Tribune Reports 2008 First Quarter Results
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CHICAGO, May 8, 2008 -- Tribune Company today reported first quarter 2008 earnings from continuing operations of $1.82 billion compared with $11 million in the first quarter of 2007. The first quarter 2008 operating results included a favorable non-cash income tax adjustment of $1.86 billion related to the elimination of essentially all of the Company’s net deferred tax liabilities due to the Company’s change in tax status at the beginning of the year to a subchapter S corporation. The Company reported a loss from continuing operations before income taxes of $30 million in the first quarter of 2008 compared with income from continuing operations before income taxes of $31 million in the first quarter of 2007.