Media General Inc., the parent company of the Tampa Tribune, reported a $34 million net loss on revenues of $150 million for the first quarter of this year.
Much of the loss was attributed to a $10 million charge for a write off related to DealTaker.com and a $10 million debt expense related to an amendment of a credit agreement.
Excluding the DealTaker expense, operating profit for the company was $3.2 million during the first quarter of 2012 compared to a $4.2 million loss for the same period last year.
In Florida, the company had operating profit of $1.7 million, excluding the estimated $1 million cost of closing a Tribune distribution center.
Overall, the company paid about $15 million in interest on its debt.
Marshall N. Morton, president and chief executive officer of the Richmond, Va.-based company, attributed the operating improvement to increased profits at broadcast television stations, which generated 12 percent revenue growth from increased political revenues and other fees.
Cost-cutting measures at the company's print operations, including the Tampa Tribune, added to Media General's cash flow.
"Print cash flow increased nearly 30 percent, as our newspapers offset revenue decreases with expense reductions and we realized a significant benefit from the re-engineering we implemented at the Tampa Tribune in late 2011," Morton said in a statement.
In February, Media General announced that it was looking into selling some or all of its newspapers. The company said Wednesday that the company has received inquiries from interested parties with respect to the entire business, certain regional clusters and individual newspapers.
"We're moving forward expeditiously but have no definitive timetable to conclude the process," James Woodward, vice president of finance and chief financial officer, said on the earnings teleconference.
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