Classified ad revs down 30 percent at The Tribune Company
In The Tribune Company’s Q3 2008 earnings results, classified advertising revenues declined 30 percent, or $58 million, for the quarter. Real estate revenues fell by 44 percent, help wanted revenues declined 37 percent, and auto revenues were down 11 percent.
It’s been a tough period for the company. Tribune reported a Q3 loss of $124 million Monday, compared with earnings of $84 million for the same period last year. Compared with Q307, revenues declined 10 percent ($122 million), to $1 billion, while operating cash flow dropped 67 percent year over year to $90 million in 2008.
Part of the reduced revenues stem from a $45 million charge for severance and termination benefits from the 1,300 jobs the company has cut.
On the advertising front, publishing ad revenues slid 19 percent ($111 million) and online revenues dropped 7 percent ($4 million).
The Tribune Company saw at least one “positive” - a non-operating pre-tax $79 million gain on the sale of its 10 percent interest in CareerBuilder to Gannett for $135 million.
Sam Zell, Tribune chairman and CEO, summed up the results: “We are operating in an exceptionally difficult financial and economic environment.”
The full report is here.
