Times Mirror Profits Hit Record $232 Million in ’84

Despite relatively small gains in the fourth quarter, profits of Los Angeles-based Times Mirror Co. climbed 16.6% to a record $232.7 million for the year on a 12.4% gain in revenue, the company said Tuesday.

The company, which publishes the Los Angeles Times and seven other newspapers, said its fourth-quarter profit was up 2.4% on an 8.5% increase in revenue. Times Mirror said the quarterly results were boosted by strong gains in advertising revenue in its newspaper publishing group and the sale of $31.6 million in securities.

The gains were dampened, however, by $14 million in write-offs associated with the closing of an Oregon pulp mill and contract cancellation fees in the company’s newsprint and forest products group. Last week, Times Mirror announced that it is discussing the sale of its newsprint and forest products group to Boise Cascade Corp.

The company’s record profits in 1984 compare to profits of $199.6 million reported for 1983. Revenue was $2.8 billion, compared to $2.49 billion the year before.

The company’s fourth-quarter profit rose to $83.7 million from $81.7 million in the same quarter of 1983. Revenue for the period was $748.7 million, compared to $690.2 million a year earlier.

The company said operating profits in its broadcast television group rose 5.8% for the year despite a soft market in the fourth quarter. It also said the operating profit of its cable-television group more than doubled--to $37.9 million--largely from the sale of assets and from a strong performance by the group’s microwave operations.

Book publishing suffered a decline in operating profit to $46.2 million from $52.3 million. Operating profits of information services fell to $37 million from $40.5 million.