New York Times Lowers Guidance

AP ^ | Dec 2, 2004 | Anon

[Pharmboy]

NEW YORK (AP) - The New York Times Co. told investors Thursday that its fourth quarter and full-year earnings would come in below Wall Street estimates on weaker-than-expected advertising in the fourth quarter and higher costs for promotion, printing, distribution and newsprint. The company also said it would begin expensing the cost of stock options and its employee stock purchase plan. It also said that it would no longer provide estimates for full-year earnings, focusing instead on quarterly estimates, due to the greater uncertainty in the current environment for media companies.

The company, which also publishes The Boston Globe and The International Herald Tribune, said it now expects to report fourth-quarter earnings of between 69 and 73 cents per share, compared with 73 cents in the comparable period a year ago. Analysts surveyed by Thomson First Call had expected earnings of 75 cents per share.

The Times' shares were off 68 cents at $40.38 in morning trading on the New York Stock Exchange.

For the full year, the Times now expects to earn $1.90 to $1.93 per share, versus Thomson First Call estimates of $1.96 per share. Both the quarterly and full-year estimates exclude a one-time gain from the sale of the company's headquarters building of approximately 50 to 55 cents per share, of which 40 to 45 cents per share is likely to be recognized in the fourth quarter.

In 2005, the company will begin expensing its stock options, a move that has been advocated by Federal Reserve Chairman Alan Greenspan and Securities and Exchange Commission Chairman William Donaldson. The Times said it expects to record pretax expenses for stock-based compensation of $24 million to $33 million in 2005, or 12 to 16 cents per share.

Chief financial officer Leonard Forman said while advertising revenues had shown "modest" improvement in the fourth quarter compared with the same period a year ago, "they have not been as strong as we had anticipated."

"We believe that 2005 will be another challenging year," Forman said.

[Pharmboy]

Boo frickity hoo.

[Rodney King]

So sad.

[pikachu]

Boo frickity hoo.

Oh where is my worlds smallest violin when I need it!

[johniegrad]

Interesting.

[RayChuang88]

Someone needs to print out the graphic for schadenfreude.

[RayChuang88]

Oh where is my worlds smallest violin when I need it!

Is this what you're looking for?

[Pharmboy]

[Logical me]

Loose creditability, loose everything. And blame it on the Internet for much of the truth was told.

[Boundless]

Translation:

> ... weaker-than-expected advertising in the fourth
> quarter ...

The advertisers finally figured out that the circ figures
were inflated and that subscriptions are in trouble.

> The company also said it would begin expensing the
> cost of stock options and its employee stock purchase
> plan.

When the stock is in free-fall, the options are worthless,
and if the employees are still routinely buying stock,
they're dumber than the readers.

> It also said that it would no longer provide estimates
> for full-year earnings, ...

When you might not last another year, this makes sense.

> "We believe that 2005 will be another challenging year,"

We bet the business on a Kerry win, and lost.
2005 will not be just "another" challenging year.

[oyez]

The major dailies can't seem to get through their modernist skulls that credibility has a lot to do with profitability. They are only putting themselves out of work.

[Jhensy]

I (and countless others) are the reason for this. Literate, opinionated, well-read New Yorkers who grew up with the Times and now HAVE GIVEN UP AND REFUSE TO BUY SUCH BLATANT, LYING BULLSH*T. WAKE UP, CLEAN YOUR HOUSE AND RETURN TO THE GREAT INSTITUTION YOU ONCE WERE.

The business plan couldn't be simpler. Will they do it?

[spodefly]

The market for left-wing propaganda is not as lucrative as the market for honest, objective journalism.

[Grampa Dave]

Printing Biased left wing propaganda posing as news is becoming very expensive in America. The board members of any company advertising in the NY Slimes might want to prepare themselves for future lawsuits from current and past stockholders.

[petercooper]

[Grampa Dave]

The board members of the companies which own and control the MSM this past year should be removed for incompetence for allowing their companies to participate in biased political lies. Those biased lies have cost their companies viewers, readers and subscribers.

"Requiescat in fracta!"

[Ernest_at_the_Beach]

Good Riddance:

__________________________________________ _____________________________

Unholy Alliance

by David Horowitz
Hardcover - (September 2004) - $27.95

In this tour de force on the most important issue of our time, David Horowitz, confronts the paradox of how so many Americans, including the leadership of the Democratic Party, could turn against the War on Terror. He finds an answer in a political Left that shares a view of America as the “Great Satan” with America’s radical Islamic enemies.

[Ernest_at_the_Beach]

Useful thread for all to refresh our memories:

Need Help Finding Information re: Communisim

[Grampa Dave]

On a very serious note. How many Freepers own a mutual fund that is heavily invested in the NY Slimes?

If you do, you might want to find another mutual fund where the managers are not interested in shoring up the NY Slimes at your expense.

http://moneycentral.msn.com/investor/invsub/ownership/ownership.asp?Symbol=nyt

Nordea 1 North American Value Fund 4,423,100 1,792,400 68.1 79,690,104 3.0 2.6 06-30-04

T Rowe Price Equity Income Fund, Inc 4,250,000 1,050,000 32.8 47,071,500 2.9 0.0 06-30-04

Massachusetts Investors Trust 1,620,756 -162,800 -9.1 -7,298,325 1.1 1.0 06-30-04

Vanguard 500 Index Fund 1,381,819 35,807 2.7 1,591,979 0.9 0.1 06-30-04

Aim Premier Equity Fund 1,200,000 1,200,000 0.0 53,796,004 0.8 0.0 06-30-04

Van Kampen Global Franchise Fund 1,187,209 345,109 41.0 15,471,237 0.8 4.4 06-30-04

Aim Charter Fund 952,900 0 0.0 0 0.6 1.3 07-31-04

Aim Mid Cap Equity Fund 945,400 265,800 39.1 11,915,814 0.6 0.0 06-30-04

American Century Vp Value Fund 828,333 828,333 0.0 37,134,168 0.6 0.0 06-30-04

Morgan Stanley Sicav - Global Brands Fund 751,954 293,776 64.1 13,169,979 0.5 4.9 06-30-04

Cref Stock Account 730,277 -16,648 -2.2 -746,330 0.5 0.0 06-30-04

Focused Value Portfolio 662,200 114,600 20.9 4,807,470 0.5 0.0 07-31-04

Value Fund 643,767 643,767 0.0 28,486,690 0.4 0.0 03-31-04

Mfs Total Return Fund 638,380 48,980 8.3 2,167,365 0.4 0.5 03-31-04

Vanguard Institutional Index Fund 601,380 49,974 9.1 2,240,335 0.4 0.1 06-30-04


*Category Headings:
Shs Held - shares held at report date
Shs Chg - position change within reporting period
%Chg - % change
$Chg - market value of the position change
%Out - % of shares outstanding
%Port - % Portfolio
Rpt Date - report date

[Liz]

Nice headstone to mark the MSM's demise.

BTW, they were all cremated by viewers.

[Liz]

Chief financial officer Leonard Forman said while advertising revenues had shown "modest" improvement in the fourth quarter compared with the same period a year ago, "they have not been as strong as we had anticipated." "We believe that 2005 will be another challenging year," Forman said.

Golly, I am hoping and praying (/sarc) that the NYT is not engaging in Enron-style accounting practices in order to cook the books, just to look good for Wall Street.