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Tribune (TRB Quote) posted an 81% drop in first-quarter earnings from continuing operations, missing Wall Street's estimates by a wide margin.
The Chicago-based newspaper publisher, which agreed recently to a buyout led by real estate magnate Sam Zell, made $19 million, or 8 cents a share, from continuing operations, down from the year-ago $99 million, or 32 cents a share. Revenue dropped 4% from a year ago to $1.21 billion.
Tribune said without explanation that the first quarter was hit by 20 cents a share in what it called a net non-operating loss. ...
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