Tuesday, April 21, 2009

NYT Quarter 1 Report a Disaster

NEW YORK, Apr 21, 2009 (BUSINESS WIRE) -- The New York Times Company announced today a first-quarter 2009 operating loss of $61.6 million compared with operating profit of $6.2 million in the first quarter of 2008. Excluding depreciation, amortization, severance and special items (noted below in this release), first-quarter 2009 operating profit was $16.5 million compared with $77.7 million in the first quarter of 2008.

In the first quarter of 2009 loss per share from continuing operations was $.52, which included a $.07 loss on leases and an $.11 charge for severance, compared with first-quarter 2008 earnings per share of $.00, which included a $.07 non-cash charge for an asset write-down, a $.04 charge for severance and a $.03 gain from a favorable tax adjustment.

What they didn't mention...Ad revenues are down 27%, far exceeding the 15 to 20% declines of prior periods. Operating losses are $74.5 million or 23 cents per share, far in excess of consensus estimates of a 4 cent loss.

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