Times Mirror Reports 24% Drop in First-Quarter Profit

Times Mirror Co., publisher of the Los Angeles Times, reported a 24% decline in first-quarter earnings Thursday, due primarily to a drop in revenue in its book, magazine and other non-newspaper publishing operations.

Profit for the quarter totaled $22.7 million, or 18 cents a share, compared to $29.8 million, or 23 cents a share, in the year-ago quarter. The year-ago period included earnings of 2 cents a share from the company’s broadcast television segment, which was reported as a discontinued operation. Times Mirror completed the sale of its four broadcast television stations near year-end 1993.

Operating profit for first-quarter 1994 decreased to $60 million from $70.3 million the previous year. Revenue for the latest quarter totaled $856.7 million, 1.3% below the $868.4 million posted in the year-ago period.

The Los Angeles-based company said its newspaper publishing and cable television segments reported good earnings growth, due to higher advertising revenue and lower labor costs at the Los Angeles Times and increases in basic cable subscribers. However, the gains were more than offset by declines in the magazine, book and other non-newspaper publishing operations.