Times Mirror Co. earnings drop

October 24, 1990

Times Mirror Co. said today its third-quarter earnings dropped 40.2 percent as a result of declining advertising demand.

The Los Angeles-based media company owns the Baltimore Sun Co., publisher of The Evening Sun and The Sun.

Net income was $41.9 million, or 33 cents a share, compared to $70.1 million, or 54 cents a share, for the 1989 third quarter. However, revenues for the third quarter of 1990 rose 2.4 percent, to $895 million, from $873.9 million in the same period a year ago.

Net income for the first nine months declined to $134.9 million, or $1.05 a share, from $223.9 million, or $1.73 a share, for the same period a year ago. Revenues increased 3.7 percent to $2.68 billion, from $2.58 billion, for the same period a year ago.

The 1989 results include an 11-cent gain from timberlands sales.

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