NEW YORK TIMES CO. MEETS ANALYSTS' EXPECTATIONS

By: Staff Reports Company Is Scrapping Plans For Internet Tracking Stock





The New York Times Co. reported third-quarter earnings that met analysts' expectations, driven by advertising demand at The New York Times and The Boston Globe newspapers.



Separately, the company announced that it is scrapping plans to issue a tracking stock for its Internet business.



"It's quite evident that today's market is bearish on Internet companies, regardless of how well they are performing," said Martin Nisenholtz, CEO of New York Times Digital. "If we proceeded with the offering now, we would not receive the valuation we deserve."



The company said the decision wouldn't impact on Digital's operations or expansion plans, and didn't rule out proceeding with a public offering when the market improves.



Earnings rose 2.8% to 37 cents per share amid tough comparisons with last year's third quarter, higher newsprint prices, and increased Internet spending.



Total revenue grew 7.9% to $787.2 million. Newspaper revenue, excluding papers bought and sold this year, rose 5.3% as a result of higher ad rates at the Times and the Globe.



Ad revenue rose 7.4% at the Times and 5.3% at the Globe, fueled by national and help-wanted advertising. Costs, excluding newspapers that were bought and sold, Internet spending, and special items, rose 3.7%, mainly because of higher newsprint expense and the continued national expansion of the Times.







3rd Quarter Earnings Reports:



ACQUISITION EXPENSES TEMPER EARNINGS AT GANNETT (10/11/00)



BROADCAST UNITS DRIVE EARNINGS AT SCRIPPS (10/10/00)







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