• by Erik Sass  @eriksass1, July 23, 2009

Completing a trifecta of bad news from three major newspaper publishers this week, the New York Times Co. said Thursday that total ad revenues declined 30.2% in the second quarter of 2009 compared to the same period last year, from $454 million to $312 million.

All three companies -- Gannett, McClatchy, and NYTCO -- actually managed to post a profit in the second quarter, due almost entirely to stringent cost-control measures. However, the continuing double-digit decline in overall revenues does not bode well for the future.

As with Gannett and McClatchy, the revenue declines at NYTCO were led by classified ads, which have been in freefall for several years. Recruitment ads were down 60% in the second quarter, real estate tumbled 47.6%, and automotive fell 43.2%. As in previous quarters, the classified declines were joined by steep drops in both national and retail advertising, which fell 28.8% and 25.1%, respectively.

Despite these declines, the NYTCO still posted an operating profit of $23.3 million, down 42% from $40.3 million in the second quarter of 2008. Janet Robinson, NYTCO president and CEO, summarized the results: "While we continued to experience a very difficult economic climate in the quarter, as well as secular changes affecting the entire media industry, we made significant progress in decreasing our cost base and reducing and restructuring our debt."

Robinson noted that digital revenues made up a larger proportion of total ad revenues, increasing from an 18% share in the second quarter of 2008 to 21% this year.

However -- again like McClatchy -- Internet revenues actually decreased 15.5% in the second quarter, meaning the proportional increase was due entirely to the decline in overall revenues. If overall ad revenues had remained stable at last year's $454 million, Internet revenues of $68 million would represent just 15% of the total.