Tribune Co. Reports Earnings Increase

Tribune Co. said operating earnings from continuing operations rose 6% to $124.4 million, or 36 cents a share, in its fourth quarter, from $117.9 million, or 44 cents, a year ago, when there were fewer shares outstanding. The results exclude charges related to the acquisition of Los Angeles Times publisher Times Mirror Co. Operating revenue jumped 96% to $1.5 billion, while revenue on a pro forma basis, which includes Times Mirror, edged up 2%. The earnings were slightly better than Wall Street expectations of 34 cents, which were lowered from 37 cents last month after the company warned that slowing advertising revenue and rising newsprint costs would hurt profit. Revenue in the broadcasting and entertainment division grew 6%, all on acquisitions of new stations. Tribune shares fell 38 cents to close at $38.75 on the NYSE.