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new york times co-cl b conv (NYTAB) Key Developments

The New York Times Company Reports Consolidated Earnings Results for the Second Quarter and Six Months of 2014; Provides Revenue Guidance for the Third Quarter of 2014 and Earnings Guidance for the Year 2014

The New York Times Company reported consolidated earnings results for the second quarter and six months of 2014. For the quarter, the company’s total revenues were $388,719,000 against $390,957,000 a year ago. Operating profit was $16,497,000 against $46,224,000 a year ago. Income from continuing operations before income tax was $3,317,000 against $31,175,000 a year ago. Income from continuing operations was $9,060,000 against $17,362,000 a year ago. Net income attributable to company common stockholders was $9,188,000 or $0.06 basic and diluted per share against $20,131,000 or $0.13 diluted per share a year ago. Income from continuing operations attributable to the company $9,188,000 or $0.06 basic and diluted per share against $17,356,000 or $0.11 diluted per share a year ago. Adjusted operating profit was $55,736,000 against $70,667,000 a year ago. Adjusted diluted earnings per share from continuing operations were $0.07 against $0.13 a year ago. Capital expenditures totaled approximately $7 million. Total revenue decreased 0.6%, from a year earlier, largely because of a 4.1% decline in advertising revenue. Operating profit before depreciation, amortization, severance, non-operating retirement costs and special items decreased to $56 million in the quarter from $71 million in the prior year. The decline was driven mainly by an $18 million increase in operating expenses compared with the second quarter of 2013, most of which was attributed to its strategic initiative investments. Drop in profit was due to increased investment spending and a decline in the paper's print advertising revenue. For the six months, the company’s total revenues were $779,127,000 against $771,632,000 a year ago. Operating profit was $38,556,000 against $74,355,000 a year ago. Income from continuing operations before income tax was $9,928,000 against $42,365,000 a year ago. Income from continuing operations was $11,907,000 against $23,470,000 a year ago. Net income attributable to company common stockholders was $10,931,000 or $0.06 diluted per share against $23,703,000 or $0.15 diluted per share a year ago. Income from continuing operations attributable to the company $11,925,000 or $0.07 diluted per share against $23,713,000 or $0.15 diluted per share a year ago. Adjusted operating profit was $112,368,000 against $127,808,000 a year ago. Adjusted diluted earnings per share from continuing operations were $0.13 against $0.21 a year ago. Capital expenditures totaled approximately $13 million. The company provided revenue guidance for the third quarter of 2014. Total circulation revenues are expected to be flat compared with the third quarter of 2013. Total advertising revenues in the third quarter of 2014 are expected to decrease in the mid-single digits compared with the third quarter of 2013. The company provided earnings guidance for the year 2014. The company expects on a pre-tax basis a loss from joint ventures in the range of $1 to $3 million, depreciation and amortization in the range of $75 to $80 million, interest expense, net in the range of $53 to $57 million, and capital expenditures in the range of $40 to $50 million.

The New York Times Company to Report Q2, 2014 Results on Jul 29, 2014

The New York Times Company announced that they will report Q2, 2014 results Pre-Market on Jul 29, 2014

The New York Times Company, Q2 2014 Earnings Call, Jul 29, 2014

The New York Times Company, Q2 2014 Earnings Call, Jul 29, 2014

The New York Times Company Declares Quarterly Dividend on Class A and Class B Common Stock, Payable on July 31, 2014

The New York Times Company declared a regular quarterly dividend of $0.04 per share on the company's Class A and Class B common stock. The dividend is payable on July 31, 2014, to shareholders of record as of the close of business on July 17, 2014.

The New York Times Company Times Announces Executive Changes

The New York Times Company announced that managing editor Dean Baquet will become executive editor, effective immediately, succeeding Jill Abramson. Baquet has been managing editor of the newspaper since 2011.

 

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