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Enron Mail |
The New York Times Co. reported a sharp drop in earnings for 3Q01 as advertising revenues, which were already on the decline, fell further in the wake of the September attacks. The Times posted net earnings of $43.8 million in the 3 months ended September 30, down 42% from $75 million in the same period in 2000. Total revenues fell 9%, compared to $767.7 million in the same period in 2000 and were led by a decline of 16% in advertising revenues. On a positive note, for all of September, average daily circulation of the paper increased by about 130,000 copies, and NY Times is hopeful that a good portion of the new readers will stay with the Times, adding to its circulation base. This earnings decrease was expected, as many leading publishers have been hurt by a advertising slump and the September attacks.
Ayesha
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