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TRIBUNE COMPANY REPORTS FIRST QUARTER EARNINGS

 TRIBUNE COMPANY REPORTS FIRST QUARTER EARNINGS
 CHICAGO, April 21 /PRNewswire/ -- Tribune Company (NYSE: TRB) today


announced that net income for the first quarter was down 27 percent to $15.4 million from $21.1 million for the same period last year. Improved results from the media businesses and lower net interest expense could not offset a substantial loss in the company's newsprint operations. Primary net income per share declined 35 percent to $.17 from $.26.
 Revenues for the quarter were essentially flat at $471 million. Operating profit was $37.1 million, down 24 percent from $48.6 million reported for the 1991 first quarter.
 Newspaper Publishing
 First quarter operating profit for the newspaper publishing group rose 12 percent to $51.4 million from $45.7 million in 1991, reflecting improved revenues and lower newsprint expense.
 Revenues for the group rose 3 percent to $287 million from $279 million. Advertising revenues increased 2 percent with retail flat, general up 9 percent and classified up 1 percent. This was the first year-over-year increase in quarterly advertising revenues since the 1990 first quarter. Circulation revenues were up 1 percent.
 Broadcasting and Entertainment
 Broadcasting and entertainment operating profit was up 55 percent to $5.9 million from $3.8 million primarily because of lower television programming expense. Revenues for the group increased 6 percent with entertainment up 50 percent. The gain resulted from the introduction of "The Dennis Miller Show" in January and higher advertising revenues from other syndicated programming. Television revenues declined 1 percent, while radio was up 2 percent.
 Newsprint Operations
 The newsprint group reported an operating loss of $14.7 million for the first quarter versus a profit of $4.3 million in the 1991 period due to lower selling prices, caused by substantial overcapacity throughout the industry. Revenues for the group declined 19 percent from $112 million in 1991 to $91 million in the 1992 first quarter. Average newsprint selling prices for the 1992 first quarter were 22 percent below a year ago. Newsprint shipments were up 1 percent.
 Other Expenses
 Net interest expense in the first quarter declined 18 percent to $10.0 million from $12.2 million due to lower average debt levels and interest rates. The effective income tax rate was 43 percent compared to 42 percent in the same period last year.
 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 entertainment; and manufactures newsprint.
 TRIBUNE COMPANY
 First Quarter Results of Operations (Unaudited)
 (In thousands, except per share data)
 First Quarter (A)
 Percent
 1992 1991 Change
 OPERATING REVENUES
 Newspaper Publishing (B) $286,708 $279,069 3
 Broadcasting and Entertainment 127,295 120,285 6
 Newsprint Operations (Canada) 90,832 112,165 (19)
 Intercompany (primarily newsprint) (33,477) (41,387) (19)
 Total Operating Revenues $471,358 $470,132 -
 OPERATING PROFIT (LOSS)
 Newspaper Publishing $ 51,396 $ 45,707 12
 Broadcasting and Entertainment 5,897 3,804 55
 Newsprint Operations (Canada) (14,743) 4,295 (443)
 Corporate expenses (5,495) (5,249) 5
 Total Operating Profit 37,055 48,557 (24)
 Net Interest Expense (10,012) (12,218) (18)
 Income Before Income Taxes 27,043 36,339 (26)
 Income Taxes (11,628) (15,262) (24)
 NET INCOME 15,415 21,077 (27)
 Preferred Dividends, net of tax (4,141) (4,225) (2)
 Net Income Attributable to
 Common Shares $ 11,274 $ 16,852 (33)
 NET INCOME PER SHARE
 Primary $ .17 $ .26 (35)
 Fully Diluted $ .17 $ .5 (32)
 DIVIDENDS PER COMMON SHARE $ .24 $ .24 -
 Average Common Shares Outstanding 64,786 64,175 1
 (A) -- 1992 quarter: Dec. 30, 1991, to March 29, 1992.
 1991 quarter: Dec. 31, 1990, to March 31, 1991.
 (B) -- 1991 revenues have been restated to conform to the 1992 presentation. This restatement had no effect on 1991 operating profit.
 -0- 4/21/92
 /CONTACT: Martha O. Lindeman (media), 312-222-3787, or home, 708-848-2738; or Joseph A. Hays (investors), 312-222-3237, or home, 312-943-8244, both of Tribune/
 (TRB) CO: Tribune Company ST: Illinois IN: PUB ENT SU: ERN


GK -- NY026 -- 0454 04/21/92 09:43 EDT
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Date:Apr 21, 1992
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