New York Times Issues Modest Outlook, Cites Lack Of 'Sustained" Ad Growth

  • December 10, 2003
Citing the lack of "significant and sustained" advertising growth, The New York Times Co. Tuesday issued new financial guidance that calls for only a modest gain in earnings for the fourth quarter of 2003. "We believe that the overall improvement in economic trends will translate into an improved ad revenue performance in 2004," said Leonard Forman, senior vice president and chief financial officer of the newspaper publisher. The modest outlook was reflected by a relatively modest 2.2 percent gain in ad revenues reported for November. Run-of-press ad pages for its flagship New York Times newspaper actually declined 3.2 percent for the month.
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