The New York Times Company (NYSE: NYT) announced today a 2012 third-quarter diluted loss per share from continuing operations of $.02 compared with diluted earnings per share from continuing operations of $.04 in the same period of 2011. Excluding severance and the 2011 special items discussed below, diluted loss per share from continuing operations was $.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.
“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. “Digital subscription trends have remained robust and at quarter end, paid digital subscriptions across the Company totaled approximately 592,000, up 11 percent from the end of the second quarter.
“Early in the fourth quarter of 2012, we completed the sale of the About Group for $300 million, plus a working capital adjustment. This sale will allow us to enhance our focus on our core business of generating and distributing high-quality journalism. In early October, our interest in Indeed.com was sold for approximately $167 million as a result of the sale of that company. The after-tax proceeds from these transactions further strengthened our solid liquidity position.”Comparisons Unless otherwise noted, all comparisons are for the third quarter of 2012 to the third quarter of 2011. The results of the Regional Media Group, which had previously been included in the News Media Group and was sold in the first quarter of 2012, and the results for the About Group, which was sold in the fourth quarter of 2012, are reported within discontinued operations for all periods presented. The quarterly results of the About Group for 2012 and 2011 are summarized in the exhibits to this release.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV