Thursday, April 19, 2007

Way to go Pinch . . . The NYT continues its Drop in Value

This is almost better then sex. The New York Times, more today a 527 advocacy organization then a newspaper, continues its steady march towards oblivion under the stewardship of Pinch Salzberger.

The string of bad business news for the New York Times Company and its shareholders grows longer and longer with each passing quarter. First quarter earnings were down a whopping 26%, propelled by trouble in the advertising print market, write-offs for the closing of the company's Edison, NJ printing plant, and slowing growth in the internet business, intended to replace print media as the driver of company growth. The write-offs on the printing plant will continue for some time.

All comparisons with last year exclude the business results of the company's television station group, which was sold last year. The starkest comparison, to my mind, comes with this data:
Income from continuing operations dropped to $20.1 million, or 14 cents per share, from $30.5 million, or 21 cents per share, in the previous year.

It doesn't take much projecting forward a comparable rate of decline to see real trouble ahead in just a few years.

What better news can there be for America today. Actually, to make it even better, NYT stock value is down over 50% from its high just 5 years ago. Unfortunately, I can't copy the 5 year stock chart, but trust me, it looks like a killer ski slope. Read the entire post here.

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