finance.yahoo.com
N.Y. Times Earnings Plunge on Charges
yahoo news ^ | Jan. 24, 2006 | yahoo news
news.yahoo.com
NEW YORK - The New York Times Co. said Tuesday its fourth-quarter earnings fell 41 percent from the same period a year ago, weighed down by charges for staff reductions and an accounting change.
The Times, which also publishes The Boston Globe and the International Herald Tribune, earned $64.8 million or 45 cents per share in the three months ending in December, compared to $110.2 million or 75 cents per share a year ago.
The earnings included a charge of 19 cents per share for staff reductions and an accounting charge of 4 cents per share. The earnings came in above guidance the Times gave in December, which the company attributed to stronger-than-expected growth of 8 percent in advertising at its flagship newspaper for the quarter.
However, advertising revenues fell 3.8 percent at the Globe and other New England products in the quarter, which the company attributed to sluggish demand for auto, home furnishing and other ad categories as well as consolidation of key advertisers.
Overall revenues rose 3 percent to $931 million in the quarter, or 1.1 percent if the acquisition of the online company About.com is excluded from results.
The Times also said it would raise home delivery rates by 4 percent effective Feb. 6, resulting in new revenues of up to $8 million this year. In the fourth quarter of 2005, revenues from circulation fell 2.3 percent.
|
