NYT Co Sees Earnings Cut in Half

The New York Times Company

accounced this morning that its earnings per share for first quarter 2011 was half what the stock earned in the first quarter 2010. The company, which publishes 18 newspapers, including the flagship New York Times, earned $0.04 per share this quarter, down from the $0.08 it earned one year ago. The media giant attributes the cut in EPS to declining print ad revenues across the business. Overall, revenues declined 3.6 percent to $566.5 million, down from $587.9 million. “Our operating performance reflects the continuing transformation of our Company, which intersected with an important milestone in the first quarter,” said Janet L. Robinson, president and chief executive officer for The New York Times Company. “While the challenges for our company and for the larger economy are not yet behind us, the recent launch of Times digital subscription packages on NYTimes.com and across other digital platforms brings our plan for a new revenue stream to life, offering us another reason for optimism about the future of our company.” At post time, the company's stock is down $0.48 to $8.64, a 5.26% drop on the day.