The New York Times Company today reported a first quarter profit of $52.7 million, compared with a loss of $61.7 million last year. Excluding special items (losses from City & Suburban last year and a pre-tax gain from selling something at one of the paper mills the Times partially owns) the numbers look even more impressive: a 500% increase in profit from $16.4 million to $83.3 million.
The company’s revenues fell 3.2 percent (with an 18 percent increase in digital advertising partially offsetting a 12 percent decrease in print advertising) while costs declined 14.6 percent.
The company is not yet making as much in circulation revenue as in advertising
The About Group, which handles About.com, saw revenue rise 30 percent.