NEW YORK -- First-quarter earnings at Capital Cities/ABC rose 64.7 percent, to $116.1 million, or $7.56 a share, from $70.5 million, or $4.29, before a special year-ago charge for early debt repayments.

The special charge cut net income in last year's quarter by $12.1 million, to $58.4 million, or $3.55 a share. Average shares outstanding in 1994 fell to 15.3 million from 16.4 million, reflecting a stock repurchase program.

Revenues rose 19.2 percent, to $1.4 billion from $1.2 billion.

Thomas S. Murphy, chairman and chief executive officer, said the per-share earnings were a record, but noted that this year's quarter had six more days than the year-ago period and that the Academy Awards -- broadcast by ABC -- came in the first quarter this year against the second quarter of 1993. These quarter-to-quarter differences added about $1 a share to first-quarter net earnings, he said.This year's quarter ended April 3, while the 1993 period ended March 28.

Along with the ABC Television Network, Capital Cities/ABC operatesTV and radio stations and provides programming for cable. Its publishing operations include daily newspapers and specialized publications, including Fairchild Publications.

Operating income in broadcasting gained 54.5 percent, to $197.3 million from $127.7 million. Publishing income rose 21 percent, to $27.7 million from $22.9 million. Broadcasting revenues gained 20.9 percent, to $1.1 billion from $947 million. Publishing revenues rose 12.4 percent, to $260 million from $231.4 million.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus