By: E&P Staff The New York Times Co. reported today that total revenue in August declined 2.2% and advertising revenue dropped 3.8% compared to the same period a year ago.
?The print advertising market has been very challenging during July and August and remains so in September,? said Janet Robinson, president and CEO of the company, in a statement.
Advertising revenue across the company?s newspapers slipped 5.9%. National was down 8.4%, retail declined 1.7%, and classified fell 7%.
At the New York Media Group ad revenue dropped 4.2%. National advertising was down due to softness in the movie, telecommunications, and technology categories. Retail advertising revenue was up due to the consolidation of the group?s two largest department stores advertisers. Classified ad revenue dropped due to weakness in all three categories, help wanted, auto, and real estate.
Advertising revenue at the New England Media Group plummeted 15.7%. All major categories, national, retail, and classified, were down.
At the Regional Media Group, ad revenue rose 1.9%. Retail was up. Within the classified category, real estate revenue was strong while help wanted and auto was down.
Circulation revenue at the company was down slightly 0.6%.
Advertising revenue at About.com advanced 45.1%.
Third quarter diluted earnings are expected to be in the range of eight cents to 10 cents compared with 16 cents in the same quarter last year. The range includes an estimated one-cent to two cents per share for staff reduction costs and two cents and three cents per share from a loss on the company?s sale of the Discovery Times Channel.
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