The New York Times Co. reports small decreases in both print and digital ad revenue, small gains in paid circulation
Publisher reports net income for 2013 down over 50%. Year to year comparison skewed by 2012 having extra week
The New York Times Company today reported its fourth quarter earnings. Both circulation and ad revenues showed decreases, though these were effected by 2012 having an extra week of reporting.
Total Q4 revenues decreased 5.2 percent to $443.9 million from $468.1 million in 2012. Print ad revenue fell 6.3 percent, while digital ad revenue also fell, down 6.5 percent. But with the extra week taken out, print and digital ad revenue decreased 1.6 percent and 0.2 percent, respectively. Operating profit, with pension settlement expenses pulled out of the report, fell about 8 percent.
Paid circulation revenue also fell, but when the extra week in 2012 is taken out revenue increased a modest 2.7 percent.
Our 2013 results reflect progress in some of the fundamentals of our business,” Mark Thompson, president and chief executive officer.
“Advertising revenue showed notable improvement in the second half of the year. Advertising revenues in the fourth quarter were down 1 percent on a like-for-like basis, excluding that extra week in 2012, the best quarterly performance in more than three years. With approximately 33,000 net additional digital subscribers, the fourth quarter saw more growth in our digital subscription business than either the second or third quarters. Total revenues for the Company would have grown slightly year-over-year had it not been for the extra week in 2012.”
During 2013, the NYT Co. divested itself of the New England Media Group which includes the Boston Globe.