New York Times Posts $40M Loss in 2011

Quarterly Profit Falls 12.2% at Times Co.

By AMY CHOZICK, New York Times

The New York Times Company reported on Thursday that its fourth-quarter profit declined 12.2 percent as rising subscription and digital advertising revenue at its largest newspapers could not offset the continued drop-off in print advertising.

Net income was $58.9 million, or 39 cents a share, compared with $67.1 million, or 44 cents a share, in the period a year earlier. The results in the latest period missed analysts’ expectations for 42 cents a share.

For the full year, the company reported a net loss of $39.7 million, or 27 cents a share, compared with a profit of $107.7 million, or 74 cents a share, in 2010.