* Capital Cities-ABC Inc. said its earnings...
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* Capital Cities-ABC Inc. said its earnings fell 34.5% in the fourth quarter because of a substantial profit decline at its ABC Television Network and onetime charges due to early redemption of debt.
For the year, the soft advertising market and the redemption charge pushed earnings for the diversified media company down 28.1%.
The company earned $103.2 million, or $6.17 a share, in the three months ended Dec. 31, compared to $157.5 million, or $9.34 a share, in 1990. Revenue edged up to $1.56 billion from $1.55 billion.
For the year, Capital Cities-ABC earned $343.5 million, or $20.47 a share, compared to $477.8 million, or $27.71 a share, a year earlier.
Revenue slipped to $5.38 billion from $5.39 billion.
Quarterly results were reduced by $31.2 million after taxes due to early redemption of $500 million in bonds that yielded 11.625% and 11.75%. The company said the move will reduce interest expense.
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