Tribune Company today reported that its fourth quarter 2007 television revenues decreased 9 percent to $297 million, down from $325 million in 2006. Television cash operating expenses remained flat at $206 million. Television operating cash flow was $90 million, a 24 percent decrease from $119 million in 2006. Television operating profit decreased 26 percent to $79 million, down from $107 million in 2006.

Station revenues in NewYork increased, the company reported, but were offset by declines in most other markets. On a group basis, advertising revenues decreased due to a significant decline in political advertising, as well as decreases in the movies and retail categories, partially offset by increases in the telecom, food and financial categories.

Television cash operating expenses remained flat at $206 million. For the fourth quarter of 2007, cash operating expenses included $11 million of accelerated stock-based compensation expense and certain one-time compensation payments resulting from the completion of the company’s going-private transaction and a charge of $3 million related to the company’s new management equity incentive plan.

For the company as a whole, it reported a loss from continuing operations of $78 million for the fourth quarter of 2007 compared with income from continuing operations of $233 million in the fourth quarter of 2006. For the full year 2007, Tribune reported income from continuing operations of $55 million compared with $661 million in 2006.

"Despite the continued difficult operating environment and weakness in print revenue, we see significant opportunity within Tribune Co.," said Sam Zell, chairman-CEO. "In our first 75 days, we've made a series of key leadership changes, have launched a number of programs and projects to drive new revenue, and have initiated a fundamental shift in culture. In addition, we have begun a strategic review of certain Tribune assets to determine whether capital can be more effectively redeployed into our core operations or toward reducing our outstanding leverage."

To read the company’s press release, click here.