Bulletin: NYT Co. reports Q2 financial results

The NYT Co. has just moved its second-quarter financial statement on Business Wire. The New York Times has now moved a story. Following is an excerpt of the company's statement:

The New York Times Company announced today 2010 second-quarter results.

Total revenues increased 1.2 percent to $589.6 million in the second quarter of 2010 compared with the second quarter of 2009, an improvement from the first quarter 2010 decline of 3.2 percent compared with the first quarter of 2009.

Operating costs excluding depreciation, amortization and severance declined 3.7 percent in the second quarter of 2010 versus the second quarter of 2009. On a GAAP basis, the Company's operating costs declined 4.3 percent in the second quarter of 2010 versus the second quarter of 2009.

Operating profit excluding depreciation, amortization, severance and a special item in 2009 grew 39.4 percent to $92.6 million in the second quarter of 2010 compared with $66.4 million in the second quarter of 2009. On a GAAP basis, operating profit more than doubled to $60.8 million in the second quarter of 2010 compared with $23.5 million in the second quarter of 2009.

Diluted earnings per share from continuing operations excluding severance and the special items discussed below more than doubled to $.18 per share in the second quarter of 2010 compared with $.08 in the same period of 2009. On a GAAP basis, the Company had diluted earnings per share from continuing operations of $.21 per share in the second quarter of 2010 compared with $.27 in the second quarter of 2009.

The Company continues to manage its liquidity, reducing its debt and capital lease obligations, net of cash and cash equivalents by approximately one third to $670 million from its balance at the beginning of 2009, even after making pension contributions totaling $87.5 million in the second quarter of 2010. The majority of the Company's debt matures in 2015 or later.

"These positive results continued to build on the momentum of the past few quarters as the Company was able to increase revenues and decrease operating costs," said Janet L. Robinson, president and chief executive officer, The New York Times Company. "In the second quarter, total revenues increased 1 percent, reversing the first quarter 2010 decline of 3 percent, as we experienced positive trending in both print and digital advertising revenues.

"Solid growth in digital advertising revenues, which rose 21 percent, offset a 6 percent decrease in print advertising, and advertising revenues ended the quarter roughly flat compared with the second quarter of last year. Online advertising revenues have become a larger part of our mix and made up 26 percent of the Company's total advertising revenues in the 2010 second quarter, up from 22 percent in the same prior-year period.

"Based on the early part of the third quarter, third-quarter revenue trends for print advertising are expected to improve from the levels of the second quarter, while digital advertising is expected to trend in the mid to high teens. The low-single digit circulation revenue growth we experienced in the first part of 2010 is not expected to continue in the second half of the year, as we will be cycling past the June 2009 price increases at The New York Times and The Boston Globe and thus expect 3 to 5 percent declines in circulation revenues in the third quarter.

"The Company is well-positioned to thrive in the evolving media marketplace, thanks to the significant progress we are making in reinventing our enterprise. Despite an increasingly competitive environment and volatile economic conditions, we believe that by staying committed to our brand promise of high quality journalism that engages audiences with our content across multiple platforms, when and where they want it, we will ensure The New York Times Company remains a dominant force in the media landscape."