The New York-based company's net income for the fourth quarter was $53 million or $0.37 per share, compared to a net loss of $648.03 million or $4.50 per share in the prior year. Income from continuing operations was $52.64 million or $0.37 per share, compared to a loss of $660.87 million or $4.59 per share in the earlier year.
Excluding special items, earnings per share from continuing operations were $0.44 in the fourth-quarter, down from $0.46 in the same period a year-ago.
On average, 10 analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.48 per share for the quarter.
Fourth-quarter results from continuing operations included a non-cash charge of $11.0 million related to the write-down of an intangible asset at the Worcester Telegram & Gazette. The recent quarter results also include a non-cash charge of $7.1 million pertaining to the write-down of 49% investment in Metro Boston, LLC, which publishes a free daily newspaper in the Greater Boston area.
Total revenues declined to $865.76 million from $931.48 million in the previous-year quarter. Eight Wall Street analysts expected revenues of $881.82 million for the period.
Segment wise, New Media Group revenues decreased to $835.04 million from $907.26 million in the same period last year. About Group revenues were $30.71 million, up from $24.22 million in the prior-year period. Advertising revenues decreased 9.1%; circulation revenues declined 4% and other revenues increased 1.3%.
Operating profit was $101.51 million, compared to operating loss of $685.2 million a year ago. Excluding depreciation and amortization and the special items, operating profit from continuing operations was $159.2 million, down from $169.8 million in the same quarter last year.
Net interest expense for the quarter decreased to $10.9 million from $11.6 million due to lower levels of short-term debt partially offset by lower capitalized interest.
For the full year, New York Times posted net income of $208.7 million or $1.45 per share, compared to a net loss of $543.44 million or $3.76 per share in the previous year. Income from continuing operations was $108.94 million or $0.76 per share, in comparison with a loss of $568.17 million or $3.93 per share a year ago.
Total revenues for the year decreased to $3.2 billion from $3.29 billion last year.
Looking ahead, the company expects a reduction in costs from its year-end 2007 cash cost base of a total of about $230 million in 2008 and 2009, excluding the effects of inflation and certain one-time costs. About $130 million of these savings are expected in 2008.
In a separate release, New York Times said its December total company revenues from continuing operations decreased 22.4% to $254.83 million from $328.4 million in the same period last year. The company stated that its fiscal calendar included an additional week. Excluding the additional week, total company revenues from continuing operations were $254.83 million, down from $277.57 million last year.
Total advertising revenues from continuing operations for the period decreased to $164.46 million from $219.77 million in the preceding-year period. Excluding the additional week, total advertising revenues from continuing operations fell to $164.46 million from $186.93 million last year.
NYT is currently trading at $16.10, down $0.55 or 3.30%, on a volume of 3.5 million shares.
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