The New York Times Company announced fourth quarter 2021 diluted earnings per share from continuing operations of $.41 compared with $.06 in the same period of 2020. Adjusted diluted earnings per share from continuing operations (defined below) was $.43 in the fourth quarter of 2021 compared with $.40 in the fourth quarter of 2020. Operating profit increased to $94.1 million in the fourth quarter of 2021 from $80.5 million in the same period of 2020 and adjusted operating profit (defined below) increased to $109.3 million from $97.7 million in the prior year, as higher advertising, subscription and other revenues more than offset higher costs.
Dotdash Meredith is giving up a deal with the state of Iowa in which it was to receive tax incentives for hiring and keeping workers in Des Moines.
The publishing company was to receive $460,000 in tax credits and refunds under the arrangement, in return for adding 41 employees by March 2021 for at least $29.12 per hour and retaining them through March 2023, according to the Des Moines Register.
Dotdash Meredith informed the Iowa Economic Development Authority (IEDA) in an August 10 letter that it would close the tax-incentive contract.
Dotdash Meredith, facing reduced ad spending, suffered a $28 million operating loss in Q2.