The New York Times Company announced fourth-quarter 2016 diluted earnings per share from continuing operations of $.24 compared with diluted earnings per share of $.31 in the same period of 2015. Adjusted diluted earnings per share from continuing operations (defined below) were $.30 in the fourth quarter of 2016 compared with $.37 in the fourth quarter of 2015. Operating profit decreased to $55.6 million in the fourth quarter of 2016 from $87.7 million in the same period of 2015. The decline was largely driven by a pension settlement charge, lower print advertising revenues and higher costs, which were partially offset by higher circulation revenues. Adjusted operating profit (defined below) was $95.7 million in the fourth quarter of 2016 compared with $117.7 million in the fourth quarter of 2015. For the full year of 2016, the Company had an operating profit of $101.6 million compared with $136.6 million in 2015, with the decrease mainly driven by lower print advertising revenue and higher costs. Adjusted operating profit in 2016 was $240.9 million compared with $289.0 million in 2015. click Read More below for additional detail
The Postal Regulatory Commission today released its Fiscal Year 2018 Annual Report to the President and Congress. The report provides a summary of the main activities undertaken by the Commission throughout the year. By law, the Commission is required to submit an annual report to the President and the Congress concerning the operations of the Commission, including the extent to which regulations are achieving the rate-setting objectives of the Postal Accountability and Enhancement Act of 2006. The Commission must also include in the report an estimate of the costs incurred by the Postal Service to provide certain services.
The Commission had a number of significant accomplishments in Fiscal Year 2018. In addition to reviewing and approving planned rate changes for Market Dominant and Competitive products and new product proposals, and formal complaint adjudication, the Commission continued its work on the 10-year review of the system for regulating rates and classes for Market Dominant products. The Commission also completed its thorough analysis of the institutional cost requirement for Competitive products and ultimately issued final rules on January 3, 2019, adopting a formula-based approach to annually calculate Competitive products’ appropriate share of institutional costs. Moreover, the Commission further took an active role in certain international postal policy matters and provided its views to the State Department on Universal Postal Union proposals on rates and classifications for Market Dominant products.
The complete report of the Commission’s activities throughout Fiscal Year 2018 is available on the Commission’s website, www.prc.gov.