TRIBUNE REPORTS FLAT REVENUE FOR SECOND QUARTER

Advertising Is Showing Some Improvement, Publisher Says

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NEW YORK (AdAge.com) -- The Tribune Co. reported improving results in the second quarter, which management credited to cost cutting and a slight improvement in advertising revenue.

Net income rose 57.3% to $114.2 million from $72.6 million in 2001, but after factoring out accounting changes, some of which were for the amortization of goodwill, net income dropped 7.4% from $123.3 million in 2001.

Revenues were

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relatively flat, up 0.7% to $1.38 billion, from $1.37 billion in the same period a year ago. Tribune's publishing group showed flat revenue of $965.2 million, compared to $965.7 million in 2001, and broadcasting group revenue rose 0.7% to $315.9 million.

Advertising revenue showed picked up during the quarter, said Donald Grenesko, senior vice president of finance and administration. While help-wanted ad revenue was down 23% for the newspaper group, it was better than its 40% drop in the first quarter, and auto and real estate classified advertising were up 7% and 5%, respectively, for the quarter. National and retail newspaper advertising each were up 2% for the quarter, and TV ad revenue rose 3%.

Classified ad revenue for July appears flat year-over-year, and both retail and national appear stronger, while July and August TV ad revenues are expected to be up in the single-digit range, Mr. Grenesko said.

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