New York Times Co. (NYT) reported that its third-quarter Net income attributable to common stockholders was $2.28 million or $0.02 per share, down from $15.69 million or $0.10 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
The company announced a 2012 third-quarter loss per share from continuing operations of $0.02 compared to earnings per share from continuing operations of $0.04 in the same period of 2011. Excluding severance and the 2011 special items, loss per share from continuing operations was $0.01 in the third quarters of each of 2012 and 2011.
The Company had an operating profit of $8.5 million in the third quarter of 2012 compared with $21.0 million in the same period of 2011. Excluding depreciation, amortization and severance, operating profit was $34.0 million in the third quarter of 2012 compared with $47.7 million in the third quarter of 2011.
Total revenues decreased 0.6 percent to $449.0 million from $451.6 million in the year ago quarter. Advertising revenues decreased 8.9 percent, circulation revenues increased 7.4 percent and other revenues decreased 2.9 percent. Five analysts had consensus revenue estimate of $479.23 million for the quarter.
"While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose led by the ongoing expansion of our digital subscription base," said Arthur Sulzberger, Jr., chairman and chief executive officer, The New York Times Company.
Total advertising revenue trends in the fourth quarter of 2012 are expected to be similar to third-quarter 2012 levels. Total circulation revenues are expected to increase in the mid- to high-single digits in the fourth quarter of 2012 because of growth in digital subscriptions as well as print price increases implemented earlier this year.
The company expects operating costs to increase in the low-single digits in the fourth quarter of 2012.
by RTT Staff Writer
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