New York Times reports yearly profit, quarterly loss

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New York--The New York Times Co. reported higher profits for 2001, despite a steep loss in the fourth quarter due to the weak ad economy.

Net income for 2001 was $444.7 million, or $2.78 per share, compared with net income of $397.5 million, or $2.32 a share, in 2000. Revenue for the year was just over $3 billion, down 10.6% from $3.4 billion in 2000.

For the fourth quarter, net income was $76.9 million, or 50 cents a share, down 31.5% from $112.1 million, or 68 cents a share, for the same period in 2000. The figures exclude severance costs in the fourth quarter and a gain from the sale of three regional newspapers in 2000.

Revenue for the fourth quarter totaled $780.6 million, down 15.8% from $927.1 million in the fourth quarter of 2000.

Advertising revenue for the quarter was $478.9 million, down 17.5% from $580.7 million a year earlier.

--Kate Maddox

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