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Wednesday, October 24, 2007

TRIBUNE COMPANY PRESS RELEASE

October 24, 2007

Tribune Reports 2007 Third Quarter Results

CHICAGO, Oct. 24, 2007 Tribune Company (NYSE: TRB) today reported third quarter 2007 diluted earnings per share from continuing operations of $.69 compared with $.65 in the third quarter of 2006.

Third quarter 2007 results from continuing operations included the following:
  • A severance charge of $.02 per diluted share, primarily at publishing.
  • A net non-operating gain of $.33 per diluted share, which included a favorable income tax expense adjustment of $.72 per diluted share related to the settlement of the Companys Matthew Bender tax appeal, partially offset by a net loss of $.39 per diluted share primarily related to marking-to-market the derivative component of the Companys PHONES and the related Time Warner investment.

Third quarter 2006 results from continuing operations included the following:

  • A net non-operating gain of $.22 per diluted share, which included a gain of $.19 per diluted share related to the restructuring in September 2006 of TMCT, LLC and TMCT II, LLC, two limited liability companies that Tribune inherited in its acquisition of Times Mirror.

Tribune presents earnings per share amounts on a generally accepted accounting principles ("GAAP") basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call.

"Our third quarter results reflect a combination of better revenue trends, strong expense controls and an increase in equity income," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "Publishing revenue trends improved slightly in the third quarter despite the impact of the housing slump on our Florida and California newspapers. We are also encouraged by positive national advertising trends, led by improved Tribune Media Net sales."

"In television, ad revenue improved as the quarter progressed. New York finished the quarter strong on higher ratings from new syndicated programming and the CW networks fall launch. Chicago also had a good September, thanks in part to Chicago Cubs telecasts."

"The closing of our going-private transaction is still expected in the fourth quarter, following FCC approval of our waiver requests and receipt of a solvency opinion," FitzSimons added.

FULL REPORT HERE

SOURCE : Tribune Company

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