By: (AP) The New York Times Co. reported lower advertising revenues for August and said Wednesday that its third-quarter earnings would be well below Wall Street expectations.
The Times Co. said it expected to earn between 30 and 32 cents per share in the third quarter, compared with 38 cents in the same period last year. Analysts surveyed by Thomson First Call had been expecting the company to earn 39 cents per share.
Advertising revenues in the company's newspaper group fell 1.4% in August compared with the same month last year. "The weak ad environment we saw in July continued throughout August," Chief Financial Officer Leonard P. Forman said in a statement.
Forman said advertising trends were improving in September. He said revenues in the paper's fall arts preview was up 28% over last year's issue.
Given the company's year-to-date performance, Forman said the Times Co.'s full-year earnings per share could be slightly below last year's $1.97. Analysts had been expecting the company to earn $2.03 this year.
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