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New York Times Net Triples on Cost Cuts, More Ads

Wednesday, 10 Feb 2010 09:36 AM

The New York Times Co. says its fourth-quarter earnings climbed more than threefold, helped by cost cutting, an improving ad market and a one-time gain from lower pension costs.

Shares rose 68 cents, or 5.8 percent, to $12.35 in premarket trading.

The publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers had its smallest ad revenue decline in a year. It dropped 14.7 percent in the fourth quarter from the same period of 2008, compared with a 26.9 percent year-over-year decline during the third quarter.

That, along with layoffs and other cost-cutting steps, helped the Times Co. earn $90.9 million, or 61 cents per share. In the same quarter a year ago, it earned $27.6 million, or 19 cents per share.

Overall revenue fell 11.5 percent to $681 million.

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The New York Times Co. says its fourth-quarter earnings climbed more than threefold, helped by cost cutting, an improving ad market and a one-time gain from lower pension costs.Shares rose 68 cents, or 5.8 percent, to $12.35 in premarket trading.The publisher of The New...
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2010-36-10
Wednesday, 10 Feb 2010 09:36 AM
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