Reporting its results today, the New York Times Company announced that full-year net income was up by 4.5% from $291.2m (£178m) in 2001 to $304.4m. For the fourth quarter, the increase was 24% from $86.1m to $106.7m.
Total advertising revenue at the New York Times Co, which also publishes the International Herald Tribune, the Boston Globe and 16 other regional titles, rose by 8.4% for the quarter to $519m.
National advertising revenues, traditionally worst hit in an advertising downturn than regional revenues, showed the greatest increase. The New York Times said that entertainment, telecoms, books, healthcare and live entertainment were the areas showing most gains. Retail advertising also increased.
For the full year, advertising revenues at the New York Times Co's newspaper group were down by 1% on 2001 at $1.85bn.
Russell Lewis, president and CEO, at the New York Times Co, said: "The year had a strong finish, with earnings improving significantly in the fourth quarter as a result of robust revenue growth across all of our business divisions. Advertising revenues, which rose 10.1%, continued to strengthen during the quarter, as they have since the beginning of 2002."
He said that the company believed that an improving ad market would enable it to achieve earnings per share growth of between the mid-single digits to the low-double digits.
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