Shed no tears for them, however, as they're not quite bankrupt yet.
The New York Times Co posted a quarterly loss on Thursday as the struggling U.S. economy put further pressure on already weak advertising at the company's newspapers.Naturally, Reuters ignores the obvious: Advertising is down because readers are fleeing in droves.
The publisher posted a first-quarter net loss of $335,000, or breakeven on a per-share basis. A year ago, it reported net income of $23.9 million, or 17 cents per share, and income from continuing operations of 14 cents per share.
Its results this year included a 7-cent-per-share charge to write down assets and a 3-cent-per-share gain for a tax adjustment. Excluding special items, earnings per share from continuing operations fell to 4 cents from 17 cents in the first quarter of 2007.
Revenue dropped 4.9 percent to $747.9 million.
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