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SECURITY: NYT (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
The New York Times Company
(NYSE: NYT), a leading media company with 2007 revenues of $3.2 billion,
includes The New York Times, the International Herald Tribune, The Boston
Globe, 15 other daily newspapers, WQXR-FM and more than 50 Web sites, including
NYTimes.com, Boston.com and About.com. The Company's core purpose is to
enhance society by creating, collecting and distributing high-quality news,
information and entertainment.
The
New York Times Company Reports 2008 First-Quarter Results
NEW YORK--(BUSINESS WIRE)--April
17, 2008--The New York Times Company announced today first-quarter 2008
earnings per share (EPS) from continuing operations of $.00, including
a $.07 per share non-cash charge for the write-down of assets and a $.03
per share favorable tax adjustment, compared with EPS of $.14 in the first
quarter of 2007, which included an unfavorable tax adjustment of $.03 per
share. Excluding the charge and the adjustments, EPS from continuing operations
was $.04 in the first quarter of 2008 compared with $.17 in the first quarter
of 2007.
First-quarter 2008 operating
profit was $6.2 million compared with $54.5 million in the first quarter
of 2007. Excluding depreciation and amortization and the non-cash charge
for the write-down of assets, operating profit was $66.4 million compared
with $98.9 million in the first quarter of 2007.
"Advertising revenues
decreased in the quarter as weaker economic conditions compounded the effects
of secular change in our business," said Janet L. Robinson, president and
CEO. "While this is a challenging time for the media industry, we are diligently
managing our business for the long term. Continuing our transition into
the digital era, online advertising revenues grew 16 percent, due in part
to new offerings and ad formats. At the same time, circulation revenues
also showed gains in the quarter, up approximately 2 percent.
"Our disciplined approach
to expense management resulted in a 1 percent decrease in operating costs.
For the fifth consecutive quarter, operating costs, excluding depreciation
and amortization, declined. As we have said before, we expect to achieve
cost savings of approximately $130 million in 2008.
"In April, the rate of
decline in advertising revenues is expected to be in the mid-single digits.
This is an improvement from our performance in March and is due mainly
to shifts in the timing of Easter and in the publication of KEY Magazine.
During the balance of the year, we plan to stay focused on what we do best
- producing high-quality journalism, introducing new products in print
and online, and stringently managing our costs."
Comparisons
The first-quarter 2008
results included the following special items:
-- A non-cash charge
for the write-down of assets for a systems project, which amounted to $18.3
million ($10.4 million after tax or $.07 per share). To decrease capital
spending, the Company reduced the scope of a major advertising and circulation
project, which resulted in the write-down of previously capitalized costs.
-- A favorable tax reserve
adjustment of $4.6 million ($.03 per share).
The first-quarter 2007
results included the following special item:
-- An unfavorable tax
adjustment of $4.5 million ($.03 per share) primarily from a change in
New York state tax law that was effective January 1, 2007.
All quarterly comparisons
exclude the results of the Broadcast Media Group, which was sold in May
2007. This release includes non-GAAP financial measures, and the exhibits
include a discussion of management's use of these non-GAAP financial measures
and reconciliations to the most comparable GAAP financial measures.
First-Quarter Results
from Continuing Operations
Revenues
Total revenues decreased
4.9 percent to $747.9 million from $786.0 million. Advertising revenues
decreased 9.2 percent. Circulation revenues increased 1.9 percent and other
revenues rose 7.2 percent.
Operating Costs
Operating costs decreased
1.1 percent to $723.3 million from $731.5 million. Depreciation and amortization
declined 5.6 percent to $41.9 million from $44.4 million, mainly because
of lower accelerated depreciation expense for the assets at the Edison,
N.J., printing facility, which was closed last month.
Excluding depreciation
and amortization, operating costs declined 0.8 percent to $681.4 million
from $687.1 million mainly due to lower newsprint expense, outside printing
and distribution costs, and benefits expense. The cost decline was partially
offset by increased stock-based compensation, buyouts and the effect of
foreign currency translation because of the Euro-dollar relationship.
Newsprint expense for
the first quarter decreased 23.4 percent, with 17.0 percent of the decline
resulting from lower consumption and 6.4 percent from lower prices.
Stock-based compensation
expense increased $6.2 million in the first quarter primarily because of
a shift in the timing of the Company's annual equity awards. Historically
equity awards were made in December of each year. In early 2007, the Board
elected to make annual equity awards in February of each year, beginning
in February 2008, to better enable it to evaluate performance during the
most recently completed fiscal year.
Buyout costs totaled
$11.2 million in the first quarter of 2008 and $7.8 million in the same
period a year earlier.
While foreign currency
translation had a favorable effect on revenues, it increased expenses by
$2.4 million in the quarter.
The
New York Times Company Reports February Revenues
NEW YORK--(BUSINESS WIRE)--March
18, 2008--The New York Times Company announced today that in February total
Company revenues from continuing operations decreased 2.6% compared with
the same month a year ago. Advertising revenues decreased 6.6% and circulation
revenues increased 2.4%. The About Group again posted strong advertising
growth in the month, up 20.9%.
The Company expects its
results for March will be adversely affected by the timing of Easter. Easter
Sunday, which falls in March this year but was in April last year, is traditionally
a time of reduced advertising at both The New York Times and The Boston
Globe.
All comparisons are for
February 2008 to February 2007 unless otherwise noted:
News Media Group: Advertising
revenues for the News Media Group decreased 7.8% mainly because of weaker
classified advertising
The
New York Times Company Declares Regular Quarterly Dividend
NEW
YORK--(BUSINESS WIRE)--Feb. 21, 2008--The New York Times Company's Board
of Directors today declared a regular quarterly dividend of $.23 per share
on the Company's Class A and Class B common stock. The dividend is payable
on March 12, 2008, to shareholders of record on March 3, 2008
This
is the 157th consecutive quarterly dividend paid on the Company's common
stock since it went public in 1969.
The
New York Times Company Reports December Revenues
NEW
YORK, Jan 31, 2008 (BUSINESS WIRE) -- The New York Times Company announced
today that in December total Company revenues from continuing operations
decreased 22.4% compared with December 2006, when our fiscal calendar included
an additional week; excluding the estimated impact of the additional week
in 2006, they decreased 8.2%. Advertising revenues decreased 25.2%; excluding
the additional week, they decreased 12.0%. Circulation revenues decreased
17.8%; excluding the additional week, they increased 0.6%.
Reconciliations
of revenues excluding the additional week in 2006 to revenues including
the additional week are included in the schedules to this release.
In
addition, comparisons for December 2007 were adversely affected by the
timing of when the fiscal month began. December 2007 began on December
3 while December 2006 began on November 27. This resulted in fewer advertising
days before Christmas in the December 2007 period.
All
comparisons are for December 2007 to December 2006 unless otherwise noted:
News
Media Group: Advertising revenues for the News Media Group decreased 26.6%,
and excluding the additional week, decreased 13.8%.
The
New York Times Company Reports 2007 Fourth-Quarter and Full-Year Results
NEW
YORK, Jan 31, 2008 (BUSINESS WIRE) -- The New York Times Company announced
today fourth-quarter 2007 earnings per share (EPS) from continuing operations
of $.37, compared with a loss per share of $4.59 in the fourth quarter
of 2006. Excluding the special items noted below, EPS from continuing operations
was $.44 in the fourth-quarter compared with $.46 in the fourth quarter
of 2006.
Fourth-quarter
2007 operating profit from continuing operations increased to $101.5 million
from a loss of $685.2 million in the fourth quarter of 2006. Excluding
depreciation and amortization and the special items noted below, operating
profit from continuing operations was $159.2 million compared with $169.8
million in the fourth quarter of 2006.
For
comparability purposes, all numbers cited in the quote below exclude special
items, which are noted later in this release.
"After
total revenues grew in both October and November, advertising softened
in December, which had a significant effect on the quarter," said Janet
L. Robinson, president and CEO. "Although national advertising continued
to increase, due in part to strength in the financial services and entertainment
categories, classified and retail advertising declined as the overall economy
slowed. Continuing our transition into the digital era, online revenues
again demonstrated very strong growth, up nearly 18 percent in the quarter.
Circulation revenues also continued to show gains, up almost 3 percent.
"Looking
back at 2007, we made a great deal of progress in executing on our business
strategy and positioning the Times Company for the long term. The net effect
of our actions was that operating profit before depreciation and amortization
grew more than 3 percent.
"We
introduced profitable new products that helped extend our print properties.
We also did so online and our digital revenues grew 22 percent. Circulation
revenues rose about 2 percent, demonstrating the pricing power of The Times
brand. As a result of rigorous expense management, costs before depreciation
and amortization declined 2 percent. And after a careful review of our
portfolio of businesses, we sold non-core assets that resulted in $615
million in gross proceeds. We also remained dedicated to returning value
to our shareholders, increasing our dividend 31 percent.
"To
date in January, the percentage decline in advertising revenue is trending
similar to that of December. We see signs of a softening economy in our
business. We plan to stay focused on what we do best - producing high-quality
journalism, introducing new products in print and online, and stringently
managing our costs."
Fourth-Quarter
Special Items
Fourth-quarter
2007 results from continuing operations included:
--
A non-cash charge of $11.0 million ($6.4 million after tax, or $.04 per
share) related to the write-down of an intangible asset at the Worcester
Telegram & Gazette, whose results are included in the New England Media
Group (NEMG), and
--
A non-cash charge of $7.1 million ($4.1 million after tax, or $.03 per
share) related to the write-down of our 49 percent investment in Metro
Boston, LLC, which publishes a free daily newspaper in the Greater Boston
area. This charge is included in "Net (loss)/income from joint ventures"
in our Condensed Consolidated Statements of Income.
These
items total a net loss of $18.1 million ($10.5 million after tax, or $.07
per share).
Fourth-quarter
2006 results from continuing operations included:
--
A non-cash charge of $814.4 million ($735.9 million after tax, or $5.11
per share) related to the write-down of intangible assets at the NEMG,
and
--
An additional week (14 weeks) in 2006 compared with the fourth quarter
of 2007 (13 weeks). We estimate that the week added $50.8 million in revenues,
$36.8 million in costs, $14.0 million in operating profit and pre-tax income
of $14.3 million ($8.3 million after tax, or $.06 per share).
These
items total a net loss of $800.1 million ($727.6 million after tax, or
$5.05 per share).
The
New York Times Company Reports Growth in November Revenues
NEW
YORK--(BUSINESS WIRE)--Dec. 18, 2007--The New York Times Company announced
today that in November total Company revenues from continuing operations
rose 1.7% compared with the same month a year ago. Advertising revenues
decreased 0.2% and circulation revenues increased 3.7%. The About Group
again posted strong advertising growth in the month, up 23.7%.
November's
advertising results benefited from a shift in the Company's fiscal calendar.
In 2006 the fiscal month-end was November 26 while in 2007 it was December
2, adding an extra "holiday season" week to the month. The New York Times
Media Group's advertising revenues also benefited from a shift in the timing
of T: Holiday, which was published in fiscal November this year compared
with fiscal December last year. T: Holiday's advertising pages were up
8% over last year's publication and it was the first issue featured on
the new T Web site at NYTimes.com/magazine.
All
comparisons are for November 2007 to November 2006 unless otherwise noted:
News
Media Group: Advertising revenues for the News Media Group decreased 1.2%
mainly because of weaker classified advertising. Advertising revenues benefited
from growth in national advertising, which rose 8.2% and included gains
in both print and online advertising.
The
New York Times Media Group - Advertising revenues for The New York Times
Media Group increased 3.0%. National advertising revenues rose as growth
in financial services, fashion jewelry and hotel advertising offset weakness
in the healthcare, advocacy and education categories. Retail advertising
revenues decreased mainly due to softness in mass market, home furnishing
store and direct electronics advertising. Classified advertising revenues
decreased because of weakness in real estate, help-wanted and automotive
advertising. |
