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Fourth-quarter earnings fell steeply at the New York Times Co.(NYT Quote) as the company took a big charge related to staff reductions.
The newspaper publisher earned $64.8 million, or 45 cents a share, in the latest quarter, compared with earnings of $110.2 million, or 75 cents a share, a year ago. The most recent quarter had charges totaling 23 cents a share for staff cuts and an accounting change.
Adjusted for the charges, the Times' earnings somewhat exceeded the Thomson First Call consensus estimate of 60 cents a share. Sales in the quarter were $931 million, down 3% from a year ago and matching estimates. ...
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