The New York Times Company (NYSE: NYT) announced today second-quarter 2013 diluted earnings per share from continuing operations of $.13 compared with $.25 in the same period of 2012. Excluding severance and the 2012 special item discussed below, diluted earnings per share from continuing operations were $.14 in the second quarter of 2013 compared with $.11 in the second quarter of 2012.
The Company had operating profit of $53.4 million in the second quarter of 2013 compared with $44.1 million in the same period of 2012. Excluding depreciation, amortization and severance, operating profit rose 13 percent to $77.8 million from $68.8 million in the second quarter of 2012.
“Our improved results in the second quarter were an organization-wide effort – with contributions from more favorable revenue trends and strong cost performance,” said Mark Thompson, president and chief executive officer. “The increase in operating profit reflects the ongoing evolution of our digital subscription initiatives on the circulation side, the moderation of revenue declines on the advertising side and the continued focus on managing costs.
“Circulation revenues rose 5 percent led by digital subscription initiatives. Paid digital subscriptions across the Company totaled approximately 738,000 at quarter-end, an increase of nearly 40 percent year-over-year from the end of the second quarter of 2012. And while advertising revenues decreased approximately 6 percent, we saw a sequential improvement from the first-quarter trends.
“We are making good progress and are on track with our strategic growth initiatives. In particular, we are well under way in the ramp-up for the fall re-brand of the International Herald Tribune as the International New York Times and with the development work related to our new paid products. I am also very pleased to welcome Meredith Kopit Levien, our new executive vice president of advertising, who joined the Company earlier this week.”