New York Times Co. Meets

The New York Times Co. ( NYT) managed a modest increase in profit during the second quarter, as the recovery in advertising slowed during the period.

The newspaper group had a profit of $75.7 million, or 50 cents a share, on revenue of $823.9 million, compared with net income of $72.8 million, or 47 cents a share, on revenue of $801.9 million in the year-ago period.

The consensus estimate of analysts was for net income of $75.4 million, or 50 cents a share, on revenue of $837.4 million.

"Our second-quarter financial performance reflects improved advertising revenues at each of our business segments," the company said. "However, the pace of advertising revenue growth slowed throughout the period, and this trend has continued in July. We responded in the second quarter with additional cost containment measures and will continue to do so throughout the balance of the year."

The company said its EPS guidance for 2004 remains unchanged, but lowered full-year ad revenue growth guidance down from the mid-single digits to the low- to mid-single digits. Analysts expect full-year EPS of $2.04.

Advertising revenue, which accounts for 67% of total revenue, grew 3.9%. Newsprint costs rose 5.9% in the second quarter.

Newspaper group revenue grew 1.7% while broadcast group revenue increased 10.7%. Revenue at its digital unit jumped 26.7% to $27.4 million.

Shares closed at $44.05 Tuesday.

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