The Boston Globe's daily print circulation dropped 10 percent in the first quarter of this year, while the Sunday newspaper suffered a 6 percent decline, executives at the New York Times reported yesterday during an earnings conference call.
Times Chief Financial Officer James M. Follo also noted that the Globe, which the Times officially put up for sale earlier this year, will increase its home delivery prices next month.
As for the much-anticipated sale of the Globe and other assets in the Time's New England Media Group, Follo said, "We expect to see a transaction in the second half of this year, and we are pleased with the interest expressed to date."
The news comes as the Times reported a significant spike in its operating profit for the first quarter of 2013, which, at $22.9 million, is almost double the $12.6 million operating profit for the same time last year.
Executives at the dramatically downsized company said increased income from paid digital subscriptions and a marked decline in spending are behind the boost.
"Our first-quarter results reflect our continued strides in reshaping The New York Times Company," Times Co. President and CEO Mark Thompson said in a prepared statement. "The increase in operating profit, excluding depreciation, amortization and severance, was driven by solid growth in circulation revenues coupled with tightly managed costs."
But the uptick in operating profits didn't translate into increased earnings for shareholders. The company says this quarter's diluted earnings were $0.02 per share, compared with $0.06 per share last year.
But on the good news front, the Times says it experienced a 45 percent spike in digital subscriptions between the end of 2012 and the first quarter of 2013.
That spike — which gives the company 708,000 paid online subscribers — helped offset a very difficult advertising environment, it says.
The Times has shed hundreds of employees in recent years.
The report shows the company paid $5 million in employee severance costs in the first quarter 2013, and $5.3 million in the first quarter of 2012.
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