Times Mirror quarterly profit rose 55.3%

July 23, 1992

Times Mirror Corp., the Los Angeles-based owner of The Sun and The Evening Sun, reported that its profit increased by more than 50 percent in the three months that ended June 30, compared with last year's second quarter. The gain would have been about 30 percent excluding one-time items in both years.

Revenues in the newspaper group declined by about 2 percent, to $499.4 million but were up 5.4 percent, to $276.7 million, in its book, magazine and other publishing operations. Revenues were up 6 percent, to $108.2 million, in cable television and up 9.3 percent, to $27.9 million, in broadcast television.

Overall operating profits were flat, at $93.3 million for the quarter but would have been up about 20 percent except for a $19 million expense at Newsday on Long Island, N.Y., for a buyout program involving about 300 employees.

Three months ended 6/28/92

.... Revenue.... .... Net.... ..... Share

'92.... 911,423,000.... 47,172,000.. 0.37

'91.... 900,921,000.... 30,370,000.. 0.24

% change....... +1.2.... ..... +55.3.. +54.2

Six months ended 6/28/92

.... Revenue.... .... Net.... ..... Share

'92.... 1,779,250,000.. 83,792,000.. 0.65

'91.... 1,755,387,000.. 54,006,000.. 0.42

% change ........ +1.4.... ... +55.1.. +54.8

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