Times Mirror profit fell 23% in first quarter

April 22, 1994|By Sun Staff Writer

Lower revenues in book and magazine publishing caused Times Mirror Co.'s revenues to drop 1.4 percent and profits to fall 23.7 percent during the first three months of the year, the company reported yesterday.

The Los Angeles-based media company, which publishes The Sun and The Evening Sun, reported first-quarter net income of $22.7 million, or 18 cents a share, on revenue of $856.7 million. During the same period last year, Times Mirror made $29.8 million, or 23 cents a share, on revenue of $868.4 million.

Revenue of Times Mirror's largest division, its newspapers, increased 2.1 percent, and operating profits for the division rose 50.7 percent, to $36.2 million. The newspapers' financial performance was helped by low prices for newsprint, cost-cutting measures and Southern California's recovery from recession.

This was more than offset, however, by the Book, Magazine and Other Publishing division, where revenues fell 10.5 percent and operating profits dropped 67.9 percent, to $11.9 million. Times Mirror Chairman Robert F. Erburu said the decline was due to a new pricing strategy at the Matthew Bender legal publishing division and unusually high revenues a year earlier.

Cable TV revenues grew 8.6 percent, to $123 million, in the first quarter. Operating profit increased by 3.9 percent, to $27.1 million.

Times Mirror Corp ... ... ... Ticker ... ... ... ... Yesterday's

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

... ... ... ... ... ... .. .. TMC ... ... .. ... ... 31 1/4 ... +1

Period ended

3/31/94 ... ... ... ... 1st qtr ... ... ... Year ago ... ... ... Chg.

Revenue ... ... ... ... $856,674 .. ... ... $868,403 ... ... ... -1.4%

Net Income ... .. .. .. $22,726 ... ... ... $29,784 ... .. .. .. -23.7%

Primary EPS .. .. .. .. $0.18 ... ... .. .. $0.23 ... ... ... .. -21.7%

Figures in thousands (except per share data.)

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