Times Mirror Sees Difficult Year in 1993

Times Mirror Co., battling ongoing weakness in its Los Angeles and New York newspaper markets and new problems in its legal publishing operations, expects 1993 to be a difficult year, Robert F. Erburu, chairman and chief executive officer, told securities analysts Tuesday.

Erburu, speaking at PaineWebber’s annual media conference here, also said the company plans to take a series of non-recurring charges during the fourth quarter of 1992 and that its first quarter, 1993, operating earnings will likely decline sharply from the year-earlier results.

Times Mirror’s fourth-quarter non-recurring charges will include a substantial charge to restructure and consolidate operations at legal publisher Matthew Bender, whose sales have been hurt by layoffs and downsizing in the legal industry; a previously announced charge related to a voluntary separation program at the Los Angeles Times, and charges related to the adoption of Financial Accounting Standard 106, which concerns accounting for post-retirement benefits.

Erburu said the size of the fourth-quarter charges has yet to be determined and will not be announced until Times Mirror reports its year-end earnings in February, 1993.

In New York Stock Exchange trading Tuesday, Times Mirror shares closed at $30.75, down 12.5 cents.

Times Mirror has interests in newspaper publishing, broadcast and cable television, and book, magazine and other publishing enterprises.