a trade magazine publisher located in New York. T/SF Communications is a diversified publisher of a daily newspaper, shopper-newspapers, trade magazines and specialty publications for conventions and operates an information service company providing information to the trucking and insurance industries. T/SF COMMUNICATIONS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 (Unaudited) Revenues: Publishing $ 19,785 $ 21,399 $ 58,696 $ 60,170 Information services 2,798 2,122 7,859 5,945 Interest and other operating income 989 77 1,814 598 Total revenues 23,572 23,598 68,369 66,713 Costs and Expenses: Publishing 14,369 15,290 42,469 42,960 Information services 1,099 734 2,983 1,870 General and administrative 6,282 5,903 18,720 16,589 Interest 695 655 2,237 2,036 Depreciation and amortization 1,220 1,322 3,673 3,860 Total Costs and expenses 23,665 23,904 70,082 67,315 Income (loss) before equity earnings and income taxes ( 93) ( 306) (1,713) ( 602) Earnings from equity investments 23 4 49 3 Benefit (provision) for income taxes --- ( 106) 228 ( 245) Net income (loss) $( 70) $( 408) $( 1,436) $( 844) Per Share Amounts: Earnings (loss) per common and common equivalent share $( .01) $( .07) $( .27) $ (.15) Cash dividends per common share $ --- $ --- $ --- $ --- -0- 11/14/91 /CONTACT: G. Douglas Fox or Howard G. Barnett, Jr. or J. Gary Mourton all of T/SF Communications Corp., 918-747-2600/ (TCM) CO: T/SF Communications Corp. ST: Oklahoma IN: PUB SU: ERN DB -- SF015 -- 1203 11/14/91 16:55 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 14, 1991|
|Previous Article:||BG&E REPORTS EARNINGS FOR THE TEN MONTHS ENDED OCT. 31, 1991|
|Next Article:||U.S. FISH AND WILDLIFE SERVICE ISSUES STATUS REPORT ON ENDANGERED SPECIES RECOVERY EFFORT|