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!!!
Agreed.
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.
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