New York Times (NYT) shares have been increasing based on the saber rattling by Harbinger et al, but they may stop today: The company’s Q1 shows just show how troubled the company is. EPS, excluding one-time results, came in at 4 cents, below the street consensus of 14 cents. Ad revenue contined to drop, and classifieds fared particularly badly, down 22.6%. Release.
- Total revenues dropped 5% to $747.9 million from $786.0 million, narrowly missing the Street’s $752.4 million estimate.
- Operating profit dropped 89% y/y to $6.2 million from $54.5 million during Q1 2007.
- The company posted a $335 million net loss, or break-even-per share, down from a $23.9 million, or 17 cents per share profit a year ago.
- Excluding special items, NYT reported 4 cents EPS, missing the Street’s 14 cents per share consensus.
- Digital/Internet revenues up 11.6% y/y to $82.9 million from $74.3 million during Q1 2007. Internet ad sales up 16% y/y. Digital now 11.1% of overall sales, up from 9.5% a year ago. That’s continued deceleration: Growth was 18% in Q4.
- About Group sales up 25% to $28.2 million on higher cost-per-click ads and acquisitions, that’s down from 35% growth in Q4.
We’ll tune into call at 11 a.m. ET and update with more colour.
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