Tribune’s Net Income Declines 38% in Quarter
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Fourth-quarter earnings tumbled 38% at Tribune Co., the Chicago-based owner of TV stations and newspapers, including the Los Angeles Times.
Net income for the final three months of 2005 decreased to $132.3 million, or 43 cents a share, from $214.7 million, or 67 cents, a year earlier. Revenue totaled $1.41 billion, down 5% from $1.48 billion.
Results included a $43-million charge for the elimination of nearly 900 positions, mostly from Tribune’s newspapers, and a $22-million charge for the shutdown of The Times’ San Fernando Valley printing facility.
Chairman and Chief Executive Dennis J. FitzSimons said that circulation revenue from Tribune’s 11 urban dailies was still down, but that paid circulation was stabilizing.
Shares of Tribune fell 30 cents to close at $28.71 after sinking as low as $28.40 -- their lowest price since March 13, 2000.
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