Times Mirror Sees Difficult Year in 1993

NEW YORK —  Times Mirror Co., battling ongoing weakness in its Los Angeles and New York newspaper markets and new problems in its legal publishing operations, expects 1993 to be a difficult year, Robert F. Erburu, chairman and chief executive officer, told securities analysts Tuesday.

Erburu, speaking at PaineWebber’s annual media conference here, also said the company plans to take a series of non-recurring charges during the fourth quarter of 1992 and that its first quarter, 1993, operating earnings will likely decline sharply from the year-earlier results.

Times Mirror’s fourth-quarter non-recurring charges will include a substantial charge to restructure and consolidate operations at legal publisher Matthew Bender, whose sales have been hurt by layoffs and downsizing in the legal industry; a previously announced charge related to a voluntary separation program at the Los Angeles Times, and charges related to the adoption of Financial Accounting Standard 106, which concerns accounting for post-retirement benefits.

Erburu said the size of the fourth-quarter charges has yet to be determined and will not be announced until Times Mirror reports its year-end earnings in February, 1993.

In New York Stock Exchange trading Tuesday, Times Mirror shares closed at $30.75, down 12.5 cents.

Times Mirror has interests in newspaper publishing, broadcast and cable television, and book, magazine and other publishing enterprises.