Capital Cities-ABC Inc.: The broadcasting and publishing...

Capital Cities-ABC Inc.: The broadcasting and publishing firm said its first-quarter profit skidded 44.9% to $58.6 million from the year-ago period, reflecting the impact of the economic slowdown and costs of reporting the Persian Gulf conflict. Revenue slipped to $1.255 billion from $1.262 billion a year earlier. Broadcast revenue rose 1% to $1 billion, while publishing revenue fell 7% to $250.6 million. The ABC Television Network had a slight operating profit--a significant decline from a year ago--despite a slight increase in revenue.