N.Y. Times Co. Warns On Q4 Earnings

Posted Thursday, December 6, 2001 12:00 am

By: (AP) The New York Times Co. warned investors Thursday that its fourth quarter earnings would be below previous estimates.

Citing a poor advertising outlook, worsened by the events of Sept. 11, incoming Chief Financial Officer Len Forman, said the company was likely to earn between 48 cents and 52 cents per share in the fourth quarter. Analysts surveyed by Thomson Financial/First Call had expected earnings of 59 cents per share.

Forman said the company's earnings per share should grow in the mid-single-digit to low-double-digit range next year if there is a recovery in the economy in the second half of 2002.

Shares of New York Times fell $1.60 to $45.10 in morning trading on the New York Stock Exchange.

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N.Y. Times Co. Warns On Q4 Earnings

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