New York Times Co.
said late Monday that second-quarter earnings would be in the range of 41 cents to 43 cents, compared with 42 cents in the year-ago period.
The publisher of the
The New York Times
, and the
International Herald Tribune
said that second-quarter estimates included after-tax expenses of roughly $5 million to $6 million for the company's staff-reduction program, or 3 cents to 4 cents a share.
The company offers EPS only on a GAAP basis.
Analysts polled by Thomson First Call expect second-quarter earnings of 41 cents a share. Analyst estimates exclude one-time charges and gains.
Although "advertising revenues in the second quarter have exhibited year-over-year improvement, the ad market remains challenging," said CEO Janet Robinson.
"So far this month we have not seen a continuation of May's strength. However, ad revenues have been trending above those of last June," she said.
In addition, the Times revised its expectations with regard to recent acqusition
effect on earnings results, saying that the Web information site would now be included in 2006 earnings.
In the first, or April, quarter, the company reported that
advertising revenue rose 3.9% while circulation revenue rose 0.3%. Excluding About.com, total revenue for the quarter was up about 1.1%.
The Times plans to update its full-year guidance when it reports its second-quarter results on July 18.
Shares of the Times closed the regular session off 15 cents to $23.60.