The New York Times Company Reports 2015 Third-Quarter Results

The New York Times Company (NYSE:NYT) announced today adjusted diluted earnings per share from continuing operations (defined below) of $.09 in the third quarter of 2015 compared with $.03 in the third quarter of 2014. Diluted earnings per share from continuing operations was $.06 in the third quarter of 2015 compared with a loss of $.08 in the same period of 2014.

Adjusted operating profit (defined below) grew to $47.6 million in the third quarter of 2015 from $40.0 million in the third quarter of 2014. This increase was driven by revenue growth combined with cost reductions. Operating profit was $21.9 million in the third quarter of 2015 compared with a loss of $9.0 million in the same period of 2014.

“This was a strong quarter for The New York Times Company. We achieved significant growth in adjusted operating profit with strength across many areas of our business,” said Mark Thompson, president and chief executive officer.

“We added 51,000 net digital subscribers, bringing the total number of paid digital-only subscribers to 1,041,000 at the end of Q3. This is the largest number of net subscribers we have added in a quarter since Q4 2012, evidence of our ability to continue to grow our digital subscriber count more than four years after the launch of our pay model and of the high demand for our digital journalism.

“Total revenues grew in the quarter and we maintained a tight rein on costs. It was our best advertising quarter of the year, year-over-year, despite a decline in digital advertising revenue, with better performance in print. We remain bullish about our digital advertising business and expect it to return to growth in the fourth quarter.

“Moving forward, our focus remains on rapidly growing our digital business and maintaining the long-term strength and viability of our print operation.”

Total revenues for the third quarter of 2015 increased 0.7 percent to $367.4 million from $364.7 million. Circulation and other revenues increased 1.1 percent and 16.2 percent, respectively, while advertising revenues declined 2.1 percent.

Circulation revenues rose as revenues from the Company’s digital subscription initiatives and January’s increase in home-delivery prices for The New York Times more than offset a decline in print copies sold. Circulation revenue from the Company’s digital-only subscription products was $48.6 million in the third quarter, an increase of 13.8 percent from the third quarter of 2014.

Paid subscribers to the Company’s digital-only subscription products totaled approximately 1,041,000 as of the end of the third quarter of 2015, an increase of 19 percent compared to the end of the third quarter of 2014.

Third-quarter print advertising revenue decreased 0.9 percent while digital advertising revenue decreased 5.0 percent. Digital advertising revenue was $36.5 million, or 27.0 percent of total Company advertising revenues, compared with $38.4 million, or 27.8 percent, in the 2014 third quarter.

Other revenues rose 16.2 percent in the third quarter primarily due to increases in revenues from the Company’s NYT Live business (which includes conferences and live events), Crossword product and rental income.
http://investors.nytco.com/press/press-releases/press-release-details/2015/The-New-York-Times-Company-Reports-2015-Third-Quarter-Results/default.aspx

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