Tribune Releases Q2 Financials
August 13, 2008 at 11:33 AM (PT)
TRIBUNE 2008 second-quarter operating revenues dipped 6% to $1.1 billion. Operating cash flow fell 2% to $221 million, and operating profit before the 2008 write-downs of intangible assets was off 4% to $168 million.
The Broadcasting and Entertainment division's second quarter operating revenues increased 4% to $409 million. Radio/entertainment revenues were up $11 million and operating cash flow increased $4 million primarily as a result of the addition of two additional CHICAGO CUBS games. The results for the company's only radio property, Talk WGN-A/CHICAGO, are not broken out from the larger categories.
The company's loss from continuing operations of $3.8 billion, compared with income from continuing operations of $35 million in the second quarter of 2007, came from after-tax non-cash charges of $3.8 billion to write down the company’s publishing goodwill and newspaper masthead intangible assets, nearly all of which resulted from its 2000 acquisition of the TIMES MIRROR properties, including the LOS ANGELES TIMES.
"Our publishing results are, for the most part, in line with industry trends, which remain consistent with what we reported in the first quarter," said Chairman/CEO SAM ZELL. "Most importantly we have repaid an additional $807 million of borrowings under the Tranche X Facility from the net proceeds of our asset-backed commercial paper program and from the NEWSDAY transaction. These payments satisfy the DECEMBER 2008 portion of the Tranche X Facility, and leave us with a remaining principal balance of $593 million due in JUNE 2009."
"Since the beginning of the year, we have launched dozens of programs and products that have the potential to make a meaningful impact on our future, and we have made significant progress in aligning our expenses with the realities of an industry in recession. We remain optimistic and are confident in the strength of our brands and the talent within our company."