NEW YORK (AP) — The New York Times Co. reported a sharp decline in its first-quarter earnings on Thursday mainly because businesses it sold last year were not included in the latest results.
The company earned $3.1 million, or 2 cents per share, in the January-March period. That's down 93 percent from $42.1 million, or 28 cents per share, in the same period a year ago.
Excluding severance costs and the results of businesses the company has sold, earnings were 4 cents per share in the latest quarter, matching Wall Street's expectations but down from 5 cents per share in the first quarter of 2012.
Revenue fell 2 percent to $465.9 million from $475.4 million.
Analysts, on average, were expecting revenue of $469.1 million, according to a poll by FactSet.
Advertising revenue dropped 11 percent to $191.1 million from $215.2 million.
Circulation revenue rose 7 percent to $241.8 million from $227 million, as the company attracted more people who signed up for digital and print subscriptions. It ended the quarter with 708,000 digital-only subscription accounts, up 45 percent from a year ago.
The Times Co.'s stock rose 21 cents, or 2.3 percent, to $9.21 in afternoon trading. The company's stock is up nearly 8 percent in 2013.
The company announced new products aimed at growing revenue. Its plans include lower-priced subscriptions as well as premium subscriptions, e-commerce and enhanced video.
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