Times Mirror revenue higher in 2nd quarter, but profits dip

July 22, 1994|By Kim Clark | Kim Clark,Sun Staff Writer

Times Mirror Co., the Los Angeles-based owner of The Sun and other newspapers and publishing companies, reported yesterday that its second-quarter profits fell more than 5 percent, despite a slight increase in revenues.

But the company said that after subtracting television operations that were sold last year or scheduled to be sold this year, profits from remaining businesses improved. Especially strong, Times Mirror said, were gains at the company's newspapers, which include the Los Angeles Times and Newsday in New York.

Operating profit in the newspaper division jumped 30.5 percent from last year's second quarter to $52.8 million. Company officials said the newspapers benefited from a 3.6 percent increase in advertising revenues to $517 million and a reduction in staffing costs due to recent employee buyouts.

Other divisions did not fare as well. The division that publishes legal, academic and medical books, for example, saw its operating profits fall by nearly a quarter to $30.1 million while revenues remained nearly flat at $222.7 million.

The parent company's net income for the three-month period ending June 26 fell to $45.4 million, on revenues of $807.6 million, compared with profits of $47.9 million on revenues of $784.6 million in the second quarter of 1993.

After subtracting the four television stations sold in 1993, as well as the cable television division to be sold to Cox Cable Communications Inc. late this year, profits from continuing operations jumped to $32.1 million, from $20.4 million last year.

Times Mirror Co. ... ... ... Ticker... ... ... Yesterday's

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

... ... ... ... ... ... ... ... TMC ... ... ... ...30... ... .... + 3/4

Period ended

6/26/94 ... ... ... ... ... ...2nd qtr... ... ... Year ago... ... Chg.

Revenue ... ... ... ... ... ..$807,636... ... ... $784,632... ... +2.9%

Net Income* ... ... ... ... .. $45,369... ... .... $47,862... ...-5.2%

Primary EPS*... ... ... ... ..$0.35... ... ... ... $0.37... .. ..-5.4%

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

Revenue ... ... ... ... ... ..$1,541,342... .... $1,539,801... ... +0.1%

Net Income* ... ... ... ... .... $68,095... ... ... $77,646... ...-12.3%

Primary EPS*... ... ... ... ... $0.53... ... ... . $0.60... ... ..-11.7%

* Includes income from company's cable television business, which is slated to merge with Cox Cable Communications Inc. and is reported as a discontinued operation. Last year's results also include income from the company's broadcast television segment, which had been sold by the end of 1993.

Figures in thousands (except per share data.)

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