Calling it a "challenging quarter for the company," Tribune Co. chief Dennis FitzSimons Thursday attributed weaker than expected third quarter results to "an uneven economy and soft advertising
environment," as well as costs related to the resolution of circulation misstatements made by its Newsday
and Hoy, New York
newspapers. Tribune's third quarter profit fell $119.6
million, down $176.2 million from the third quarter of 2003. The results included a pre-tax charge of $55 million related to reimbursements to advertisers affected by the circulation misstatements.
That came on top of a $35 million circulation-related charge in the second quarter.