Capital Cities Posts Higher Quarterly Net

Capital Cities-ABC Inc. on Thursday reported higher fourth-quarter earnings.

However, on an operating basis, the diversified broadcast, cable and publishing concern said its income was lower than it was in 1991.

Capital Cities-ABC said it earned $137.9 million, or $8.38 a share, for the three months ended Dec. 31, compared to $103.2 million, or $6.17 a share, in 1991.

Revenue rose 5% to $1.64 billion for the quarter.

The 1991 results were depressed by an extraordinary charge of $31.2 million, or $1.86 per share, stemming from early debt redemption.

Operating income for the quarter fell to $238.7 million from $260.2 million a year ago. Earnings at the network were down slightly as higher revenue offset a staff reduction provision. Earnings were flat from its television stations, rose in video operations and fell from radio and publishing.

Coca-Cola Co.

Coca-Cola Co. said strong holiday sales helped lift its fourth-quarter net income by 9.5% from a year earlier and said growth would have been stronger without charges due to accounting changes.

The soft drink company earned $392.6 million, or 30 cents a share, for the three months ended Dec. 31, up from $358.4 million, or 27 cents a share, a year earlier. Revenue for the October-December quarter was $3.2 billion, a 12.7% increase from the same period of 1991.

The quarterly earnings were lowered because of accounting changes adopted in 1992, the company said. Excluding those changes, the Atlanta firm’s net income would have been $400.6 million for the quarter.

“The fourth-quarter results benefited from volume growth, which became progressively better as the calendar moved from October through December, including extremely successful global holiday marketing activities,” Coke Chairman Roberto C. Goizueta said.

Schering-Plough

Madison, N.J.-based Schering-Plough said profit rose 13% to $167.7 million, or 84 cents a share.

Revenue rose 15% from the 1991 final quarter to $994.4 million.

The company said its international pharmaceutical sales were up 27% for the year.

In addition to prescription drugs, Schering-Plough makes over-the-counter products, including A-D Ointment and Coriciden, Drixoral and Afrin cold medicines. The company’s consumer products include Coppertone and Water Babies lotions and Di-Gel.

Procter & Gamble

Procter & Gamble Co. said its second-quarter earnings rose 13%, helped by a lower tax rate and greater sales volume worldwide.

Net earnings for the quarter ended Dec. 31 were $590 million, or 83 cents per share, up from $523 million, or 73 cents per share, in the same quarter a year earlier.

Net sales increased by 4% to $7.84 billion.

Chairman Edwin L. Artzt described the quarter as “well-balanced.”

“International earnings were up strongly on solid volume gains,” he said. “U.S. earnings were also up . . . as a result of an improved volume trend capped by record shipments in December.”