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The New York Times Company reports December Revenues
NEW YORK (Jan. 24, 2006) - The New York Times Company announced today that in December 2005 advertising revenues for the Company's business units increased 8.2% and total Company revenues increased 3.6% compared with December 2004. The increase in advertising revenues was the highest rate of growth since March 2004. Excluding About.com, which was acquired in March 2005, advertising revenues increased 5.5% and total Company revenues increased 1.6%.
"We are very pleased with our advertising results in December and the fourth quarter, when we saw strength across many categories," said Janet L. Robinson, president and chief executive officer. "January, traditionally a light month, is off to a slower start, especially in the entertainment and classified automotive categories."
All comparisons are for December 2005 to December 2004 unless otherwise noted:
The New York Times Media Group - Advertising revenues for The New York Times Media Group increased 9.2%. National advertising revenues increased as strength in financial services, corporate, telecommunications and American fashion advertising offset weakness in studio entertainment advertising. Retail advertising revenues were on a par with the prior year as growth in fashion/jewelry store and fine arts advertising was offset by softness in mass market advertising. Classified advertising revenues were on a par with the prior year as growth in real estate advertising was offset by weakness in automotive and help-wanted advertising.
New England Media Group - Advertising revenues for the New England Media Group decreased 2.1%. National advertising revenues increased as strength in financial services, health-related and telecommunications advertising offset weakness in the entertainment, travel and national automotive categories. Retail advertising revenues decreased as growth in department store advertising was offset by softness in apparel/footwear, record/books and electronic advertising. Classified advertising revenues were lower as weakness in automotive advertising offset gains in help-wanted advertising.
Regional Media Group - Advertising revenues for the Regional Media Group rose 2.5%. Excluding the North Bay Business Journal, which was acquired in February 2005, advertising revenues grew 2.0%. Retail advertising revenues decreased as softness in department stores and telecommunications advertising offset growth in the home improvement and banking categories. Classified advertising revenues increased as gains in real estate and help-wanted advertising offset weakness in automotive advertising.
The Internet ad revenues included in the three media groups above increased 30.3% due to strong growth in display advertising and in all classified advertising categories. In the fourth quarter Internet ad revenues rose 30.3% and for the year they increased 29.5%.
TimesSelect, the new fee-based product on NYTimes.com that includes The Times's distinctive columnists and extensive access to its archives as well as other features, currently has more than 390,000 subscribers, including home-delivery and online-only subscribers.
Circulation revenues for December decreased 3.7%. Circulation revenues increased at the Regional Media Group, and declined at The New York Times Media Group and the New England Media Group.
Broadcast Media Group - Advertising revenues increased 4.9%, principally due to the acquisition of KAUT-TV. Excluding KAUT-TV, advertising revenues increased 1.1%, with modest growth in automotive, home improvement and health services advertising.
About.com - About.com's advertising revenue rose in December due to strong growth in the telecommunications, technology, finance and retail categories. It also experienced increased spending from health, travel, consumer packaged goods and entertainment clients.
Advertising revenues for About.com, which was acquired in March 2005, increased approximately 22% in December, 51% in the fourth quarter and 43% for the year. The growth rates are based on the previous owner's accounting records before the acquisition date, which followed calendar months and year, and the Times Company's results after the acquisition date, which are based on its fiscal months and year. Fiscal December 2005 had 28 days compared with 31 days for calendar December 2004.
Except for the historical information contained herein, 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 retail, national and classified advertising and circulation generated by our various markets, material increases in newsprint prices and the timing and amount of savings realized as a result of our cost-control initiatives. They also include other risks detailed from time to time in the Company's publicly filed documents, including the Company's Annual Report on Form 10-K for the year ended December 26, 2004. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release can be downloaded from www.nytco.com
About The New York Times Company
The New York Times Company (NYSE: NYT), a leading media company with 2005
revenues of $3.4 billion, includes The New York Times, the International Herald
Tribune, The Boston Globe, 15 other daily newspapers, nine network-affiliated
television stations, two New York City radio stations and 35 Web sites, including
NYTimes.com, Boston.com and About.com. For the fifth consecutive year, the
Company was ranked No. 1 in the publishing industry in Fortune's 2005 list
of America's Most Admired Companies. The Company's core purpose is to enhance
society by creating, collecting and distributing high-quality news, information
and entertainment.
About About.com
Founded in 1996, About.com is the leading online source for original consumer
information and advice and was acquired in March 2005 by The New York Times
Company (NYSE: NYT), a leading media company with 2004 revenues of $3.3 billion,
and which includes The New York Times, the International Herald Tribune, The
Boston Globe, 15 other daily newspapers, nine network-affiliated television
stations, two New York City radio stations and 35 Web sites, including NYTimes.com,
Boston.com and About.com. For the fifth consecutive year, the Company was
ranked No. 1 in the publishing industry in Fortune's 2005 list of America's
Most Admired Companies. The Company's core purpose is to enhance society by
creating, collecting and distributing high-quality news, information and entertainment.
Press Contacts:
For About.com: Lisa Langsdorf, 212-204-1467 llangsdorf@about.com