By: Staff Reports
Digital Revenue Grew 202.6%
The New York Times Co. had a strong start to the year, with ad revenues up 18% in the
first quarter. Reported earnings were $83 million, or 47 cents per share, compared
with $61.4 million, or 34 cents per share, a year earlier. Analysts polled by First
Call Corp. had expected 43 cents EPS.
The company said total revenue was $843 million, up 14.1%, due partly to contributions
from the Worcester, Mass., Telegram & Gazette, which the Times Co. acquired Jan. 7.
Leading the newspaper division growth was the Times newspaper, where ad revenue grew
19.9%, and The Boston Globe, where ad revenue increased 13.3%, thanks to strong
national and help-wanted advertising.
Despite 3.7% lower newsprint expense, total costs increased 10.3%, due mainly to the
national expansion of the Times newspaper and its Internet unit, New York Times Digital.
Digital revenue grew 202.6% to $11.6 million due to strong ad growth but operating
losses nearly doubled to $10 million due to increased staffing, promotions, and expansion.
Previous 1st quarter earnings reports:
DOW JONES BLOWS AWAY EXPECTATIONS (04/12/00)
MEDIA GENERAL REPORTS 31% EPS INCREASE (04/11/00)
CATEGORY TV LEADS SCRIPPS EARNINGS (04/11/00)
GANNETT REPORTS FIRST QUARTER EARNINGS (04/10/00)
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