Earnings: Tribune Q1 Revs Fall 7.8 Percent; Interactive Flat
This story was written by Joseph Weisenthal.
For the benefit of its investors who aren't named Sam Zell, Tribune announced Q1 revenue of $1.11 billion, a 7.8 percent decline from last year. Net income ballooned, but that's just on a technicality relating to taxes an its new structure. Op profit declined by over 21 percent to $143.3 million from $181.9 million. The overall declines are nothing out of the ordinary, as ad revenue dropped by 15 percent in the quarter. More alarming: Interactive revenue was flat, as classified weakness offset strength in retail and national advertising. This fits with a number of other publishers that have seen their interactive growth drop precipitously. Media and broadcasting revenue was up 3 percent to $292 million. A conference call will be held on May 29.
By Joseph Weisenthal