Tribune Broadcasting owns and operates 16 television stations - in New York (No. 1 market), Los Angeles (2), Chicago (3), Philadelphia (4), Boston (6), Dallas (8), Atlanta (10), Houston (11), Miami (16), Denver (18), Sacramento (20), Indianapolis (25), San Diego (26), Hartford (27), New Orleans (41) and Harrisburg (45) - and manages a station in Washington, D.C. (7). Tribune Broadcasting owns minority interests in The WB Network, TV Food Network and Qwest Broadcasting LLC, which operates stations in Atlanta and New Orleans. Tribune Broadcasting also owns and operates five radio stations, including WQCD-FM in New York, three stations in Denver, and WGN-AM in Chicago. Tribune Entertainment, a subsidiary of Tribune Broadcasting, develops, produces and syndicates first-run television programming. In addition, the company owns CLTV News, a 24-hour cable news channel in Chicago and the Chicago Cubs Baseball team. Tribune Publishing publishes four market-leading newspapers - the Chicago Tribune, the Ft. Lauderdale-based Sun-Sentinel, The Orlando Sentinel and the Hampton Roads (Va.)-based Daily Press, all of which provide a dynamic blend of print and interactive content and services. Tribune Media Services syndicates news and information for print and electronic media. Tribune Education is the nation's premier publisher of supplemental education and core curriculum materials and is a leader in producing products and services for the school and consumer markets. Its companies are Educational Publishing Corporation, Everyday Learning Company, NTC/Contemporary Publishing Company and The Wright Group. More information on Tribune is available on the Internet: http://www.tribune.com. Earnings and other news releases also can be accessed by calling 1-800-757-1694 TRIBUNE COMPANY FIRST QUARTER RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) FIRST QUARTER(A) ---------------------------------- Percent 1997 1996 Change --------- --------- --------- OPERATING REVENUES Publishing $ 355,126 $ 327,333 8 Broadcasting and Entertainment 201,390 187,195 8 Education 37,403 22,594 66 --------- --------- Total Operating Revenues $ 593,919 $ 537,122 11 --------- --------- OPERATING PROFIT Publishing $ 95,305 $ 63,243 51 Broadcasting and Entertainment 29,684 29,024 2 Education (207) 2,222 NM Corporate expenses (8,373) (7,414) 13 --------- --------- Total Operating Profit 116,409 87,075 34 Interest Income 9,430 8,550 10 Interest Expense (15,574) (10,955) 42 --------- --------- Income from Continuing Operations Before Income Taxes 110,265 84,670 30 Income Taxes (45,760) (34,291) 33 --------- --------- INCOME FROM CONTINUING OPERATIONS 64,505 50,379 28 DISCONTINUED OPERATIONS OF QUNO(B) - 89,317 - --------- --------- NET INCOME 64,505 139,696 (54) Preferred Dividends, net of tax (4,699) (4,696) - --------- --------- Net Income Attributable to Common Shares $ 59,806 $ 135,000 (56) ========= ========= NET INCOME PER SHARE Primary: Continuing Operations $ .49 $ .37 32 Discontinued Operations - .72 - --------- --------- Net Income $ .49 $ 1.09 (55) ========= ========= Fully Diluted(C): Continuing Operations $ .45 $ .34 32 Discontinued Operations - .66 - --------- --------- Net Income $ .45 $ 1.00 (55) ========= ========= DIVIDENDS PER COMMON SHARE $ .16 $ .15 7 --------- --------- Weighted Average Common Shares Outstanding(D) 122,546 123,432 (1) --------- --------- (A) 1997 quarter: December 30, 1996 to March 30, 1997. 1996 quarter: January 1, 1996 to March 31, 1996. (B) In March 1996, the company sold its holdings in QUNO Corporation as part of QUNO's merger with Donohue Inc. (C) Fully diluted net income per share is computed assuming that all of the convertible preferred shares are converted into common shares. Also, weighted average common shares outstanding is adjusted for the dilutive effect of stock options. Following is the calculation of fully diluted net income per share for the first quarter (in thousands): FIRST QUARTER 1997 1996 --------- --------- Income from continuing operations $ 64,505 $ 50,379 Additional ESOP contribution required assuming all preferred shares were converted, net of tax (3,288) (3,374) --------- --------- Adjusted income from continuing operations 61,217 47,005 Discontinued operations of QUNO - 89,317 --------- --------- Adjusted net income $ 61,217 $ 136,322 --------- --------- Weighted average common shares outstanding 122,546 123,432 Assumed conversion of preferred shares into common 11,101 11,406 Assumed exercise of stock options, net of common shares assumed repurchased 1,377 1,492 --------- --------- Adjusted weighted average common shares outstanding 135,024 136,330 --------- --------- Fully diluted net income per share: Continuing operations $ .45 $ .34 Discontinued operations - .66 --------- --------- Net income $ .45 $ 1.00 ========= ========= (D) The number of common shares outstanding, in thousands, at March 30, 1997 was 122,595. (End)