New York Times ad revenue surges

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New York--The New York Times Co. Wednesday reported that advertising revenue for its Newspaper Group increased 16.7% in December, compared with the same month in 2001, as a result of double-digit growth at both The New York Times and The New England Newspaper Group. Total revenue for the company rose 8% percent to $840.2 million in the fourth quarter from $780.6 million a year earlier. Ad revenue grew 10%. For the full year, adjusted diluted earnings per share were $1.97, up 8% from $1.82 in 2001, and adjusted net income was $304.4 million, up 5% from $291.2 million in 2001. In the fourth quarter of 2002, advertising revenue for the Newspaper Group increased 8.4%, bringing the full-year advertising decline to 1%.
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