Times Mirror Reports Loss of $299 Million for Quarter : Media: Restructuring costs will extend red ink into next quarter, although year will be profitable. No further job cuts planned.

Times Mirror Co. on Tuesday reported a $299-million third-quarter loss and predicted a fourth-quarter loss, citing costs associated with a previously announced restructuring program that includes the reduction of 2,200 jobs, newspaper closings and other cost-cutting actions.

The loss was expected as part of a sweeping effort initiated by new Chief Executive Mark H. Willes to boost long-term profitability at the Los Angeles-based parent of the Los Angeles Times and other newspapers and information businesses.

On an operating basis, the company remained profitable. Excluding one-time charges announced Tuesday, net income in the third quarter from continuing operations was $37 million, or 21 cents a share, compared to $36 million, or 28 cents a share, a year ago.

One-time, after-tax restructuring charges totaled $360 million, or $3.22 per share, in the third quarter, resulting in the net loss of $299 million, or $2.98 a share. That contrasts with a profit of $52 million, or 41 cents a share, in the third quarter of 1994. Revenue from continuing operations grew slightly to $865 million from $856 million in the year-ago quarter.

The company said it expects that further after-tax charges of up to $180 million, related to the restructuring program, will produce another loss for the fourth quarter. However, Times Mirror said it will show a profit for the full year, as the restructuring charges will be more than offset by a large gain on the spinoff of its cable TV operations in the first quarter.

Willes, who joined Times Mirror as chief executive June 1, said the number of job cuts throughout the corporation will exceed earlier projections largely because certain voluntary-separation incentive programs, such as those at the Hartford Courant newspaper, attracted more participants than expected.

He added, however, that no more job cuts are planned. “From a human resources point of view, we’ve made all the announcements we’re going to make,” he said in an interview.

Analysts welcomed the company’s restructuring but cautioned that Times Mirror faces even bigger challenges in trying to increase its revenue.

“Willes is clearing the decks and getting rid of just years and years of acquisitions and strategies that haven’t worked,” said Mary Ann Winter, an analyst with Brown Bros. Harriman who has followed Times Mirror since 1979 but has never recommended the stock.

She said Willes may be “going out on a limb” by predicting a 50% increase in earnings next year, to about $1.20 a share.

Willes acknowledged that the target is “aggressive” but noted that investors should expect “pretty explosive growth” of earnings after so ambitious a cost-cutting program.

Times Mirror stock closed at $29.375, up 12.5 cents, in trading on the New York Stock Exchange on Tuesday.

Besides job reductions in virtually all of Times Mirror’s businesses, the restructuring program has included:

* Closing New York Newsday, the Baltimore Evening Sun and certain sections of the Los Angeles Times.

* Discontinuing the company’s consumer multimedia and cable television programming businesses and an electronic shopping joint venture with Pacific Telesis.

* Consolidating the New York City offices of Newsday, the Matthew Bender legal publishing unit, Times Mirror Magazines and corporate staff into one building.

* Writing down “goodwill” and other intangible assets connected with the Baltimore Sun, Times Mirror Magazines and other businesses.

Times Mirror said it expects ongoing savings of $115 million a year from the job cuts, which will total 1,900 among its newspapers, including about 800 at The Times.

Willes noted that the actual cash outlay associated with the restructuring amounts to $340 million. With $115 million in projected savings and $50 million in savings in 1996 from money-losing operations being discontinued, Willes said the payback from the restructuring will take less than three years.