Tribune Profit Up 75% on Gain, Higher Sales
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Tribune Co., publisher of the Los Angeles Times and the Chicago Tribune, said fourth-quarter profit rose 75% as sales increased and the company booked a gain from the sale of its stake in the Golf Channel.
Net income rose to $338.4 million, or $1 a share, from $193.5 million, or 57 cents, a year earlier. Excluding a gain of 34 cents a share, earnings amounted to 66 cents a share. Sales rose 2.8% to $1.47 billion. Analysts expected per-share profit of 64 cents, according to Thomson Financial.
The Chicago company, which also owns 26 TV stations, reiterated that 2004 sales would rise 6%, boosted by demand for advertising.
Tribune shares rose 50 cents to $49.62 on the NYSE.
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