Earnings Surge at Tribune

Profit more than doubles despite lower revenue.
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Second-quarter earnings more than doubled at

Tribune

(TRB)

, despite lower revenue.

The media company, owner of the

Los Angeles Times

and the Chicago Cubs, earned $231 million, or 73 cents a share, in the quarter, up from $94 million, or 29 cents a share, a year ago. The company said cost cuts helped it overcome a 3% decline in revenue to $1.46 billion.

Analysts had expected 58 cents per share on $1.47 billion.

"Second-quarter results reflect our continued focus on cost controls in the face of a weak advertising environment in the nation's largest markets," said Dennis FitzSimons, Tribune chairman. "Our businesses generated about $400 million in operating cash flow during the quarter, and we repurchased more than 5 million shares of stock."

Second-quarter publishing revenue was $1 billion, down 1% from last year's second quarter, thanks to circulation declines.

The company said broadcasting and entertainment's second-quarter operating revenue decreased 6% to $423 million, down from $450 million.