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New York Times Co.’s revenues and profit drop

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.

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Total company revenue for the third quarter of 2012 was $449 million, down 0.6 percent on a year-to-year comparison basis. Advertising revenues fell 8.9 percent, and circulation revenues rose 7.4 percent, the company said.

Digital advertising revenue fell 2.2 percent primarily because of lower national display and real estate classified advertising revenues,.

The company’s digital business is principally,, and and The Boston Globe’s e-readers had about 26,000 paid subscribers, up about 13 percent since the end of the second quarter, the company said.

Total third-quarter revenue for the New England Media Group was $93.7 million, down 1.1 percent from a year ago, while advertising revenue fell 6 percent to $41.7 million. The group includes the The Globe,,, and the Worcester Telegram & Gazette.

Times Co. chairman and chief executive Arthur Sulzberger Jr. said: “While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose led by the ongoing expansion of our digital subscription base.

“Digital subscription trends have remained robust and at quarter end, paid digital subscriptions across the company totaled approximately 592,000, up 11 percent from the end of the second quarter.”

The company continues to shed assets. On Sept. 4, the first day of its fiscal fourth quarter, the company completed the sale of the About Group for $300 million in cash, plus a net working capital adjustment of approximately $16 million.

Times Co. shares fell $2.34 to $8.31

Chris Reidy can be reached at
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