Times Mirror earnings higher than expected

EARNINGS

April 22, 1993

Times Mirror Co., publisher of the Baltimore Sun, posted first-quarter earnings that were above expectations, though its newspaper business remained weak.

Income from continuing operations was $27.1 million, or 21 cents a share, compared with $27.5 million, also 21 cents, in the year-earlier period.

An accounting change for post-retirement benefits and income taxes reduced income in 1992's quarter by $123.4 million, or 96 cents a share.

"Cable television results exceeded expectations, as did professional publishing operations," said Robert F. Erburu, chairman and chief executive. "However, a combination of factors lead us to remain cautious about our outlook for the year. These include continued softness in newspaper advertising revenues, particularly at the Los Angeles Times," and the prospect for rate rollbacks at the company's cable TV properties.

A recent Federal Communications Commission decision will force cable prices to be rolled back by 10 percent in some cases. Times Mirror's cable operations continued to show strong growth during the first quarter, however, as revenue increased 8.3 percent, to $113.2 million, from $104.6 million. Operating profit rose 31.8 percent, to $26 million, from $19.8 million.

Analysts said first-quarter numbers were ahead of their projections primarily because of the performance of the book, magazine and professional publishing segment. The group's revenue rose 7.4 percent, to $293.7 million, from $273.4 million, while operating profit declined 1.1 percent, to $37.2 million, from $37.6 million.

Times Mirror recently announced agreements to sell its four broadcast TV stations and is no longer including their revenues in its financial results. The stations produced $2.7 million in income as a discontinued operation during the quarter, compared with $6.1 million a year earlier -- a period that included a $3.9 million nonrecurring gain.

Times Mirror Co.

.. .. .. .. .. Ticker.. .. ... .. .. .. .. Yesterday's

.. .. .. .. .. Symbol .. .. .. .. .. .. .. Cls.. .. .. .. ..Chg.

.. .. .. .. .. TMC.. .. .. .. .. .. .. .. 31.. .. .. .. .. - 5/8

Period ended

March 31 .. .. ..1st qtr.. .. .. .. Year ago.. .. .. .. .. Chg.

Revenue .. .. .. $868,403 .. .. .. .$842,377.. .. .. .. .. +3.1%

Net Income .. .. $29,784 .. .. .. ..$(89,789).. .. .. .. .. --

Primary EPS .. .. .$0.23 .. .. .. .. $(0.70) .. .. .. .. .. --

Figures in thousands (except per share data.)

Cosmetic

Center Inc.. .. ... .Ticker.. .. .. .. ..Yesterday's

.. .. .. .. .. .. .. Symbol.. .. .. .. .. Cls.. .. ... .. .. Chg.

.. .. .. .. .. .. .. COSCA .. .. .. .. .. 11 1/2 .. .. .. .. .. Unch.

.. .. .. .. .. .. .. COSCB .. .. .. .. .. 10 3/4 .. .. .. .. .. Unch.

Period ended

March 26 .. .. .. .. 2nd qtr. .. .. .. ..Year ago.. .. .. .. Chg.

Revenue .. .. .. .. $23,368 .. .. .. .. $21,817 .. .. .. .. +7.1%

Net Income .. .. .. $342 .. .. .. .. .. .. $220.. .. .. .. +55.5%

Primary EPS .. .. ..$0.08.. .. .. .. .. .. $0.07.. .. .. ..+14.3%

.. .. .. .. ..6 mos.. .. .. .. Year ago.. .. .. .. .. .. Chg.

Revenue .. ...$57,679.. .. .. $54,320 .. .. .. .. .. ..+6.2%

Net Income .. $2,077 .. .. .. .$1,348 .. .. .. .. .. .. +54.1%

Primary EPS ..$0.49.. .. .. .. $0.43 .. .. .. .. .. ..+14.0%

Figures in thousands (except per share data.)

Danaher Corp.

.. .. .. .. .. Ticker.. .. .. .. .. .. .. ..Yesterday's

.. .. .. .. .. Symbol.. .. ... .. ... ... Cls.. .. .. ...Chg.

.. .. .. .. .. DHR.. .. .. .. .. .. ... .. 29.. .. .. .. ..Unch.

Period ended

April 2 .. .. .. ..1st qtr.. .. .. .. ..Year ago.. .. .. .. .. Chg.

Revenue .. .. .. ..$248,384.. .. .. .. $211,704 .. .. .. .. ..+17.3%

Net Income .. .. ..$(25,915).. .. .. .. * $5,164 .. .. .. .. .. ..--

Primary EPS .. .. ..$(0.90) .. .. .. .. * $0.18 .. ... .. .. .....--

Figures in thousands (except per share data.)

* Includes a non-cash charge of $36 million, or $1.25 a share, for accounting rule change.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.