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New York Times CEO Discusses Q4 2010 Results Thank you and good morning everyone. Welcome to our fourth quarter 2010 earnings conference call. We have several members of our senior management team here to discuss our results with you including Janet Robinson, President and CEO; Jim Follo, Senior Vice President and Chief Financial Officer; Scott Heekin Canedy, President and General Manager of The Times and Martin Nisenholtz, Senior Vice President of Digital Operations. All of the comparisons on this conference call will be for the fourth quarter of 2010 to the fourth quarter of 2009, unless otherwise stated. Our discussion will include forward looking statements and our actual results may differ from those projected. Some of the factors that may cause them to differ are included in our 2009 10 K. Thank you Paula and good morning everyone. Our fourth quarter and full year results reflects both the transformation our industry is undergoing and the choppy form the economic recovery is taking. During this time, we took decisive actions as demonstrated by the fact that our operating profit before depreciation, amortization severance and special items increased 20% for the year compared with 2009, with slightly lower overall revenues offset by a greater buy ugg slippers online improvement in cost savings. The year did improve proved more challenging as it progressed with operating profit on that same basis declining 7% in the fourth quarter as revenues declined slightly more than cost improved during that period. Last year s progress on the print advertising front and a steady double digit growth in our digital advertising numbers are proof of our enduring brand strength. While we ended the quarter and the year slightly down in overall advertising revenue, 2010 provided significant evolution encouragement for our company in many ways. We are well positioned to capitalize on the digitization of our content in the coming year and we remain confident in our new online pay strategy and the company s overall future. In the fourth quarter, the advertising marketplace remained volatile, as the 11% increase in digital advertising could not fully offset the 7% decline in our print advertising. We were able to reduce the company s operating expenses before depreciation, amortization and severance in the quarter by 2% or $10 million even in the face of very tough comparable numbers, resulting from 2009 s steep expense cuts. The cost decline in the quarter was 5% on a GAAP basis. We maintained our relentless focus on managing cost in the fourth quarter to mitigate the effects of revenue declines on our operating performance. In addition to the operating profit metrics I mentioned earlier, on a GAAP basis, we reported operating profit from continuing operations of $112 million in the fourth quarter compared with $136 million in the same period of 2009. And for the full year, our operating profit totaled $234 million, more than triple the $74 Ugg Uggs Classic Short Tan Boots million we ve reported in 2009. Diluted earnings per share from continuing operations excluding severance expense and special items, were $0.46 in the fourth quarter compared with $0.44 in the same period of 2009. On a GAAP basis we reported diluted EPS of $0.44 from continuing operations in the quarter compared with $0.48 in the fourth quarter 2009 period. Our Digital offerings continue to gain momentum in the fourth quarter. Separately in October we launched our expanded content NY Times App for the iPad, which fills on our initial editors choice app and offer access to more than 25 sections of Times content with an impressive array of videos and photos. The expanded content iPad app has received stellar reviews so far and advertisers such ugg boots where to buy as Mercedes Benz and Bank of America have leveraged our ability to create rich advertising experiences that build on the unique capabilities of the device. As a result, we have multiple commitments from advertisers well into 2011. We are seeing a very wide range of advertisers that are committing to the iPad app from luxury to technology to entertainment. We have worked closely with those clients to deliver innovative engaging advertisers for advertising that readers react to and remember. We remain focused on diversifying our revenue streams and strengthening our digital businesses. The e reader application business has proven to be a vibrant market where consumers are willing to pay for quality content through an immersive reading experience similar to that of a print newspaper. Today some of the e reader platforms that offer content from our publications include the Nook, Sony Reader, Kindle, Kobo Reader and our PC and Mac reading applications. We charge across all of these platforms and we have excelled in these customer monetization efforts. Another one of our strategic focuses is managing our asset portfolio. Early in the fourth quarter, we made $4 million investment in Ongo, a personalized consumer news service that allows users to read and share digital news from multiple publishers on a single interface, with similar contributions coming from the Washington Post and Gannett. This subscription based service launched just last week and now features top stories from the New York Times and the Boston Globe as well as content from a variety of other leading news providers. Ongo is accessible through any major web browser on computers, smartphones and tablets and offers a variety of convenient customization features that we believe will appeal to our readers. Now let me offer some more depth on our fourth quarter revenues. Total revenues for the company declined 3% with advertising revenues down 3%, circulation revenues down 4% and other revenues up 3%. Steady growth in digital advertising revenues, which rose 11% partially, offset a 7% decrease in print advertising revenues. Online advertising revenue continued to its share of revenue and made up 26% of our total ad revenues in the quarter, up from 23% in the fourth quarter of 2009. At the News Media Group which includes the New York Times, New England and the regional media groups, continued strength in digital advertising which was up 20% could not offset the 7% decrease in print advertising. The Group s total advertising revenues which declined 3% year over year in the quarter increased 1% in October, 4% in November and declined 13% in December. A large amount of expected year end ad spending did not materialize in December compounded by difficult 2009 comparison numbers. Digital advertising remained resilient led by growth in international display. In the fourth quarter we also saw gains in retail display as well as two of the major classified advertising categories, real estate and automotives. By total advertising category, national and retail revenues were each down 2% and classified was down 8%. Within the classified area, recruitment was down 1%, real estate declined 6% and automotive was down 15%. Breaking down the News Media Group into its component properties, at the Times Media Group, advertising revenues were down 3% in the quarter as growth in digital display and classified advertising were more than offset by print declines. Aggregate classified advertising at the Times Media Group decreased in all three major categories, automotive, real estate and recruitment. But retail advertising revenues showed positive growth for the quarter in both print and digital. Aggregate national advertising was down 3% and the national print ad categories where we saw the largest declines were telecommunications where wireless carriers reduced spending and we were faced with tough 2009 comparison numbers; financial services as bank spending declines offset impressive gains from investment firms and insurance companies; and national automotive, where domestic manufacturers reduced spending and the category was up against difficult 2009 comparisons. The national print ad categories where we saw the largest gains were hotels, based on substantial increases from a variety of properties and travel destinations, books which saw a strong growth from publishers; and international fashion driven by gains from top designers.
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New York Times Q3 2007 Earnings Call Transcript Good day and welcome to the New York Times third quarter 2007 earnings conference call. ( Instructions) For opening remarks and introductions, I would like to turn the conference over to Ms. Catherine Mathis. Please go ahead, Madam.Thank you and good morning, everyone. Welcome to our third quarter earnings conference call. We have several members of our senior management team here today to discuss our results with you, and they include: Janet Robinson, our President and CEO; Jim Follo, our Senior Vice President and Chief Financial Officer; Scott Heekin Canedy, President and General Manager of The New York Times; and Martin Nisenholtz, Senior Vice President, Digital Operations.Our discussion today will include forward looking statements and our actual results may differ from those predicted. Some of the factors that may cause them to differ are included in our 2006 10 K.An archive of this call will be available on our website, as will a transcript and a version that s downloadable to an MP3 player. An audio replay will be available and the directions for it are in our press release.With that, let me turn the call over to Janet Robinson.Thank you, Catherine and good morning, everyone. Today we reported third quarter earnings per share from continuing operations of $0.10, compared with $0.06 in the same period a year ago. This year s third quarter included $0.05 per share of accelerated depreciation expense for assets at our Edison, New Jersey plant. In last year s third quarter, we had a $0.03 loss on the sale of our stake in the Discovery Times Channel. Excluding these two items, our third quarter EPS was $0.15 compared with $0.09 last year.Operating profit before depreciation and amortization grew 46.4% to $79.9 million, compared with $54.6 million in the third quarter last year. The headlines this quarter are improved national advertising, including robust growth in online advertising, gains in circulation revenues, and continued cost discipline.Before we go into detail on the quarter, I would like to stand back and take a broader view of what we ve accomplished as it relates to our strategy, which includes introducing new products, both in print and online, building our innovation capability, and aggressively managing cost. I will briefly review our recent accomplishments in each of these strategic areas.The Times company has powerful and trusted brands whose relevance and superior quality draw educated and affluent audiences. It is true in print and it is true online. As you have heard us say in the past, we are focused in introducing new products and services cheap kensington ugg boots across platforms that preserve and enhance our brands and add to revenues.On the print side, we introduced several new ad formats, such as the Spadia, a wraparound ad that NBC used to debut its Fall lineup.New print publications at the Globe, such as Fashion Boston and Design New England, added to revenues during the quarter. We also introduced new e mail products in movies, books, and real estate, and added several new areas of original web content.Our second strategic focus is to build a vibrant, long term innovation capability that enables us to anticipate consumer preferences and create ways to satisfy them. One area that consumers are increasingly turning to for news and information is mobile.Our research and development group is working with all of our operating units to develop new mobile applications. Readers and advertisers have embraced this new application with many of the major real estate firms buying listings. The Times mobile website has been experiencing enormous growth in page views, more than doubling from the beginning of July to the end of September.In addition to real estate listings in the third quarter, the Times rolled out mobile stock quotes and movie times. New mobile applications are also being launched in Boston and at the regionals.Another area of strategic focus is to increase our operational efficiency to reduce costs. This quarter, our operating costs, excluding depreciation and amortization, decreased 1.5%. As a matter of fact, for the past four quarters, we have achieved year over year cost reductions, ugg outlet carlsbad excluding depreciation and amortization, and the effect of an extra week in the fourth quarter of last year.And as we said last quarter, we expect to reduce our year end 07 cost base by about $230 million in 2008 and 2009, excluding the effects of inflation and certain one time costs. About $130 million of these savings are expected in 2008. This is an important part of our ongoing efforts to manage the business to match the changing dynamics in our market.Turning now to the details of the quarter, ad revenues at the news media group decreased 1.4%. Real estate advertising, our largest classified category, continued to be affected by the nationwide slowdown in the housing market. Excluding the real wrentham ugg outlet estate category, ad revenues increased 1.4%.At the Times media group, ad revenues increased 3.7% in the quarter, led by growth in national advertising. September, as you saw from our revenue release, was particularly strong. National print categories that performed well in the quarter included: studio entertainment, which benefited from the success of the Fall film preview and from the strong performance of a number of films, particularly in September; international fashion, driven by continued strength throughout the quarter and by the T women s fashion issue, which had the largest number of advertising pages of any New York Times magazine since 1984; and corporate, which saw increases from a variety of advertisers, namely in the energy and industrial materials sectors.The main national print categories where we saw declines were: telecommunications, which was down as wireless carriers reduced spending; technology products, which decreased mainly due to multi page campaigns from last year that did not repeat in the third quarter; and national automotive, down mainly because of less advertising from domestic automakers as they restructure their business and rethink their marketing plans.Classified advertising decreased in all three major categories real estate, automotive, and recruitment. At the Times, much of the decline was in residential real estate because of continued softness in the local and national housing markets.Retail advertising revenues were down mainly due to decreased advertising from national chain stores, home furnishing stores, and department stores. As I said earlier, new products and ad formats, such as the Spadia, helped improve revenues in the quarter. Advertisers have expressed strong interest in using these new ad formats. For the remainder of the year, more new products are planned.One area where we have had notable success is with the T magazines, which focus on fashion, beauty, travel and home design. We will continue to develop this franchise.In early December, we plan to launch T Online, a new web offering. We are in the processing of selling this exciting new digital magazine to luxury advertisers.The New England Media Group continues to grapple with a soft advertising climate. Third quarter advertising revenues decreased 5.7% due to softness in the classified and retail categories. Ad revenues in the national category continued to improve in the third quarter. Strong national categories were banking, which benefited from increased competition in the Boston marketplace, studio entertainment, hospitals and healthcare, and telecommunications. Soft categories were national automotive and travel.