The New York Times Company
reported on Thursday that its second-quarter profit declined 18 percent
compared with results in the period a year earlier, when it recorded a
tax benefit. On an operating basis, profit more than doubled.
Net income was $32 million, or 21 cents a share, compared with $39
million, or 27 cents a share, in the period a year earlier, when the
company received the $37.7 million tax benefit. Operating profit rose
to $60.8 million from $23.5 million, while earnings per share from
continuing operations, which exclude severance costs and other one-time
items, increased to 18 cents from 8 cents in the period a year earlier.
Circulation revenue grew, and a double-digit increase in digital
advertising helped offset a decline in print advertising. The Times
overall revenue of $589.6 million, a gain of 1.2 percent compared with
sales in the period a year earlier. Revenue dropped 3.2 percent in the
I’m pretty sure if First Draft ran this company, and our profits doubled, you would all be invited to the party ON THE MOON.