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Thanks largely to the advertising resurgence, revenues rose 5 percent to $1 â€â€?â€â€?â€â€? On the Net: www "Our first-quarter results clearly demonstrate the strength of our local mass media franchises â€â€? revenues and operating cash flow are both up," said Dennis FitzSimons, Tribune president and chief executive officer That business, its biggest, is dominated by its 12 major daily newspapers, which include the Chicago Tribune, the Los Angeles Times and Newsday com</ p> 20 in per-share earnings, but that assumes a second-half economic rebound Net earnings amounted to 41 cents a share, compared with a loss of $101 The Chicago-based media company also benefited from a 5 percent drop in newsprint costs and from a smaller loss from its investments â€â€? $9 million versus $21 million in the first quarter of 2002 Tribune said its full-year results should be within the range of Wall Street's estimate of $2 Ad Resurgence Lifts Tribune to Profit Apr 16, 9:11 AM EST An industrywide comeback in advertising helped Tribune Co 1 percent, to $48 Tribune shares declined 55 cents, or 1 23 billion a year earlier 45 in morning trading on the New York Stock Exchange 29 billion from $1 6 million, or 33 cents a share, a year earlier when results were skewed by a $165 6 million writedown associated with its Times Mirror acquisition in 2000 Tribune said a 2 percent increase in retail print advertising â€â€? primarily from pre-printed sections â€â€? and a 6 percent rise in national print advertising helped boost revenues for the publishing unit by 2 percent to $974 million 04 to $2 That enabled the broadcasting and entertainment division, its second-biggest unit, to post double-digit gains in revenues and profits swing to a profit of $141 2 million in the first quarter after a year-earlier loss The results announced Wednesday were in line with Wall Street's expectations He told analysts on a conference call that Tribune had a strong start to the quarter before the conflict in Iraq weakened consumer confidence and slowed results in March Ad revenue from the company's 26 television stations led the advertising improvement, growing by 11 percent over a year earlier tribune on Dec S District Judge Miriam Goldman Cedarbaum, Stewart was released without bail until her next court appearance June 19 The securities-fraud charge claims Stewart deliberately misled shareholders in her company, Martha Stewart Living Omnimedia, last summer, playing down the ImClone investigation in a clear attempt to keep her company's stock price from falling 27, 2001 â€â€? the day before an unfavorable government report on ImClone sent its stock price tumbling She was not charged with insider trading, a more difficult charge to prove than fraud Martha Stewart Living Omnimedia reported sales of $295 million and a staff of 580 last year Stewart told The New Yorker magazine in January she has lost about $400 million because of the company's declining value, legal fees and lost business opportunities The criminal indictment says Stewart unloaded her shares of ImClone based on illegal inside knowledge that the family of ImClone founder Samuel Waksal was planning to sell its shares ahead of the government news Stewart went so far as to delete a computer log of a phone message in which Bacanovic told her he thought ImClone was "going to start trading downward," according to the indictment S com ImClone Systems Inc ImClone's stock subsequently plunged Her attorney Robert Morvillo said Stewart was being unfairly prosecuted â€â€? because of her extraordinarily high profile, perhaps, or to divert attention from its failure to quickly prosecute white-collar executives from Enron and WorldCom, which were engulfed by mammoth accounting scandals Stewart arrived at the Manhattan courthouse with her lawyers at midday, stepping out of a car and shielding herself from light rain with an off-white umbrella The scandals had affected earnings at the company, which have been slumping marthastewart Waksal could get six to seven years in prison, plus fines " The indictment resulted from an investigation into Stewart's decision to sell nearly 4,000 shares of biotech drug maker ImClone Systems Inc Bacanovic was charged with five counts, including perjury and obstruction of justice in the criminal indictment "Martha Stewart is being prosecuted not because of who she is but because of what she did," he said The Securities and Exchange Commission on Wednesday filed a lawsuit leveling similar charges and sought to ban Stewart from ever leading a public company â€â€? including her own media concern, Martha Stewart Living Omnimedia The charges spell not just serious legal headaches for Stewart, but a crisis for her company, which has struggled with a publicity nightmare since she first became embroiled in the stock scandal a year ago At a hearing before U The SEC suit asks the court to force Stewart and Bacanovic to pay more than $45,000 â€â€? the amount the government claims Stewart saved by dumping ImClone stock before the bad news reached Wall Street The company produces Martha Stewart Living and Martha Stewart Weddings magazines, a newspaper column, a television show and the popular Martha Stewart Everyday line of home products, like towels and sheets com Or, Morvillo asked: "Is it because she is a woman who has successfully competed in a man's business world by virtue of her talent, hard work and demanding standards?" At a news conference, Manhattan U 25 million in fines Stewart's sale of the stock came one day before the Food and Drug Administration announced it would not review ImClone's application for approval of Erbitux, which the company had touted as a promising cancer drug Waksal has admitted he tipped off his daughter Aliza to sell ImClone stock before it plummeted on the bad news The indictment does not claim Stewart had specific knowledge of the FDA decision â€â€? only that the Waksals were planning to sell And shares of the company have fallen from $19 to just over $10 on Wednesday Stone-faced and speaking deliberately, Stewart told a federal judge: "Not guilty But he has not implicated Stewart, and his plea was not part of an agreement to cooperate with prosecutors It includes publishing, television, merchandising, Internet commerce and direct mail Under federal guidelines, Stewart and Bacanovic both would likely face far less than the maximum prison sentences if they were convicted on all counts : http://www The charges against him carry up to 25 years in prison and up to $1 He also pleaded innocent to all charges Stewart has denied she was tipped off : http://www The 41-page indictment charges Stewart with securities fraud, conspiracy, obstruction of justice and making false statements â€â€? charges that carry up to 30 years in prison and $2 million in fines Federal prosecutors in Manhattan accused Stewart of selling stock in December 2001 based on illegal privileged information â€â€? then covering her tracks and lying to investigators and shareholders She swept past reporters without saying a word imclone Attorney James Comey told reporters the case was about Stewart's lies â€â€? to the SEC, the FBI and to her own investors A fascinated public has watched Stewart try to keep her highly profitable public persona intact, doling out advice on decorating or preparing a tasty dinner on television, while news headlines have focused on the criminal cases of close friends or her legal troubles The judge ordered her to notify authorities three days ahead if she plans to travel abroad The government also said Bacanovic altered his personal notes about Stewart's portfolio after he learned the government was investigating her, trying to create the impression he and Stewart had a prior agreement to sell ImClone if it fell below $60 a share Prosecutors and securities regulators also charged Peter Bacanovic, Stewart's stockbroker, who the government says fed insider information to Stewart through an assistant She pleaded innocent to all charges Still, according to the government, Bacanovic's tip on the Waksals was funneled through Douglas Faneuil, an assistant who pleaded guilty last year to a misdemeanor charge of taking gifts to keep quiet about Stewart's stock sale But the resulting scandal has hung over her media empire of self-branded home products, TV appearances and magazines on cooking and decorating His defense team is seeking a lighter sentence, and prosecutors are seeking a heavier one â€â€? claiming Waksal cheated ImClone shareholders as far back as 1986 Stewart Pleads Innocent in Stock Scandal Jun 4, 4:43 PM EST Martha Stewart, the prim perfectionist who became a cultural paragon of taste, style and "good things," was indicted Wednesday in a stock trading scandal that threatens her hold on her media empire and could land her in prison Revenue in the first quarter of the year dropped 15 percent from the same period a year earlier â€â€?â€â€?â€â€? On the Net: Martha Stewart Living Omnimedia Inc Stewart is a friend of ImClone founder Waksal, who is to be sentenced next week in Manhattan federal court after pleading guilty to six counts in the insider-trading scandal Bacanovic was set free without bail until his next court date |
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