Despite all the financial moves the New York Times Company (NYSE: NYT) made in Q2, it wasn’t enough to stem the tide of declining profits and revenues. While both operating profit (down 42.2 percent to $23.3 million from $40.3 million in Q208) and revenues (down 21 percent to $584.5 million from $741.9 million) fell dramatically, EPS was up 85 percent due to an unusual tax situation. In a statement, NYTCo CEO Janet Robinson noted that the company reduced its debt by roughly $45 million, and pointed to the recent sale of its New York City classical-radio station (also for $45 million), and hopes for a potential sale of the company’s stake in New England Sports Ventures. The company also said it reduced operating costs by 20 percent.
The NYTCo’s total internet revenues fell 14.3 percent to $78.2 million, as online ad dollars slipped 15.5 percent to $68 million. In all, online accounted for 13.4 percent of the Company