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The New York Times' CEO Discusses Q1 2012 Results - Earnings Call Transcript

During the quarter, we made progress on our search for a new CEO. Our Board of Directors has retained the global search from Spencer Stuart, and we are looking both internally and externally for an executive who meets our needs. We will take the time necessary to find the right person for the role.

And now, I'd like to turn the call over to Jim Follo.

James M. Follo

Thanks, Arthur, and good morning, everyone. Our first quarter results reflect continued strength in the circulation side of our business, led by the introduction about a year ago of the Times digital subscription packages, as well as solid cost management, which together enabled us to achieve 9% growth in operating profit for depreciation, amortization and severance. This growth was despite continued uncertainty in the advertising marketplace.

In the financial results reported earlier this morning, the results of the Regional Media Group, which was sold early in the first quarter, are reported as discontinued operations for all periods presented.

We continue to refine and build upon our digital subscription initiatives in the first quarter. The Times recently reduced its pay meter count to 10 articles from the original 20 in both The Times and, were that digital subscriber basis in the quarter. We are pleased with our progress to date in creating a robust new revenue stream based upon charging for digital access across -- access to our award-winning content.

Overall circulation revenues were again bolstered by these digital pay products, especially at The Times. Total circulation revenues were up 10% for the company and 13% for the the Times Media Group in the quarter.

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