New York Times First-Quarter Losses Worsen

By Staff | April 21, 2009 | 8:42 AM EDT
New York (AP) - The New York Times Co. says its first-quarter losses worsened amid a dramatic downturn in advertising revenue at its newspapers.
The setback announced Tuesday was even worse than pessimistic analysts had anticipated.
The publisher of The New York Times and The Boston Globe lost $74.5 million, or 52 cents per share, in the first quarter. That compared with a loss of $335,000 at the same time last year. That was break-even on a per-share basis.
This year's first-quarter results included charges totaling 18 cents per share to cover the costs of jettisoning employees and other special items.
Revenue for the period totaled $609 million, a 19 percent drop from last year. Advertising sales plunged by nearly $124 million, or 27 percent.
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