New York Times 1Q profit declines |
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Thu, 19 Apr 2007 14:22
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NEW YORK (AP) - Newspaper publisher New York Times Co. said Thursday that its first-quarter profit fell 26 percent, hurt by weakness in print advertising and various charges.Earnings declined to $23.9 million, or 17 cents per share, from $32.4 million, or 22 cents per share, in the year-ago period.Income from continuing operations dropped to $20.1 million, or 14 cents per share, from $30.5 million, or 21 cents per share, in the previous year.The current quarter's results were hurt by an accelerated depreciation expense of $6.7 million, or 5 cents per share, for assets at the company's Edison, N.J. plant, which is being closed; staff reduction costs of $4.4 million, or 3 cents per share, and an unfavorable tax adjustment of $4.5 million, or 3 cents per share, primarily from a change in the New York state tax law.Excluding the special items, earnings from continuing operations were 25 cents per share -- the same as in the year-ago period.Analysts surveyed by Thomson Financial predicted first-quarter net income of 18 cents per share.Comparisons of the current quarter to the prior-year period exclude results of the broadcast media group, which is being sold, the New York Times, which owns properties including The Boston Globe and International Herald Tribune in addition to its namesake newspaper, said.'Despite a difficult print advertising environment, we continued to make progress on our strategy of introducing new products, developing our content verticals, building our innovation capability, aggressively managing costs and rebalancing our portfolio of businesses,' President and Chief Executive Janet L. Robinson said in a statement.Revenue for the quarter dipped 2 percent to $786 million from $799.2 million in the previous year, beating Wall Street's estimate of $784.9 million.Advertising revenue fell 3.4 percent, while circulation revenue rose 1 percent.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Goodwin Procter leases Times space 