The New York Times Co. (NYT) Thursday said first-quarter net income attributable to the company's stockholders plunged to $3.14 million from last year's $42.13 million. Earnings per share declined to $0.02 from $0.28.
Prior-year results included $0.22 per share from discontinued operations.
Income from continuing operations was $0.02 per share compared to $0.06 per share last year.
Excluding severance and special items in 2012, earnings per share from continuing operations were $0.04 in the first quarter of 2013 while it was $0.05 in the first quarter of 2012.
On average, 5 analysts polled by Thomson Reuters expected earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues decreased 2 percent to $465.9 million from $475.4 million. Analysts expected revenues of $470.45 million.
Circulation revenues increased 6.5 percent, while advertising and other revenues decreased 11.2 percent and 0.7 percent, respectively.
Looking ahead, the company expects total circulation revenues to increase in the mid-single digits in the second quarter. Total advertising revenue trends in the quarter are expected to be somewhat better sequentially.
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