The New York Times Co. said Friday...
The New York Times Co. said Friday it lost $33.9 million in the third quarter, attributing the results to a write-off related to its closing of a newspaper in Georgia and the start-up costs of a New Jersey printing plant.
The company said that, excluding one-time accounting charges, earnings per share rose for the quarter, due to lower newsprint costs and higher advertising and circulation revenue in its newspaper group. Ad volume slipped at its flagship New York Times, however.
The media company’s loss amounted to 43 cents a share for the three months ended Sept. 30 in contrast to a profit of $1.9 million, or 3 cents a share, a year ago. Revenue for the quarter rose 9.2% to $429.7 million from $393.4 million a year earlier.
The loss for the quarter largely reflected a $48-million write-off before taxes resulting from the closing of the Gwinnett (Ga.) Daily News.
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