Capital Cities-ABC Inc. said its earnings doubled...
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Capital Cities-ABC Inc. said its earnings doubled in the first quarter due to rising advertising demand and stronger performances in its broadcasting, cable TV and newspaper businesses.
The New York-based media company said it earned $116.1 million, or $7.56 a share, in the three months ended April 3, compared to $58.4 million, or $3.55 a share, in its first quarter ended March 28, 1993. Revenue rose 19% to $1.40 billion, from $1.18 billion a year earlier.
The most recent results were inflated because the quarter was six days longer than usual and included the network’s broadcast of the Academy Awards, which came earlier this year than in 1993.
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