NY Times ad revenue slips 8.1%

The New York Times Co. benefited from the sale of its regional newspapers and higher circulation revenue in the first quarter, helping offset continued print and digital advertising declines.

The publisher, which has been without a permanent CEO since the ouster of Janet Robinson late last year, posted higher net income, thanks mainly to the $140 million sale of 16 regional papers in January.

A $30 million gain from that sale lifted profit to $42.1 million, or 28 cents a share, up from $5.23 million, or 4 cents, a year ago. The results also reflected a $17.8 million gain that came from the sale of part of its stake in a regional sports venture that controls the Boston Red Sox.

Without those one-time items, operating income fell 24.3 percent, hurt by an 8.1 percent drop in ad revenue that interim CEO Arthur Sulzberger Jr. blamed on “uneven US economic environment and uncertain global conditions.”

Total print ad revenue slumped 7.2 percent in the quarter. Management said April sales have been slow and that the trend would likely continue in the second quarter.

On the digital side, a 10.3 percent drop in ad revenue was exacerbated by continued weakness at the company’s About Group. Struggling About.com — which provides answers and how-to advice — saw a steep drop of 23.1 percent.

Overall revenue of $499 million was down only slightly from a year ago after the Times raised prices for its flagship paper and began charging for online access to its site.

Still, Wall Street liked what it saw in terms of cost controls, sending the stock up 4.42 percent to $6.38.