April 19, 2007
Times Co. income takes a first quarter hit
By Matthew L. Brown
New York Times Co., the owner of the Worcester Telegram and Gazette, reported a 26 percent drop in first quarter net income.
In a U.S. Securities and Exchange Commission filing, the company said first quarter 2007 net income fell to $23.9 million from $32.4 million in the same period the previous year.
Fist quarter revenue for the company's New England media group was $145 million, a 4 percent decrease compared to the first quarter of 2006.
First quarter revenue fell 1.6 percent to $786 million from $799 million in the first quarter of 2006. The company said advertising revenue fell by 3.4 percent while revenue from circulation increased by 1 percent and other revenue increased by 4.3 percent.
The company said expenses related to closing a printing plant in New Jersey, staff layoffs and an unfavorable tax adjustment contributed to the revenue drop.
The company's news media group revenue for the quarter was $763 million, a 2.2 percent decrease compared to the same period the previous year.
Advertising revenue for the news media group decreased by 4.3 percent. The company said the decrease was due to weak print advertising sales, but was counterbalanced by higher online advertising revenue.
In a U.S. Securities and Exchange Commission filing, the company said first quarter 2007 net income fell to $23.9 million from $32.4 million in the same period the previous year.
Fist quarter revenue for the company's New England media group was $145 million, a 4 percent decrease compared to the first quarter of 2006.
First quarter revenue fell 1.6 percent to $786 million from $799 million in the first quarter of 2006. The company said advertising revenue fell by 3.4 percent while revenue from circulation increased by 1 percent and other revenue increased by 4.3 percent.
The company said expenses related to closing a printing plant in New Jersey, staff layoffs and an unfavorable tax adjustment contributed to the revenue drop.
The company's news media group revenue for the quarter was $763 million, a 2.2 percent decrease compared to the same period the previous year.
Advertising revenue for the news media group decreased by 4.3 percent. The company said the decrease was due to weak print advertising sales, but was counterbalanced by higher online advertising revenue.
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