Tribune Media Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for the Full Year 2017
Tribune Media Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, total operating revenues were $439,910,000 against $468,472,000 a year ago. Operating loss was $15,232,000 against profit of $29,992,000 a year ago. Loss from continuing operations before income taxes was $152,826,000 against profit of $30,297,000 a year ago. Loss from continuing operations was $101,212,000 against profit of $15,102,000 a year ago. Net loss was $85,594,000 against profit of $11,093,000 a year ago. Basic and diluted loss per common share from continuing operations was $1.17 against earnings of $0.16 a year ago. Basic and diluted loss per common share was $0.99 against earnings of $0.12 a year ago. Net cash provided by operating activities was $75,213,000 against $122,299,000 a year ago. Capital expenditures were $14,634,000 against $17,848,000 a year ago. Adjusted EBITDA was $57,548,000 against $96,954,000 a year ago. Adjusted diluted loss per share was $0.07 against earnings of $0.23 a year ago.
For full year 2017, the company expects: Consolidated revenues to be between $1.865 billion and $1.916 billion; Consolidated Adjusted EBITDA to be between $440 million and $480 million; Capital expenditures to be between $75 million and $95 million; Cash taxes to be between $85 million and $100 million (excludes cash tax payments for transactions such as real estate sales, the Gracenote Sale and anticipated spectrum proceeds); and Cash interest to be approximately $152 million.