NEW YORK, Mar 02, 2011 (BUSINESS WIRE) -- The New York Times Company (NYSE: NYT) today will discuss its business and strategy at the Morgan Stanley Technology, Media & Telecom Conference.
"The improvement in print advertising trends that we began to see in late January continued into February, and we finished the month with print advertising revenues down in the low-single digits," said Janet L. Robinson, president and chief executive officer. "Similar to January, digital advertising revenues in February were up in the mid-single digits, as solid growth at the News Media Group was partially offset by softness at the About Group.
"We continue to expect circulation revenues in the first quarter to decrease in line with the declines we experienced in the second half of 2010. While we continue to aggressively manage our costs, we expect operating expenses in the first quarter to increase 1 to 2 percent mainly due to higher newsprint prices, pension expense and promotion costs.
"The pay model for NYTimes.com is in the final testing phase, and we expect it will launch shortly."
Except for the historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of national, retail and classified advertising and circulation generated by the Company's various markets, material increases in newsprint prices and the development of the Company's digital businesses. They also include other risks detailed from time to time in the Company's publicly filed documents, including its Annual Report on Form 10-K for the fiscal year ended December 26, 2010. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
The New York Times Company, a leading media company with 2010 revenues of $2.4 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 15 other daily newspapers and more than 50 Web sites, including NYTimes.com, Boston.com and About.com. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.
This press release can be downloaded from www.nytco.com
SOURCE: The New York Times Company
The New York Times Company
Paula Schwartz, 212-556-5224
Abbe Serphos, 212-556-4425