Lottery Post Journal

NY Times Profits Plunge 39%

Good news for those who value truth.  Of course, they'll blame the continued losses on anything other than their left-wing bias.

NY Times Co. 3Q Profit Plunges 39%

The New York Times Co. reported Thursday that its third-quarter 2006 profit from continuing operations plunged 39.2% on costs related to its job cuts and a loss on its sale of its 50% stake in the Discovery Times Channel.

Meanwhile, Belo, publisher of The Dallas Morning News, said net income for the quarter fell to $19.2 million, or 19 cents per share, compared to $22.1 million, or 20 cents per share, during the same period last year.

At the New York Times Co., 3Q operating profit was down 48% from the same period in 2005 to $20.5 million on total revenues that slipped 2.4% to $739.6 million.

Reflecting a continuing tough advertising environment, total ad revenue was off 4.2% to 465,476.

The Times Co. said it earned $14 million, or 10 cents per share, compared with $23.1 milion, or 16 cents per share, in the third quarter of 2005.

Charges related to the staff reduction and the cable TV investment loss each reduced per-share price by 3 cents.

"Our third-quarter results reflect the continued weakness in the print advertising marketplace," Times Co. President and CEO Janet L. Robinson said in a statement. "We are, however, strongly encouraged by the discipline our teams have shown in holding the line on operating costs, which were virtually flat with the third quarter of last year. The leadership we are showing in transitioning from our print-centric distribution model to become a multi-platform content provider continues to pay dividends through the robust growth in our Internet-related revenues, which contributed more than 8% of the company's revenues in the quarter and are on track to exceed $250 million by year end."

Times Co. noted that for this reporting period its broadcast media group are now classified as discontinued operations. In September, the company announced plans to sell the group.

Newsprint expense decreased 2.2% in the third quarter, with 11.1% of the decrease attributable to lower consumption, partially offset by an 8.9% price increase.

News Media Group revenues decreased 3.0% to $721.3 million, the company said.

Advertising revenues decreased 5.1%, due to weakness in print advertising at The New York Times Media Group and the New England Media Group, partially offset by higher online advertising revenues across the News Media Group, the company said.

Circulation revenues were down 1.3%, which the company attributed mainly to weakness at the New England Media Group.

Operating profit for the online business increased to $6.4 million from $3.8 million. All told, Internet-related businesses generated $62.8 million in revenue, up from $50.5 million in the year-ago period.

The Times said its previously announced plans to consolidate New York area printing at its College Point, N.Y., plan and to sublease its Edison, N.J. plan, is expected to be completed in the second quarter of 2008.

The Times said it expects a return of "at least 15%" on its $135 million investment in the consolidation, with a payback period of five and a half years. It said it currently estimates it will record total costs to close the Edison plan to be in the range of $104 to $128 million.

TimesSelect, the fee-based product on NYTimes.com, currently has 551,000 subscribers, the Times Co. said, with about 65% receiving TimesSelect as part their home-delivery subscriptions, and 35% receiving it from online-only subscriptions. Since its launch in September 2005, TimesSelect has generated more than $8.5 million in revenues, the company said.

Meanwhile, newspaper and television station owner Belo Corp. said Thursday third-quarter profit dropped 13% weighed down by charges, as revenue edged up slightly amid weak results from the company's newspaper group.

Belo, publisher of The Dallas Morning News, said net income for the quarter fell to $19.2 million, or 19 cents per share, compared to $22.1 million, or 20 cents per share, during the same period last year.

Results for the latest quarter were hurt by $5.4 million, or 3 cents per share, in severance charges for a voluntary severance program at the Dallas Morning News. They were also impacted by $10 million, or 6 cents per share, in transition costs associated with its technology initiatives and $2.9 million, or 2 cents per share, in stock-based compensation costs.

Last year's results included a $3.5 million, or 2 cents per share, credit to network compensation and an impact of 4 cents per share from lost revenues and incremental expenses associated with Hurricanes Katrina and Rita.

Analysts polled by Thomson Financial were looking for third-quarter earnings of 18 cents per share.

Revenue gained 0.8 percent to $376.4 million from $373.4 million, missing analysts' estimates of $386.3 million. Television group revenue rose 6.9 percent, while newspaper group revenue fell 4.2 percent

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003285206

5 Comments:

  • Powerline has systematically called the NYT to task for gross errors, misrepresentations of facts, omissions to forward agenda more times than I can count. If/when retractions were printed they'd be buried in the back pages AFTER the damage was done, agenda metered out as news.

    They're melting away in a cauldron of their own brewing. Let me see if I can find that tiny violin ............. for them and the rest of the dinosaurs falling like flies.

    By konane, at 5:39 PM

  • ALL newspaper circulation has declined 1.9% in past 6 months.

    By emilyg, at 2:41 AM

  • ..And do you know what percentage of those are left-leaning papers?    Unfortunately, even if a paper is not intentionally left-leaning, it may come off as such because of heavy reliance upon syndicated news sources, such as AP, Reuters, the New York Times, Gannett (very liberal), and others. People are just sick of it. Newspapers like the NYT are especially hard-hit, because they lead the charge.

    By Todd, at 7:09 AM

  • As a drowning rat they had to make this comparison ....... read down to the bottom for the BIG surprise ending.

    "'Klan' You Get It? NY Times Accuses GOP of 'Torchlight' Tactics
    Posted by Mark Finkelstein on October 20, 2006 - 07:41.
    "It wouldn't be election season without at least one member of the MSM associating Republicans with the Ku Klux Klan. And who better to oblige than the New York Times, in its editorial of this morning It’s Voter-Fooling Time in America. The Times presents its piece as a non-partisan hand-wringer over dirty or deceptive campaign tactics in the last weeks before Election Day. And the editorial does dutifully claim that Dems are "no less tempted to flash bare-knuckle mischief" than Republicans, and offers one example of a Connecticut Dem making a nasty claim about his opponent.

    But when you get down into the details, you notice that the Times attributes every other dirty trick or hardball tactic described to Republicans and - sure enough - manages to work in an allusion to the KKK:

    In that very Connecticut race in which the Dem's wrist is slapped, the Republican is also cited for a misleading claim.
    "An ad for black voters in six states misrepresenting the Rev. Martin Luther King Jr.’s politics in a staged chat between two black women: .Dr. King was a real man,' says one actress. 'You know he was a Republican,' the other chimes in." I'm wondering if the Times wrote an outraged editorial when in 2000 the NAACP analogized George Bush to someone dragging a black man behind his pickup?
    "Democrats in more than two dozen races are being falsely accused of wanting to give Social Security benefits to illegal immigrants."
    "One web site coated with obvious racism and xenophobia is MuchasGraciasDebbie.com, which skewers Senator Debbie Stabenow, Democrat of Michigan, dressing her digitally in a sombrero, grinning and declaring, 'No problema!'”
    "Lincoln is being falsely quoted by [presumably Republican] defenders of the Iraq war. The 16th president never said that Congressional critics who damage wartime morale 'should be arrested, exiled or hanged.'”
    And then there's the Klan accusation. The paper describes a letter circulating in California warning immigrants that voting in a federal election is a crime as "a contemporary spin on a classic scare tactic from torchlight politics." 'Klan' you get it?
    Shall we tote up the Dem-to-Republican ratio of races in which the Times alleges dirty tactics? Let's see - works out to . . . 34:1, with an accusation of KKK-style racism against the GOP thrown in for good measure. How's that for even-handedness - Gray-Lady Style!

    UPDATE - The Vietnamese Klansman? The Times omitted an inconvenient fact.   The candidate whose campaign is accused of circulating that torchlight-tactic scare letter is Tan Nguyen, a Vietnamese-American. Has the Klan been undergoing some diversity training of its own? "

    http://newsbusters.org/node/8469

    By konane, at 9:14 AM

  • Thanks for posting that Konane. That's despicable stuff from a newspaper constantly searching for new lows to sink to. And thanks for posting the source at the end. ;-)

    By Todd, at 1:45 PM

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