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New York Times Co. reports drop in second-quarter earnings

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New York—The New York Times Co. reported Thursday that its net income for the second quarter 2005 was $60.8 million, down from $75.7 million in the second quarter of last year. The results of the second quarter 2005 include a pre-tax charge of $10 million associated with the company’s job cuts and a $6.6 million charge for stock-based compensation expenses (compared with $1.5 million in the second quarter of 2004). Total revenue for the quarter rose 2.6% to $845.1 million, compared with $823.9 million in the year-earlier period. Excluding About.com, which the company acquired in March 2005, total revenue increased 1.1%. Advertising revenue (68% of total revenue) grew 3.8%; excluding About.com, advertising revenue increased 1.7%.

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