NYT Announces 11 Percent Growth In Profit; Ends Year In The Black

The New York Times Company has announced 2009 fourth-quarter and full-year results; in Q4 2009 profit grew to $157.6 million, up 10.9 percent from Q4 2008. The company also reduced operating costs by 16 percent as revenue dropped 11.5 percent from Q3 2009.

Circulation revenue continued to rise at the Times company properties; it was up 2.4 percent even as ad revenue fell 11.5 percent. (Digital advertising, though, rose 11 percent in the quarter and the company expects to see similar growth in Q1 2010.)

Over the full year, circulation revenues at the New York Times Media Group trailed ad revenue, but not by much; about half the NYT’s revenues come from advertising and 43 percent from circulation. (The other seven percent comes from “other.”)

In Q4 2009, the company saved $54 million by freezing employee pensions and spent $24 million on severance.

For the full year, the company recorded a $320 million profit on revenues of $2.4 billion.