The New York Times Company reported a 51.4 percent decline in third-quarter profit Thursday and said it is looking for ways to reduce its debt.
Ad revenues dropped 16 percent for the quarter due to the decline in print sales, particularly classifieds. Circulation was up, but only by 1 percent, most likely due to the recent increase in newsstand and home-delivery prices.
But online sales rose 10 percent and traffic increased 15 percent in September, said president and CEO Janet L. Robinson, who noted that they will continue to look at ways to minimize costs in light of the struggling economy.
"As part of our analysis of our uses of cash, we are evaluating future financing arrangements. Based on the conversations we have had with lenders, we expect that we will be able to manage our debt and credit obligations as they mature,” she said.
Photo: Flickr/hiddenloop
