Tribune Shares up this Morning

Tribune Company announced an $.17 per deluted share earnings for the second quater, much better than what was predicted for today. Click on the title for the full report.

Portion of the report.

CHICAGO, July 25, 2007 -- Tribune Company (NYSE: TRB) today reported second quarter 2007 diluted earnings per share from continuing operations of $.17 compared with $.53 in the second quarter of 2006.

Second quarter 2007 results from continuing operations included the following:

• A charge of $.08 per diluted share for the elimination of approximately 450 positions at publishing and corporate.
• A charge of $.07 per diluted share for the write-off of Los Angeles Times plant equipment related to the previously closed San Fernando Valley facility.
• A net non-operating loss of $.15 per diluted share.

Second quarter 2006 results from continuing operations included the following:

• A gain of $.01 per diluted share related to the Company’s share of a one-time favorable income tax adjustment recorded at CareerBuilder.
• A net non-operating loss of $.03 per diluted share.

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 second quarter results reflect the difficult advertising environment, although strongcost controls partially offset revenue declines," said Dennis FitzSimons, Tribune chairman,president and chief executive officer. "Publishing was impacted by soft print advertising and comparisons to record real estate spending, particularly in Florida, in 2006. However, second quarter interactive revenues increased 17 percent over the same period last year. In television, the telecom and entertainment categories showed growth. Demand was softacross other categories and there was little political spending versus last year. As we look to Tribune’s second half, year-over-year comparisons will ease and new revenue initiatives are expected to contribute to publishing results. The launch of new CW and syndicated shows will positively impact our television group."

"Our going-private transaction is on track and the financing for it is fully committed,"FitzSimons added. "We anticipate closing the transaction in the fourth quarter, following FCC approval, and expect to be in full compliance with our credit agreements."