2ND-QUARTER NET UP 24.8% AT CAP CITIES
NEW YORK — Capital Cities/ABC Inc., parent of Fairchild Publications, reported that strength in broadcasting and publishing pushed second-quarter earnings up 24.8 percent to $189.5 million, or $1.23 a share, from $151.9 million, or 92 cents.
Thomas S. Murphy, chairman and chief executive officer, said the second-quarter results represented the largest quarterly earnings ever reported by the company. Per-share earnings were up 34 percent reflecting the company’s share buy-back program.
Revenues were up 7 percent to $1.54 billion from $1.44 billion in the year-ago quarter.
Broadcast operating earnings were up 25.7 percent in the quarter to $307.3 million, while publishing earnings rose 19.6 percent to $43.4 million. Murphy said there were significant gains in the newspapers and specialized publications.
For the six months ended July 3, earnings were up 37.4 percent to $305.6 million, or $1.99 a share, from $222.4 million, or $1.35, before a special after-tax charge for early debt repayment of $12.1 million, or 7 cents a share.
Per-share figures have been restated in order to reflect a 10-for-1 stock split on June 3.
Revenues in the half increased 12.5 percent to $2.9 billion from $2.6 billion a year ago.
Capital Cities stock closed at 79 3/4, up 1 1/4, on the NYSE.
— Fairchild News Service