• by Gavin O'Malley  @mp_gavin, February 10, 2010

The New York Times Company on Wednesday credited digital ad dollars with helping to soften the blow of another disappointing quarter.

"In the fourth quarter total advertising revenues declined approximately 15% compared with the fourth quarter of 2008, as a 20% decrease in print advertising was offset in part by growth in digital advertising, which rose nearly 11%," Janet Robinson, The New York Times Co.'s president and CEO, said Wednesday.

What's more, "While the advertising market remains challenging, the rate of decline across the major advertising categories -- national, retail and classified -- lessened as the quarter progressed," Robinson added.

On another digital front, The Times Co. reported a healthy quarter for the About Group, for which fourth-quarter operating profit rose 80% to $18 million, while its ad revenues grew 23% on healthy gains in both cost-per-click and display advertising.

"Once again we were encouraged by the strong performance at the About Group," said Robinson.

That said, the future remains uncertain for the publishing company. "Looking ahead, visibility remains limited for advertising," said Robinson. "In the first quarter of 2010, we expect the rate of decline for print advertising to continue to improve modestly from the fourth quarter of 2009, while digital advertising is expected to perform in line with the fourth-quarter level."

Robinson said The Times Co. remains on track to launch what is being called its "metered model" -- which involves charging for high levels of online content consumption -- by next year.

As to why the company is holding off for an entire year, The Times' own David Carr said the delay allowed executives to "land" the announcement, "with some authority, but not much impact."

Late last month, the company promoted its VP of advertising Paul Smurl to spearhead the effort as VP of NYTimes.com paid products.

Reporting to Denise Warren -- SVP and chief advertising officer, The New York Times Media Group and GM, NYTimes.com -- Smurl will be responsible for the new model's financial performance, along with crossword subscriptions and mobile game products.

Overall, operating profit excluding depreciation, amortization, severance and the special items discussed below grew 10.9% to $157.6 million in the fourth quarter of 2009 compared with $142.1 million in the fourth quarter of 2008.