Investment Losses Pull Down Profit at Tribune
Tribune Co., owner of the Los Angeles Times, the Chicago Tribune and 26 television stations, said first-quarter profit fell 15% to $120.7 million as it recorded losses on investments and as costs rose faster than sales.
Net income declined to 35 cents a share from $141.2 million, or 41 cents, a year earlier, the Chicago-based company said.
The investment losses knocked 5 cents a share off earnings in the first quarter. Sales rose 3.3% to $1.33 billion.
Shares of Tribune fell $2.59, or 5%, to $49.01 on the NYSE.
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