Income up at Tribune
Tribune reported net income of $230.2 million, up from a loss of $145.6 million; adjusted for accounting changes in 2001 the loss would have been $91.8 million. Revenue at the company -- parent of The Los Angeles Times, Chicago Tribune and Newsday -- rose 5% to $1.34 billion from $1.28 billion for the same quarter in 2001.
Publishing revenues rose 2%, helped by a 7% increase in retail advertising and 5% growth in national advertising. But classified remained a weak spot, down 3% due to depressed help-wanted advertising, which was down 20% for the quarter, while auto and real estate were up 10% and 5%, respectively. TV ad revenues rose 18% for the quarter, including a 36% increase in September.
35% jump for Times
New York Times Co. posted net income of $58.3 million, up 34.7% from $43.8 million in the same period last year, or up 4.9% from $55.6 million after adjusting for the 2001 accounting changes. Revenues rose 4.7% to $729.5 million.
Newspaper revenues rose 3.6%, with newspaper advertising up 1.7% for the quarter, which the company credited to higher advertising rates. Revenues for the company's broadcast group rose 17.4% thanks to strong political advertising and easier comparisons to the year-ago period, when many stations aired commercial-free coverage following the Sept. 11 terrorist attacks.