Tribune Earnings Dive
By Michael Malone -- Broadcasting & Cable, 7/26/2007 5:46:00 PM
Tribune reported diluted earnings per share from continuing operations of $.17 in the second quarter, down from $.53 in the second quarter of 2006. Operating revenues decreased 7% to $1.3 billion, while consolidated cash operating expenses were up 1% in the quarter. Operating cash flow was down 29% to $254 million, while operating profit declined 36% to $196 million.
Broadcasting and entertainment revenues were flat at $393 million. Both operating cash flow and operating profit for the group were down 2% from the second quarter of 2006.
"Our second quarter results reflect the difficult advertising environment, although strong cost controls partially offset revenue declines," said Tribune Chairman/President/CEO Dennis FitzSimons. "As we look to Tribune’s second half, year-over-year comparisons will ease and new revenue initiatives are expected to contribute to publishing results. The launch of new CW and syndicated shows will positively impact our television group."
