NEW YORK (AP) — The New York Times Co. said Thursday that its first-quarter net profit dropped 51 percent, as higher costs outpaced small increases in circulation and advertising revenue.
Times Co. earned $1.7 million, or 1 cent per share, down from $3.6 million, or 2 cents per share, in the same quarter of 2013. Excluding discontinued operations, the company posted a net profit of 2 cents per share.
The recent quarter's results also included an after-tax charge of $1.5 million, or 1 cent per share, related to the early termination of a distribution agreement.
Revenue rose 3 percent to $390.4 million from $380.7 million.
Analysts, on average, expected a net profit of 3 cents per share on $384.7 million in revenue, according to FactSet.
Circulation revenue rose 2 percent to $209.7 million, helped by the addition of digital subscribers and an increase in home-delivery prices. The company added 39,000 digital-only subscribers during the quarter, bringing the total number of paid digital-only subscribers to about 799,000.
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