Tribune Company's Q4 posted a loss from continuing operations of $78.8 million versus a profits of $239 the year before, continuing operations of $78 million for the fourth quarter of 2007 compared with income from continuing operations of $233 million in the fourth quarter of 2006. For the full year 2007, Tribune reported income from continuing operations of $55 million compared with $661 million in 2006. For the full year, Tribune's income from continuing operations were $55 million compared with $661 million in 2006, a 91.7 percent drop. The company did not break out digital numbers.
-- Meanwhile, the publishing division saw Q4 ad revenues fall 15 percent, or by $132 million from same period the year before. Publishing's operating revenues for the quarter were down 13 percent to $952 million, or $140 million from 2006.
-- The company's poor performance was attributed to a series of pre-tax charges. In a statement, Sam Zell, the company's new chairman and CEO, tried to put a confident face on the challenges and how his recent takeover will lead to a turnaround: "Despite the continued difficult operating environment and weakness in print revenue, we see significant opportunity within Tribune Company. In our first 75 days, we've made a series of key leadership changes, have launched a number of programs and projects to drive new revenue, and have initiated a fundamental shift in culture. In addition, we have begun a strategic review of certain Tribune assets to determine whether capital can be more effectively redeployed into our core operations or toward reducing our outstanding leverage." more to come
By David Kaplan