Capital Cities’ Profit Rises 44% in Quarter

Capital Cities-ABC Inc. said it earned $58.4 million in the first quarter as its operating earnings soared 44% and its ABC Television Network returned to profitability. The diversified media company said its earnings amounted to $3.55 a share for the three months ended March 28, in contrast with a loss of $101.5 million, or $6.12 a share, a year ago. Revenue rose 8% to $1.18 billion from $1.10 billion a year earlier. Results for both periods were reduced by one-time charges. The 1993 results reflected a $12.2-million charge in connection with early retirement of debt. The New York-based firm’s 1992 results included a $143-million charge to reflect new accounting standards for future retiree health benefits and income tax changes.