Fourth-quarter profits for The New York Times Co. were $9.2 millin in 1976 compared with $1.4 million in 1975. Due to typographical errors, both fifures were reported incorrectly in Thursday's Business & Finance pages.
General Telephone & Electronics Corp. yesterday said 1976 earnings scored a gain of 16 per cent on a sales increase of more than 13 per cent, reflecting a rise in long-distance calling volume.
For the full year, the company had net income of $423.02 million ($3.29 a share) compared with $364.9 million ($2.88). Sales rose from $5.94 billion to $6.75 billion.
For the fourth quarter, the company earned $136.3 million ($1.06), up 16 per cent from $117.4 million (92 cents) reported in the 1975 final quarter. Sales climbed 12 per cent from $1.7 billion to $1.9 billion.
Theodore F. Brophy, chairman and chief executive officer, attributed the improved results to "a substantial increase" in long-distance calling volume, a return to more normal growth in the number of telephones served, the impact of local-service rate increases granted during 1975, and the partial effect of local rate increasing in 1976.
For the fifth year in a row, CBS, Inc., set a company earnings record.
Profits for 1976 reached $164 million ($5.75 a share), up 33 per cent from ($122.9 million ($4.30) in 1975. Sales climbed from $1.9 billion to $2.3 billion.
Earnings for the fourth quarter rose 34 per cent over 1975 to $47.9 million ($1.68) from $35.7 million ($1.25). Sales advanced 15 per cent from $574.7 million to $660.1 million.
CBS said it set earnings record last year in each of its four operating groups, CBS Broadcast, CBS Records, Columbia, and CBS Publishing.
Sales of the broadcast group, which includes CBS-TV, reached $1 billion for the first time, and earnings increased 20 per cent over 1975 broadcast profits.
Earnings rose 16 per cent in records operations, 12 per cent in the Columbia group and 35 per cent in publishing, despite what the company called "a weak market for text books and audio visual) materials.
Columbia is the company's mail order business and its music and tape clubs.
Uniroyal, Inc., one of the nation's leading tire makers, said that surging sales following settlement of last year's 140-day United Rubber Workers strike pushed fourth-quarter earnings to nearly four times year-ago levels.
Uniroyal said it earned $20 million (71 cents a share) against $5.1 million (14 cents) in the fourth quarter of 1975. Sales rose from $563 million to $633 million.
For 1976, earnings were $20.1 million (57 cents) compared with $23 million (68 cents) in 1975. Sales rose from $2.2 billion to $2.3 billion.
Uniroyal lost $7.7 million in the third quarter last year, an effect of the industry strike that began in April and hit 15 of the company's plants. Since the strike, however, Uniroyal said it was recorded "a sharp rebound," resulting from "pent-up demand, rebuilding inventories and from refilling distribution pipelines."
New editorial helped the New York Times Co. nearly double its profits last year, the company said.
The company said 1976 profits totalled a record $22.3 million ($1.97 a share), up from $12.7 million ($1.15) in 1975, Revenues rose 14 per cent to $445.7 million from $391.2 million.
Fourth-quarter profits more than quintupled to $902 million (81 cents) from $104 million (13 cents) in 1975's fourth quarter. Revenues rose by nearly 17 per cent to $122.4 million from $104.7 million.
The New York Times said profits last year from continuing operations gained 53 per cent, to 1.71 dollars a share. The remaining 26 cents a share profits came from the sale of two subsidiaries, it said.
In the fourth quarter, "The major portion of the increase (in profits) is attributable to the New York Times newspaper, which showed an increase . . . from 11 cents per share in 1975 to 26 cents per share in 1976," the company said.
"Editorial innovation was a major reason for our growth in the latter part of 1976," said chairman Arthur Ochs Sulzberger.
He cited the addition of a separate weekend section in the Friday edition and a separate Living section in the Wednesday edition. He also credited a change from eight to six columns as a "more readable and cost-effective format."
Advertising revenues in the Times rose 12 per cent to $219.1 million and advertising linage rose to 72.86 million lines from 68.96 million in 1975, with a portion of the lineage gain attributable to the format change, the companysaid. e announcement. Negotiations for joint Concorde operations between Braniff and the British and French state-owned airlines have been underway at least sine November.
As industry sources explained the plan, Braniff would lease and operate Concordes and fly them at subsonic speeds between Dallas and Washington, then supersonically between Washington and London or Paris. The sleek jet cannot be operated supersonically over the continental U.S., because to do so would create an illegal sonic boom.
Braniff would also hope to serve the Dallas-New York-Europe market with Concordes if the plane is ever granted approval to land in New York - a question now pending.
Before joint Braniff-European operations could begin, approvals of the Federal Aviation Administration and the Civil Aeronautics Board, at a minimum, would be required.