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.