Cap Cities-ABC Net Income Soars
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Capital Cities-ABC said Tuesday its first-quarter profit soared to $23.9 million, from the $1.97 million it reported a year earlier, excluding a huge extraordinary gain.
The one-time gain amounted to $280 million and was related to Capital Cities’ sale of broadcasting properties in connection with its acquisition of ABC early in 1986.
The New York-based company said its operating income for the quarter ended March 29 jumped 71.3% from a year earlier and that revenue for the quarter was up 5%, including 6% in broadcasting and 3% in publishing.
It said revenue from its television network rose slightly in the quarter “despite the persistence of disappointing ratings.”
The company had said previously that the television network operated at a $70-million loss in 1986.
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