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New York Times Issues Q2 Revenue Outlook - Quick Facts

The New York Times Company (NYT) said its total subscription revenues in the second quarter are projected to increase in the mid- to high-single digits year-on-year, with digital-only subscription revenue expected to increase in the high-twenties. Total advertising revenues are projected to decline approximately 50 percent to 55 percent, with digital advertising revenue expected to decrease approximately 40 percent to 45 percent, largely due to the impact from the COVID-19 pandemic. Other revenues are expected to decrease approximately 10 percent from previous year.

First quarter adjusted earnings per share from continuing operations was $0.17 compared to $0.20, previous year. Total revenues increased 1.0 percent to $443.6 million from $439.1 million in the first quarter of 2019. Subscription revenues increased 5.4 percent, advertising revenues decreased 15.2 percent and other revenues increased 20.6 percent. Revenue from digital-only products increased 18.3 percent, to $130.0 million.

Mark Thompson, CEO, The New York Times Company, said: "In the first quarter, we added 587,000 net new digital subscriptions, resulting in the highest number of net new subscriptions in a quarter in our history. Of the 587,000 net adds, 468,000 were to our core news product, with 119,000 to our other digital products. "

As of March 29, 2020, the company had cash and marketable securities of $686.9 million, excluding restricted cash. The company has a $250.0 million revolving line of credit through 2024. As of March 29, 2020, there were no outstanding borrowings under the credit facility, and the company did not have other outstanding debt obligations.

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