Declining Revenue Pushes Tribune Publishing Earnings Lower

The Tribune Publishing's net income declined 54 percent in the fourth quarter, primarily because of lower advertising revenue and debt service associated with its spinoff, the company said Wednesday.

The company posted earnings of $15 million, or 60 cents per share, in the quarter ended Dec. 28, its first as a stand-alone company.

Revenue fell 5.5 percent to $457 million, with circulation and digital gains unable to offset advertising declines. Advertising revenue was $266 million, down $30 million or 10.4 percent from the same quarter in 2013.

The results beat analyst expectations for revenue, but fell short on earnings.

Chicago-based Tribune Publishing owns and operates 10 daily newspapers, including the Chicago Tribune and Los Angeles Times. It was spun off from Tribune Media in August.

For the full year, Tribune Publishing saw revenue decline 4.8 percent to $1.7 billion. Net income fell to $42 million, or $1.66 per share, a 55 percent decline.