Times Mirror Co. Forecasts Earnings Drop: Chairman...
From Times Staff and Wire Reports
Times Mirror Co. Forecasts Earnings Drop: Chairman and Chief Executive Robert F. Erburu said the media company expects first-quarter earnings to be “down significantly” due to a decline in advertising revenue and the added cost of record high circulation. Erburu said severe cutbacks by advertisers during the Gulf War affected Times Mirror’s Newspaper Publishing Group. For the nine weeks ended March 3, total advertising revenue decreased 12.5% to $246.7 million. Advertising revenue may pick up “as the nation pulls out of the recession in the latter half of 1991,” Erburu said.
