Times Mirror Co.: The publisher of The...

Times Mirror Co.: The publisher of The Times, Newsday and other newspapers reported third-quarter profit of $41 million, or 32 cents a share, down 2.1% from the $41.9 million, or 33 cents a share, earned in the corresponding period of 1990.

Except for a gain of 2 cents a share on the sale of a cable television system in July, quarterly earnings would have slipped by 9.1% because of slumping advertising revenue, the company reported.

Revenue for the third quarter ended Sept. 29 rose 0.3% to $897.2 million from $895 million in last year’s third quarter.

The Times retained its No. 1 position among the nation’s metropolitan dailies with average circulation of 1,177,253--a decline of 19,070, or 1.6%, largely reflecting cuts in out-of-market circulation. On Sunday, The Times averaged circulation of 1,529,609--up 11,609, or 0.8%.

New York Newsday added 44,566 to daily circulation for an average of 263,569 and 143,126 on Sunday, nearly doubling Sunday circulation to 292,857. Company officials said the results showed that New York Newsday held onto much of the gains that it made during the strike at the rival New York Daily News.

Times Mirror also publishes the Baltimore Sun newspapers, the Hartford Courant and the (Stamford) Advocate and Greenwich Time in Connecticut, and the (Allentown, Pa.) Morning Call. The company also has interests in broadcast and cable television and book, magazine and other publishing.

Also Wednesday, Miami-based Knight-Ridder Inc. reported a 23% drop in quarterly earnings, largely because of a one-time, $3.5-million charge associated with restructuring at its flagship Miami Herald newspaper.

The company earned $28.3 million, or 54 cents a share, in the third quarter, compared to $36.6 million, or 73 cents a share, a year ago. Revenue fell to $539.2 million from $570.5 million a year ago.