The company reported a loss of about 3 cents a share for the third quarter compared to a 2009 third quarter loss of 25 cents a share.
Total revenues decreased 2.7 percent in the third quarter of 2010 compared with the third quarter of 2009 as advertising and circulation revenues declined 1.0 percent and 4.8 percent, respectively. Increased digital advertising revenues, which rose 14.6 percent, partially offset a 5.8 percent decrease in print advertising revenues.
Other highlights in the report include:
Operating costs excluding depreciation, amortization and severance increased 0.8 percent in the third quarter of 2010 versus the third quarter of 2009. On a GAAP basis, the Company’s operating costs increased 0.1 percent in the third quarter of 2010 versus the third quarter of 2009.
Operating profit excluding depreciation, amortization, severance and the special items discussed below declined 23.6 percent to $62.0 million in the third quarter of 2010 compared with $81.2 million in the third quarter of 2009. On a GAAP basis, the Company had an operating profit of $9.0 million in the third quarter of 2010 compared with an operating loss of $23.7 million in the third quarter of 2009.
Diluted earnings per share from continuing operations excluding severance and the special items discussed below were $.07 per share in the third quarter of 2010 compared with $.16 in the same period of 2009. On a GAAP basis, the Company had a diluted loss per share from continuing operations of $.03 per share in the third quarter of 2010 compared with $.24 in the third quarter of 2009.
The Company reduced its debt and capital lease obligations, net of cash and cash equivalents, by more than one third to approximately $646 million from its balance at the beginning of 2009. The majority of the Company’s debt matures in 2015 or later.
Here is the transcript of the conference call with Times senior management.
No comments:
Post a Comment