Tribune's ( TRB) first-quarter earnings slipped because of a charge related to the valuation of its derivatives portfolio. Revenue rose moderately thanks to steady gains in its newspaper and television segments. The company earned $120.7 million, or 35 cents a share, in the latest quarter compared with earnings of $141.2 million, or 41 cents a share, last year. The latest quarter included a charge of $16 million, or 5 cents a share, primarily related to revaluing Tribune's options on an investment in Time Warner ( TWX). The year-ago period had a gain of $8 million, or 2 cents a share, related to an asset sale. Excluding the items, analysts were forecasting earnings of 43 cents a share. Among segments, publishing revenue rose 3% to $1 billion while operating cash flow dipped 3% to $235 million, reflecting higher newsprint and salary costs. Retail advertising rose 5% in the latest quarter from a year ago, while national advertising was up 4% and classified advertising rose 5% from a year ago. Notably, as an economic barometer, help wanted ads rose 10% in the latest quarter from a year ago, reflecting a 10% year-over-year jump in Los Angeles, a 6% jump in New York and a 5% jump in Chicago. Tribune's broadcasting and entertainment revenue rose 4% in the quarter to $329 million. The segment's operating cash flow was $110 million, up 8% from last year. Television's first-quarter revenue rose 6% to $306 million. Looking ahead, Tribune said 2004 consolidated revenue should rise 6% from 2003, although factors including changes in national and local economic conditions, consumer confidence, job creation and unemployment rates could affect the rate.