New York Times remains cautious despite revenue rise

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Claire Billings,

July 18, 2002

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New York Times remains cautious despite revenue rise

LONDON - US publisher The New York Times Company said second-quarter revenues rose 1.6% to $772.2m (£492m) up from $760.3m a year earlier, helped by a 1.8% rise in revenues at its flagship newspaper The New York Times.

Second-quarter net income at the group was down 71.3% to $78.8m or 51 cents a share, compared with net income of $274.7m last time.

The company said that the previous year's income was boosted by the sale of its magazine group, which brought in $241.3m, while industry-wide accounting changes accounted for adjustments of $9.2m.

However, despite the rise in revenues the company said it remains cautious about the outlook for the second half of the year.

The publisher said it expects third-quarter earnings would be 34 to 38 cents a share, while earnings for the full year would be $1.90 to $2 a share.

The company's third-quarter forecasts are well below analysts' estimates of 41 cents a share, according to Thomson First Call.

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