Tuesday, April 21, 2009
The news just keeps getting better at The NY Times, as ad sales continue to plunge down, and down, and down. And today, their stock took a tumble, too.
Good news! Good news!
NYT Co. 1Q losses worsen as ad sales plunge 27 pct
The New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher's advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived Tuesday.
The owner of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.
The results in the most recent quarter included charges totaling 18 cents per share to cover the costs of jettisoning employees and other one-time accounting measures.
Even with those charges stripped out, the loss was much worse than analysts expected. Analysts surveyed by Thomson Reuters had predicted the New York-based company would lose 4 cents per share.
Revenue for the period dropped 19 percent to $609 million -- about $22 million below the average analyst estimate.
New York Times Co. shares fell 83 cents, 14 percent, to $5.02 in morning trading.
Their stock is now at $5.00 a share. The Sunday papers almost costs as much.
We are awaiting the day when The Times files for Chapter 11 and folds up shop. That will be a great day for America.