The New York Times Co. reports operating profit, but net loss in Q3 earnings report
Total revenues increased 1.8 percent in the third quarter of 2013, with circulation revenues up 4.8 percent
The New York Times Company reported Q3 earnings this morning, recording an operating profit of $12.9 million in the quarter, but also reporting a net loss of $24.2 million when interest and discontinued operations are factored in.
Circulation revenue was up 4.8 percent in Q3, which compensated for continued losses from print advertising, which was down a further 2 percent. Circulation revenue now accounts for over 56 percent of total revenue. Retail advertising was down 15 percent in the quarter, and total classified was down 11.8 percent, with automotive particularly hard hit. But national advertising accounts for the vast majority of ad revenue at the NYTCo. and that category actually grew 1.8 percent.
“The third quarter of 2013 was a strong one for the Company,” said NYTCo president and chief executive officer Mark Thompson. “We increased our revenue, decreased our costs and, as a result, significantly increased our operating profit compared with the same quarter last year”
“We also made significant progress on our strategic initiatives. But we recognize that, despite these positive developments, we still have a great deal of work to do to transform our business model and to achieve our goal of long-term sustainable growth.”
The NYTCo recently completed the sale of its New England Group which includes the Boston Globe to Boston Red Sox owner John Henry. This morning was definitely a better morning for him than for the NYT.