N.Y. Times November Revenue Declines (Their Plummet Continues)
The AP via Yahoo! News ^ | December 6, 2006
NEW YORK (AP) -- New York Times Co., which operates the Boston Globe and International Herald Tribune along with its namesake newspaper, said its November revenue slipped 1.7 percent as its print advertising continues to suffer.
The company reported late Tuesday that it had $189.9 million in ad sales from continuing operations during the month, down 3.8 percent from $197.4 million in the year-ago period. Total revenue from continuing operations fell to $278.5 million from $283.3 million.
News media group ad revenue sagged 4.2 percent at its New York Times group, hurt partly by softness in national automotive, studio entertainment, telecommunications, technology and financial services advertising. Ad revenue slid 11 percent at the New England group, in part due to consolidation of its two largest department store advertisers. Regional media ad sales dropped 1.3 percent. Combined, the news media group saw its ad revenue slump 5.1 percent to $182.6 million.
The company said in September that it is selling its broadcast media group.
About.com, a news and information Web site, saw its November ad sales jump 44 percent to $7.3 million.
Circulation revenue edged down 0.4 percent to $67.6 million.
The results were in line with Merrill Lynch analyst Lauren Rich Fine's expectations. She did not anticipate the stock fluctuating that much on the news.
"New York Times' shares are trading more on speculation regarding going private, selling assets, or selling the company," she wrote in a client note.
Shares of New York Times fell 57 cents, or 2.3 percent, to $23.90 in afternoon trading on the New York Stock Exchange. The stock has been trading in a 52-week range between $21.54 and $28.98. |
