Reporting its 1Q earnings a day later than previously scheduled, the Tribune Company (NYSE: TRB) cited softness in classified advertising as revenues decreased 4 percent, or $55 million, to $1.2 billion, while operating profit declined 16 percent to $181 million from $217 million. While circulation was relatively flat, some good news came from interactive classified revenues. The company, which was sold to Chicago real estate mogul Sam Zell for $8 billion earlier this month, will not hold a conference call with investors and analysts. Other highlights from its earnings report included:
-- For the publishing category, advertising revenues decreased 6 percent, or $47 million, for the quarter. Operating revenues were $931 million, down 5 percent, or $54 million.
-- Classified advertising revenues declined 14 percent for the quarter, with the largest declines at papers in South Florida and Orlando.
-- One bright spot, interactive revenues were up 17 percent to $60 million, mainly due to strength in the classified auto and real estate categories.
-- Net equity income nearly doubled to $13 million, compared with $7 million in 1Q06. The increase appeared to reflect better ad performance at TV Food Network and CareerBuilder. Earnings release