New York Times Co. earnings flat in second quarter; June ad revenues up slightly

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New York—New York Times Co. said Tuesday that its second-quarter earnings were $61.3 million, compared with earnings of $60.8 million in the second quarter of 2005, while the cost of shares remained flat at 42 cents a share, which this year includes an after-tax charge of $5.3 million, or 4 cents a share, associated with staff reduction.

Total revenue rose to $858 million from $845.1 million.

Advertising revenue through the second quarter rose 1%. The Times said it was adversely impacted by the timing of Easter, which fell in April this year, rather than March.

Meanwhile, the Times said that June ad revenues for the company’s business units increased 0.7% while total company revenue grew 1.2%.

Advertising revenues for the New York Times Media Group, which includes The New York Times and, among other properties, rose 1.5%. Ad revenues for the Times’ New England Media Group, which includes the Boston Globe, decreased 10% while ad revenues for the Regional Media Group, which includes 15 daily newspapers such as the Sarasota Herald Tribune, grew 3.3%.

Web revenues for all three media groups grew 22.7% due to robust growth in both display and classified advertising. Through the second quarter, the Times’ Web revenue is up 24% overall.

—Matthew Schwartz

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