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Wednesday, July 23, 2008

More Good News: The NY Times Sees Profits Drop by 82% in the 2nd Quarter

The NY Times, that disgusting liberal rag masquerading as a newspaper, saw its 2nd quarter profits drop by 82 percent.

It should have been 102%.

New York Times 2Q profit drops 82 percent

NEW YORK (AP) - New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.

The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.

Analysts polled by Thomson Financial expected income of 22 cents per share in the latest quarter. Analyst estimates typically exclude special items.

Revenue dropped 6 percent to $741.9 million, missing the average Wall Street estimate for $754 million. Ad revenue slipped down 11 percent, hurt mostly by fewer classified ads.

Chief Executive Janet Robinson says business was hurt by the "U.S. economic slowdown and secular forces playing out across the media industry."

Yep, it is those "secular forces" that caused an 82% drop in profits.

Maybe some religious forces can be brought in to help the Times. Exercising the liberals from that rag would be a good first step.

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