Earnings: NYT: $66.1 Million From Online In 2Q06; About Up 63 Percent

By Jul. 18, 2006, 8:09pm Comments Off

The New York Times Company reported a slight increase in profit for 2Q06 to $61.3 million from $60.8 million year-over-year but a charge of 4 cents for job cuts kept earnings flat at $0.42 per share compared to last year. Revenues were up as well, up 1.6 percent to $858.7 million compared to $845 million in 2Q05. True comparisons are a little tough since the second quarter included Easter last year. According to MKTW, the average Thompson First Call estimate was for 44 cents per share on revenue of $863.9 million.
Internet revenues of $66.1 million accounted for 7.7 percent of ‘s 2Q06 revenues, up from $49 million and 5.8 percent in the same quarter last year. The company attributes the increase to strong online advertising demand across digital properties:
– online revenue rose 25 percent for the News Media Group; President and CEO Janet Robinson called it a “particularly strong showing given the large revenue base for this increase.” The NYTimes.com redesign contributed to the results by enhancing ad placement and adding features. TimesSelect, which now has 513,000 subscribers, is among the factors in a 12-percent increase from other revenues.
– About.com continued to climb, up 62.7 percent to $19.4 million from $12 million on revenues from display, cost-per-click and e-commerce. Six month operating profit was $14.8 million compared $2.6 million.
– Joint venture net income rose to $8.8 million from $3.1 million the previous year. NYTCO is still negotiating the price forits 50-percent stake in Discovery Times Channel.
– June results show a 22.7 percent increase in online ad revenues for the print properties with About.com posting a 38-percent increase.
2Q06 Earnings | June Earnings | Webcast
Related: NYT To Reduce Paper Size; 5% Less News; To Close Plant