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New York Times Co. reports decreased revenue, but swings to profit

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New York—The New York Times Co. reported Thursday that its revenue decreased 3.2% to $587.9 million in the first quarter from $607.1 million in the year-earlier period. The company posted net income of $12.8 million for the first quarter, compared with a net loss of $74.5 million for the same period last year.

The company said it cut its operating costs 18% to $535.2 million in the first quarter. Its digital ad revenue increased 18.3%, but print ad revenue fell 12.3%. About.com’s revenue increased 29.3% to $34.7 million, bolstered by strength in cost-per-click and display ad rates. The company said its net debt stood at $670.8 million.

“As the quarter progressed, we saw [an] acceleration in the rate of advertiser spending across our newspapers, Web sites and other platforms, reflecting a firming of economic conditions,” Janet L. Robinson, the company’s president-CEO, said in a statement. “The company’s continued progress in our long-term strategy to restructure our cost base and reposition our businesses also contributed to the growth in our operating profit. Our liquidity position improved during the first quarter as a result of strong cash flow from operations, which provided us with increased financial flexibility,”

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