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  • New York Times profit drops 52%

    10/20/2005 9:29:21 AM PDT · by Halfmanhalfamazing · 40 replies · 1,518+ views
    Market Watch ^ | Oct. 19, 2005 | David B. Wilkerson
    SAN FRANCISCO (MarketWatch) -- New York Times Co. on Wednesday reported a 52% decline in third-quarter profit due to expenses related to job cuts announced earlier this year, as well as ongoing advertising weakness at its New England media properties. New York Times said it took a pretax charge of $12.4 million related to a plan announced in May to eliminate about 200 positions. On an after-tax basis, the charge was $7.5 million, or 5 cents a share. Including the charge, net income plunged to $23.1 million, or 16 cents a share, compared with a profit of $48.3 million or...