New York Times Reports $4.3 Million 3rd-Quarter Loss

Published by: Dave Simmons on 19th Oct 2010 | View all blogs by Dave Simmons


New York Times Reports $4.3 Million 3rd-Quarter Loss

The New York Times Company lost a reported $4.3 million in 2010's third-quarter, or about 3 cents per share, as revenue from advertising and circulation continued to decline.  The result was an improvement over 2009's third-quarter, when the company lost a reported 25 cents per share.

Costs, which were reported at $522.9 million for the quarter, were little changed from a year ago, while third-quarter earnings were reported at $9 million compared to a loss of $23.7 million in the same period last year.

Total revenue for the company, which publishes The Boston Globe, The International Herald Tribune, and several other regional newspapers in addition to operating About.com,  dropped by 2.7 percent from last year to $554.3 million. 

Advertising revenues fell slightly, while circulation revenue fell 4.8 percent for the period from July to September.  Digital advertising, meanwhile, rose 14.6 percent and accounted for 27 percent of the company's advertising earnings during the period.

The company's News Media Group, which includes the newspapers, reported an advertising revenue decline of 1.7 percent, as a 5.8 percent loss in print ad revenue was offset by a 21.6 percent gain in online advertising revenue. 

The company also said it expects digital advertising to grow another ten percent in the fourth quarter while its print business revenue will show a slight improvement over the remainder of the year.  

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