Time Blames Ad Climate for 4th-Quarter Decline
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Time Inc. said a weak advertising environment for its magazines and a previously-disclosed charge for staff reductions sent its fourth-quarter profit tumbling 76.9% from the same period a year earlier.
New York-based Time said its profit fell to $12 million in the three months ended Dec. 31 from $52 million a year earlier.
Fourth-quarter revenue rose 8.4% to $1.03 billion from $946 million.
For the year, Time said its profit soared 88% to $376 million from $200 million a year earlier.
The 1986 results included pretax capital gains of $352 million on an offering of stock in its American Television and Communications Corp. unit and the sale of the company’s holdings in Temple-Inland Inc. They also included a charge of $50 million to cover costs of relocating data processing and subscription fulfillment operations.
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