Skip to comments.The New York Times Co. Provides Fourth-Quarter Earnings Guidance (EARLY CHRISTMAS PRESENT!!)
Posted on 12/21/2005 2:10:52 PM PST by abb
NEW YORK--(BUSINESS WIRE)--Dec. 21, 2005--The New York Times Company announced today that fourth-quarter diluted earnings per share are expected to be in the range of 45 to 47 cents, compared with 75 cents in the same quarter last year.
The range includes estimated expenses for the Company's staff reduction program announced in September of $34 to $37 million or 14 to 15 cents per share. The Company also plans to take a charge associated with this program in the first quarter of 2006, at which time the program is expected to be substantially complete.
In addition, in the fourth quarter the Company plans to record approximately $16 to $17 million, or 7 cents per share, of stock-based compensation expense. For the year, stock-based compensation expense is expected to be $31 to $33 million. Previously, the Company had estimated expense of $28 to $32 million.
In the fourth quarter of 2004, the Company recorded a $5.8 million (2 cents per share) charge for the restructuring of its NYT-TV production facility.
The Company only presents EPS guidance on a GAAP basis. This differs from the pro forma EPS provided by databases such as First Call and Reuters.
The Company has updated its effective tax rate for 2005 from 41 percent to 40.4 percent because of the elimination of a state tax contingency. With the exceptions of stock-based compensation expense and the tax rate, there are no other changes to the Company's full-year guidance for 2005 or its outlook for 2006, which were announced on December 6, 2005.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of retail, national and classified advertising and circulation generated by our various markets, material increases in newsprint prices and the timing and amount of savings realized as a result of our cost-control initiatives. They also include other risks detailed from time to time in the Company's publicly filed documents, including the Company's Annual Report on Form 10-K for the year ended December 26, 2004. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
The New York Times Company (NYSE: NYT - News), a leading media company with 2004 revenues of $3.3 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 15 other daily newspapers, nine network-affiliated television stations, two New York City radio stations and 35 Web sites, including NYTimes.com, Boston.com and About.com. For the fifth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune's 2005 list of America's Most Admired Companies. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.
This press release can be downloaded from www.nytco.com
OMG, I do love it so!!!
Poorhouse, here we come!!!;)
grining from ear-to-ear! Merry Christmas NYT!
Yes Virginia there is a Santa Claus.
Short sell the NY Times and bankrupt a Lefty.
NYTimes = pwned
It costs them money to reduce their staff?
The National Forests and spotted owls breath sighs of relief.
[It costs them money to reduce their staff?]
That's their stock price going down, and the reason it's going down is the same reason they're reducing their staff.
It's because they have fewer and fewer customers every year and therefore less advertising revenue and less profit.
Love the chart!!!
It's just amazing how that stuff works, ain't it? Antagonize all your readers and reduce your circulation. Then the advertisers all leave! The cheek of them!
In the after hours, today, the NYT aka NY Slimes stock is dropping like a turkey with bird flu:
N Y TIMES CL A (NYSE:NYT) Delayed quote data
After Hours (RT-ECN): 26.07 -0.91 (-3.37%)
Today was a good day for most indexes.
Merry Christmas to all of the lying maggot deviates at the Slimes. Your jobs will probably be outsourced to Slovenia or worse in 2006.
Ya know...all this celebrating over the Times' bad news isn't very Christian of us....
Oh, well...I'll pray for forgiveness tomorrow...
In the meantime, I think I'll have a martini to celebrate
The real poll on the lying news papers is the fall of their stock in the last year.
NYT = NY Slimes WPO = Washington Post TRB = Chicago Tribune and LA Slimes
The opposite of love is not hate, but rather INDIFFERENCE..
with this in mind..Who/What is a "New York Time"??
Re the maggots at the NY Slimes who would impeach our president and round all of us up for behavioral modification and sensitivity seminars if they had the power to do so. Their power is decreasing each day.
Thanks, I thought about using a Duck or Goose hunting metaphor, but I might upset the critter lovers on Free Republic.
"The Newspaper of Record." Oh, well, make that the "Newspaper of Wreckage."
It's a Trifecta......
Latest marketwatch.com rewrite.
N.Y. Times warns of profit plunge
By David B. Wilkerson, MarketWatch
Last Update: 5:45 PM ET Dec. 21, 2005
CHICAGO (MarketWatch) - New York Times Co. said after the market closed Wednesday that its fourth-quarter profit would plunge 39% from that of a year earlier on charges related to job cuts announced in September, as well as stock-based compensation expense.
New York Times says it expects earnings per share in the range of 45 to 47 cents a share, compared to 75 cents a share in the same quarter last year.
The estimate includes charge in the range of $34 million to $37 million, or 14-15 cents a share, related to a round of 500 job cuts announced three months ago. Also in the fourth quarter, New York Times anticipates a writedown of $16 million to $17 million, or 7 cents a share, related to stock-based compensation expense.
The company also expects to record a charge on the job cuts in the first quarter of next year.
New York Times, which also announced layoffs earlier in 2005, is just one of several newspaper publishers, including Tribune Co., to announce job cuts in reaction to an uneven advertising environment and declining circulation.
New York Times shares declined 27 cents to close at $26.98 on Wednesday
Will someone please tell me what pwned means?
Yes, owned. But why the P? It's one of those mysteries I've never comprehended.
Ask, and ye shall receive:
(From Urban Dictionary)
A corruption of the word "Owned." This originated in an online game called Warcraft, where a map designer misspelled "owned." When the computer beat a player, it was supposed to say, so-and-so "has been owned."
Instead, it said, so-and-so "has been pwned."
It basically means "to own" or to be dominated by an opponent or situation, especially by some god-like or computer-like force."Man, I rock at my job, but I still got a bad evaluation. I was pwned."
"That team totally pwned us."
Gee, why do I feel like having another glass of merlot? HA!
HA HA HA HA!!! They will NEVER figure it out! They'll go down rather than be a balanced news source!
Here's Rooter's story
UPDATE 1-New York Times forecasts lower quarterly profit
Wed Dec 21, 2005 05:47 PM ET
(Recasts first paragraph, adds details)
LOS ANGELES, Dec 21 (Reuters) - The New York Times Co (NYT.N: Quote, Profile, Research) on Wednesday said fourth-quarter net earnings per share are expected to drop 40 percent from the year-earlier period, due to costs for staff reductions and stock compensation.
The company said fourth-quarter net earnings are expected to be in the range of 45 cents to 47 cents, including estimated expenses for previously announced staff cuts, compared with 75 cents in the same quarter last year.
Analysts expected net earnings of 58 cents per share for the fourth quarter, according to Reuters Estimates.
The costs for the staff reductions announced in September are expected to be $34 million to $37 million, or 14 cents to 15 cents per share. The company also plans to take a charge in the fourth quarter of $16 million to $17 million, or 7 cents per share, for stock-based compensation expenses.
Stock-compensation expense for the year came in higher than expected, at $31 million to $33 million. Previously, the Times Co had said it would be $28 million to $32 million.
In last year's fourth quarter, the company recorded a charge of $5.8 million, or 2 cents per share, for restructuring its NYT-TV production facility.
Aside from a slightly lower tax rate of 40.4 percent for 2005, compared with 41 percent for 2005, the company had no other change to its fiscal-year forecast for 2005 or its outlook for advertising rates for 2006.
The forecast of lower earnings comes amid a tough environment for the U.S. newspaper industry, which has lost market share, subscribers and advertising revenue to online news services. Newspaper publishers also have had to contend with rising costs and falling circulation.
Earlier this month, the New York Times Co., which also publishes the Boston Globe and International Herald Tribune, said it would not issue 2006 forecasts for earnings, revenue growth, or expense growth due to a tough advertising environment.
Shares of the New York Times Co. slid 3.4 percent or 91 cents, to $26.07 in light after-hours trade on Inet, after closing at $26.98 a share on the New York Stock Exchange.
Note where the NYT says it won't issue forcasts for '06 earnings (or lack thereof).
I guess they still think that they get to decide what is and isn't news...
I noticed that. I guess they are following the "no news is good news" theory.
Lie for food?
I wonder what the journos'll do for actual cash......heheh.
Beautiful..........Slimes et al have no place to go but down.
I guess Dads is really upset that Pinch lacks the punch to get the job done.
I expect this time next year for it to drop to $.17 per share. I think the public is going to end up looking at the NYT as the people who weakened our security and they'll take it out on anyone who advertises in the NYT.