The New York Times Company (NYSE:NYT) announced today fourth-quarter 2017 diluted loss per share from continuing operations of $.35 compared with $.24 earnings per share in the same period of 2016. Adjusted diluted earnings per share from continuing operations (defined below) was $.39 in the fourth quarter of 2017 compared with $.30 in the fourth quarter of 2016.
Operating profit decreased to $22.7 million in the fourth quarter of 2017 from $55.6 million in the same period of 2016, largely due to pension settlement charges, higher operating costs as a result of an additional week in the quarter (described further below) and lower print advertising revenues, which were partially offset by higher subscription revenues. Adjusted operating profit (defined below) increased to $108.3 million in the fourth quarter of 2017 compared with $95.7 million in the fourth quarter of 2016, principally driven by strong digital subscription revenues as well as the impact of the additional week in the quarter, partially offset by higher adjusted operating costs and lower print advertising revenues.
Mark Thompson, president and chief executive officer, The New York Times Company, said, “2017 was a year marked by growth and innovation both in our groundbreaking journalism and in our thriving business. We had our best revenue growth in many years, driven by strong digital subscription revenues, which increased by over $100 million year-over-year. Subscription revenues were over one billion dollars in 2017, or 60 percent of the year’s total revenues, and is a clear sign that our subscription-first business model is proving to be an effective way to support our broad journalistic ambitions.
“In Q4 we added 99,000 net digital news subscriptions and 157,000 total net digital-only subscriptions, with news, Cooking and Crosswords products all contributing to growth. We’re pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to The Times late last year. We believe there remains a large opportunity to continue to extend our subscription reach and will continue to invest in areas of the business that will allow us to achieve that growth.
“For the full year, we grew digital advertising revenue by double-digits and saw continued challenges in print advertising, though our rate of decline moderated somewhat in the late part of 2017. Advertising now represents just one-third of our total company revenues.
“We finished the year with more than $600 million in digital revenues, putting us well on track toward our goal of $800 million and we accomplished that just two years into the five-year plan we laid out in our 2015 strategy document, Our Path Forward.”
more detail at: http://investors.nytco.com/press/press-releases/press-release-details/2018/The-New-York-Times-Company-Reports-2017-Fourth-Quarter-and-Full-Year-Results/default.aspx