New York Times Co. Announces Uptick in Second-Quarter Revenue

new-york-times-logo07222010.jpgThe New York Times Co. (NYT) today announced that second-quarter operating profit rose 39% to $92.6 million, while revenue rose slightly.

Revenue rose 1.2% year over year to $589.6 million, a reversal of a 3.2% year-over-year decline in the first quarter of 2010. The company posted an operating profit of $92.6 million, up 39% from the year-ago period. GAAP operating profit rose to $60.8 million vs. $23.5 million in the second quarter of 2009.

The company recorded overall second-quarter net income of $31.8 million, down 19% from $39.1 million in the second quarter of 2009. The decline was attributable in part to a tax benefit Times Co. recorded in the year-ago quarter.

Excluding certain special items, earnings per share came in at 18 cents, up from 8 cents a year ago. Including one-time items, NYT Co. reported a profit of 21 cents a share, down from 27 cents in 2009. Included in the operating results was a $9.1 million ($5.2 million after tax) gain resulting from the Times Co.’s sale of a part of its stake in Boston Red Sox parent New England Sports Ventures.

Advertising revenue overall was basically flat compared with the second quarter of 2009. Digital ad revenue climbed 21%, while print advertising fell 6%.

“These positive results continued to build on the momentum of the past few quarters as the Company was able to increase revenues and decrease operating costs,” said CEO Janet Robinson in a statement. Robinson also said that online advertising has grown in proportion to overall ad revenue.

Not counting depreciation, amortization and severance, operating costs fell 3.7% year over year. GAAP operating costs fell 4.3%.

The company also said that its debt and capital lease obligations fell by about one third to $670 million from the beginning of 2009. NYT Co. said the majority of its debt matures in 2015 or later.