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Tribune Updates Business at Media Conference
Expects Growth
in EBITDA and Earnings Per Share in 2003
First Quarter EPS
Will Be Within Range of Current Analysts’ Estimates
CHICAGO, March 4, 2003 --
Tribune Company (NYSE:TRB)
senior executives today provided an update on the company’s
major market media strategy at the Bear Stearns Media, Entertainment
and Information Conference in Palm Beach, Florida. President
and Chief Executive Officer Dennis FitzSimons and Chief Financial
Officer Don Grenesko outlined the company’s business
operations and financial outlook for 2003.
"Tribune posted record earnings per share
in 2002 and we’re looking for 2003 to be even better,"
said FitzSimons. "We expect earnings per share growth
in the low double digits and EBITDA of about $1.6 billion,
over half of which will convert into free cash flow."
Tribune’s strong local mass media franchises
in newspapers and television uniquely position the company
to deliver for advertisers in major markets, said FitzSimons.
"In this era where advertisers have an increasing number
of national, network options, there are not nearly as many
local options. Our local mass media fill the need of advertisers
to reach consumers on a geo-targeted basis."
Don Grenesko offered a brief review of the
company’s financial outlook saying, "For the
first quarter, revenue should be up in the mid-single digit
range and we’re comfortable within the current range
of first quarter analysts’ earnings estimates, which
is $0.37 to $0.43 cents per share."
Tribune will continue to tightly control costs
in 2003, said Grenesko. "Cost control will continue to
be a primary focus for us, as it has been for the last two
years," he said.
The full text of FitzSimons’ and Grenesko’s remarks
will be available on Tribune Company’s Web site, www.tribune.com,
later today.
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TRIBUNE (NYSE: TRB) is one of the country’s
premier media companies, operating businesses in broadcasting,
publishing and on the Internet. It reaches more than 80 percent
of U.S. households, and is the only media company with television
stations, newspapers and Web sites in the nation’s top
three markets. In publishing, Tribune operates 12 market-leading
daily newspapers such as the Los Angeles Times, Chicago Tribune
and Newsday plus a wide range of targeted publications including
Spanish-language newspapers. In broadcasting, Tribune properties
include 24 television stations and Superstation WGN on national
cable. The acquisition of two additional stations, KPLR-TV,
St. Louis, and KWBP-TV, Portland, Ore., will be completed
in early 2003, pending regulatory approvals. These publishing
and broadcasting interests are complemented by high-traffic
news and information Web sites in 18 of the nation’s
top 30 markets.
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