EARNINGS

Capital Cities/ABC Inc. Profit Up 21%: The company said the improved fourth-quarter figures reflect a strong increase in broadcasting results as the advertising market improved. The New York-based media concern, which owns the ABC Television Network as well as radio and TV stations, cable TV networks and newspapers, said its results were also up sharply for the year. The company earned $166.7 million, or $10.35 a share, in the three months ended Dec. 31, compared to $137.9 million, or $8.38 a share, a year before. Revenue for the quarter rose 7% to $1.76 billion from $1.64 billion a year ago.