New York Times photo: Boris shows Natasha the plan to discredit President Bush with Wilson's lies!
Thanks to Phil,we have this photo showing how the NY Slimes plotted with Boris to use lies against President Bush!
Posted on 07/15/2003 6:29:25 PM PDT by Timesink
By Michele Gershberg
NEW YORK (Reuters) - The New York Times Co. said Tuesday second-quarter net profit fell 8 percent as advertising slumped at its newspapers during the Iraq war, but the company pledged more stringent cost controls.
The results followed the appointment on Monday of Bill Keller as executive editor at The New York Times newspaper, whose reputation was rocked by a plagiarism scandal. Company executives have said that the affair, though a blow to the Times's prestige, would not hurt its business.
The company, which also publishes the Boston Globe and International Herald Tribune, said earnings fell to $72.8 million, or 47 cents per share, in the second quarter, from $78.8 million, or 51 cents.
Earnings came in a penny above the average estimate of 46 cents per share, according to tracking firm Reuters Research, a unit of Reuters Group Plc.
New York Times Co. Chief Executive Russell Lewis said Tuesday the company expected "an improved ad environment" later this year, but would carry out capital expenditures more slowly than planned and cut other costs to bring back profit growth.
"Accordingly, we have revised our full-year guidance to incorporate a lower level of expenses and a significantly reduced level of capital expenditures," Lewis said.
The Times maintained its outlook that advertising revenues for its newspaper group, excluding the International Herald Tribune, would grow between 3 percent and 5 percent for all of 2003, but revised annual expenditure growth down to a 3.5 percent to 4.5 percent rise from a previous 4.5 percent to 5.5 percent increase.
The company will make a $50 million reduction in capital expenditures for projects now postponed until the economy improves, company officials said during a conference call. The Times said it expected annual expenses, including the International Herald Tribune, to rise 6.5 percent to 7.5 percent.
The Times said it expected to meet earlier estimates of low to middle single-digit EPS growth for the year.
James Marsh, an analyst at SG Cowen Securities, said the Times posted slightly softer revenues than he had expected, but noted the newspaper group's efforts to cut costs aggressively.
"I think part of that (softer revenue) is driven by their geographical diversity ... It has a lot of exposure to the Northeast, which we keep hearing is a weaker ad market than the rest of the U.S. I think that will eventually turn, but not in the near term," Marsh said. He rates the stock a "hold."
Total revenues for the media company rose to $801.9 million in the quarter from $772.2 million a year earlier. The revenue results were helped in part by the inclusion of the International Herald Tribune in newspaper group results this year. In January, the Times purchased the 50 percent of the paper it did not already own.
Advertising slumped in March and April during the U.S.-led war in Iraq, company officials said. They said help-wanted advertising declined 21 percent during the quarter and travel advertisements suffered as the SARS respiratory disease scare hit Asia.
Advertising revenues grew 3.4 percent and circulation revenues rose 4.4 percent in the quarter, the company said. Total costs rose 6.6 percent, felled by a 6.3 percent rise in newsprint prices.
New York Times Co. shares closed 54 cents higher at $44.45 on Tuesday on the New York Stock Exchange.
Reuters/VNU
New York Times photo: Boris shows Natasha the plan to discredit President Bush with Wilson's lies!
Thanks to Phil,we have this photo showing how the NY Slimes plotted with Boris to use lies against President Bush!
They are making an obscene $24 million a month and it’s not enough, they insist on more!
We know it’s not going to be Punch and Pinch coming under “more stringent cost controls” it’s going to be the little people, the women, children and minorities will be the hardest hit by the NYT greed! Not to mention the NYT will “invest” less in taxes to the government to support the needy.
Truly outrageous behavior by the New York Times!
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