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TheStreet Open House

The New York Times Company Reports 2012 Third-Quarter Results

Stocks in this article: NYT

Operating Costs

Operating costs increased 2.3 percent to $440.5 million from $430.5 million. Excluding depreciation, amortization and severance, operating costs increased 2.8 percent to $415.0 million from $403.9 million mainly due to higher benefits costs, performance-based compensation costs, stock-based compensation expense and costs associated with higher commercial printing revenues.

Other Financial Data

Digital

Digital businesses principally include NYTimes.com, BostonGlobe.com and Boston.com. In the third quarter of 2012, total digital advertising revenues decreased 2.2 percent to $44.6 million from $45.6 million primarily because of lower national display and real estate classified advertising revenues. Digital advertising revenues as a percentage of total Company advertising revenues were 24.4 percent in the third quarter of 2012 compared with 22.8 percent in the third quarter of 2011.

In the first nine months of 2012, the Company’s total digital advertising revenues decreased 2.0 percent to $145.7 million from $148.8 million in the first nine months of 2011. Digital advertising revenues as a percentage of total Company advertising revenues were 23.6 percent for the first nine months of 2012 compared with 22.4 percent in the first nine months of 2011.

Paid subscribers to The New York Times and the International Herald Tribune digital subscription packages, e-readers and replica editions totaled approximately 566,000 as of the end of the third quarter, an increase of approximately 57,000 or 11 percent since the end of the second quarter of 2012. Paid digital subscribers to BostonGlobe.com and The Boston Globe’s e-readers and replica editions totaled approximately 26,000 as of the end of the third quarter, up about 3,000 or 13 percent since the end of the second quarter of 2012.

Joint Ventures

Income from joint ventures was $1.0 million in the third quarter of 2012 compared with a loss of $1.1 million in the third quarter of 2011. Joint venture results for the third quarter of 2012 were primarily impacted by the sale of the Company’s interest in Fenway Sports Group in the first half of 2012 and improved results for the paper mills.

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