The New York Times
The New York Times Company reported a $35.6 million loss for the third quarter on Thursday, as newspaper advertising revenue fell nearly 30 percent, but it managed to beat expectations based on continued deep cost-cutting and newspaper price increases.
The company raised its estimate of 2009 expense reductions to $475 million from $450 million, and said there are signs that the drop in advertising is slowing in the fourth quarter. The news comes three days after the company announced that it would eliminate 100 positions in the newsroom of The New York Times by years end through buyouts and layoffs, after a similar reduction early last year.
The net loss of 25 cents a share compared with a loss of 74 cents a share in the period a year earlier. The third-quarter 2009 loss included a one-time $76.1 million charge for pension obligations at The Boston Globe. Excluding severance and special items, the company posted a gain of 16 cents a share, well ahead of the average analysts estimate of a 1 cent loss, compared with a 5 cent gain in the period a year earlier. More…