The company, which will soon add new sections to its flagship, The New York Times, continues to struggle with the ad slump, as ad revenue fell 9.7% last month following an 8.9% drop in February. It said national advertising revenue declined because of softness in financial services, transportation, technology products, telecommunications and corporate advertising.
First-quarter earnings fell 14.6% to $59.6 million, from an adjusted $69.8 million in the first quarter of 2001, excluding special items. Including special items, net income was $54.5 million, down 22.7% from an adjusted $70.5 million for the first quarter of 2001.
"Our first-quarter financial results were favorably affected by a very strong circulation revenue performance, a continuation of our rigorous cost-control initiatives and a recovering U.S. economy," said Russell T. Lewis, president-CEO, in a statement. "Additionally, we benefited from the continued improvement at NYTD, our digital division, where revenues rose and we achieved our third consecutive quarter of operating profit."