First quarter earnings for the New York Times Co. were reported incorrectly as $65.4 million in yesterday's editions because of a typographical error. The correct figure is $6.54 million.
The New York Times Co. today reported record profits in the first quarter with much of the gain coming from significant increases in circulation and advertising revenues at the Times newspaper.
Chairman Arthur Ochs Sulzberger told stockholders at the firm's meeting in Town Hall th7050at he was "particularly gratified" by the performance of the daily newspaper itself, which until 1976 had been a relatively weak contributor to overall profitability of the parent company.
Times Co. earnings for the quarter ended March 31 totaled $65.4 million (47 cents a share), up 96 per cent from $2.7 million (24 cents) in the same period last year, which was abnormally depressed by strikes against newsprint affiliates in Canada that were settled in mid-February, 1976.
Consolidated revenues from continuing operations also were at the highest level in Times Co. history for the recent quarter - up 12 per cent to $116.5 million.
Sulzberger told about 200 stockholders and employees that Times newspaper circulation for the recent quarter averaged 856,904 daily, up 25,428 from the same period a year ago. Sunday circulation rose slightly to 1.48 million from 1.478 million. More significantly, pre-tax profits of the nation's fourth-largest daily newspaper (second-largest on Sundays) rose 64 per cent to $3.14 million from $1.91 million.
Much of the newspaper's recent gains have been attributed to what Times officials are describing as "The New York Times" - the additions of four suburban weeklies on Sundays, a redesigned and expanded book review section on Sundays, upgrading of the Sunday magazine, expanded business and financial coverage, and the new Living, Home and Weekend sections on Wednesdays, Thursdays and Fridays.
Profits of Times affiliated companies meanwhile, were off in the first quarter despite an increase of 7 per cent in revenues for consumer magazines, book publishing, broadcasting and newspapers in Florida and North Carolina. Sulzberger said a slight dip in pretax profits for these firms - to $4.37 million from $4.56 million - was due, in part, to startup expenses for the firm's newest publication, U.S. magazine.