NY Times Q1 Revenue Up, CFO To Retire
July 18, 2006 at 4:53 PM (PT)
THE NEW YORK TIMES CO. Broadcast Media Group revenues rose 5.2% to $39.1 million in first quarter, but only 1.6% excluding newly-acquired UPN affiliate KAUT-TV/OKLAHOMA CITY. The division, which includes the company's sole radio properties, Classical WQXR/NEW YORK and LMA'd-to-RADIO DISNEY WQEW-A/NEW YORK, showed a 5.7% operating profit increase to $9.7 million. The company's overall revenues rose 1.6% to $858.7 million, with net earnings slightly up from $60.8 to $61.3 million (42 cents/share).
The paper announced that CFO LEONARD FORMAN plans to retire next year and will stay on until a successor is named; in addition, the paper will reduce the page size at its flagship paper and will sublet its EDISON, NJ printing plant, moving regional printing to a QUEENS, NY plant and laying off 250 production jobs.