Tribune Quarterly Profit Falls 28.5%

(5:12 AM ET) LONDON (MarketWatch)

-- Media group Tribune Co. (TRB) said Thursday its first-quarter profit attributable to common shareholders fell 28.5% to $100.7 million, or 33 cents a share, as operating revenue slipped 1.3% to $1.3 billion.

The company said its earnings figures included a net 9 cents a share in charges, including from stock option expenses and severance payments. Analysts polled by Thomson First Call were expecting earnings of 36 cents a share and revenue of $1.3 billion. Tribune said newspaper advertising revenue was flat for the quarter, with strength in classified ads offset by a downturn in national and retail advertising.

The company said tight cost controls remain in effect, adding it had reduced staffing levels by 5%, or 1,200 positions, in 2005