The New York Times Co., owner of The Boston Globe as well as The New York Times newspaper, reported net income of about $2.3 million, a drop of nearly 86 percent from the same quarter a year ago, when the company took several one-time items, including a gain from the sale of investments and a charge for paying down debt.

The Times Co. is a smaller organization than it was a year ago. In January, the company sold 16 regional newspapers for about $150 million.