Battered by a steep drop in newspaper advertising, The New York Times Company on Wednesday reported fourth-quarter income of $27.6 million, or 19 cents a share, down 47.5 percent from a year earlier. Net income in the period a year ago was $53 million, or 37 cents a share.
For the year, the company lost $57.8 million, after more than $300 million in noncash charges. That compared with a profit of $208.7 million in 2007.
The news media properties include the company’s newspaper Web sites but not the About.com properties. The company publishes the Times, The Boston Globe, the International Herald Tribune and 16 other daily newspapers.
Online ad revenue for the Web sites and About.com combined fell for the second consecutive month, by 12.7 percent in December, contributing to the company’s first quarterly reduction in digital revenues.
Newspaper circulation revenue rose 3 percent in December, largely because of price increases, while it increased 3.7 percent during the quarter.
The Times also said Wednesday it would stop issuing its monthly revenue reports, as Gannett Co. has recently done. The reports have been closely watched since ad revenue began to severely plunge last summer. Revenue breakdowns will still be provided quarterly.
(Source: NY Times / Associated Press / Breitbart)
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6 Responses
Let this paper head to where it belongs!
For all the bad things they’ve written about Jews and especially Torah observance, it’s a klalah that is coming to collect what is due.
Let them have their downfall once and for all.”sof ganav l’tliyah”.
Good riddance to the NYT.
For the year, the company lost $57.8 million, after more than $300 million in noncash charges. That compared with a profit of $208.7 million in 2007.
Well if they didn’t write off the $300 million,
they would have made 242.2 million. That looks better than last years 208.7 million profit.
ditto to all the above.