Executive pork "turd blossom" package up from 1.5 million to $6.6 million.
�Our performance (sucking gas) in the quarter was in line with our (poor) expectations and reflected the unevenness of the advertising market,� said Janet L. Robinson, president and CEO.
Actually Janet the poor earnings are reflected by a management team stinking up the joint.
Janet went on to say "We will continue to be very disciplined in managing expenses." She does not referring to the turd blossom executive pork package .
Cost were up 46 million for the quarter, with no mention of the likely massive legal expenses.
This statement is a riot Alice. "Newsprint expense rose 7.7 percent, with 8.5 percent of the increase resulting from higher prices, partially offset by a 0.8 percent decrease from lower consumption.
" "Offset from lower consumption, I believe is another way of saying fewer people are buying this rag.
"Operating profit decreased 19.1 percent..."
"About.com�s second quarter revenues totalled $12.0 million and its operating profit was $2.5 million." WOW! 2.5 million for an investment of 450 million? Geez, you know someone got their back scratched on this deal and it wasn't the common stockholder.
"Interest expense net increased to $11.8 million from $10.4 million, mainly because of higher levels of debt outstanding." Class A and Class B common shares outstanding at the end of the quarter totalled 145.4 million shares." Wow, that 2.5 million About.com generated divided by 145.4 million shares is pretty ugly.
Igor answering the door at the Frankenstein mansion " At the end of the second quarter, the Company's cash and cash equivalents were approximately $32 million and total debt was approximately $1.3 billion." This does not leave a lot of cash for cleaning up all the toxins this company put into landfills for the last century.
" 2005 Guidance"
This ain't no growth company.
New England Media Group Circulation down 4.9%
Total News Media Group Circulation down .8%
"Circulation revenues decreased 1.5% for June 2005 compared with June 2004. Circulation revenues rose at the Regional Media Group, were flat at The New York Times Media Group, and declined at the New England Media Group." I wonder if Diebold is auditing these numbers?
" Acquired by The New York Times Company on March 18, 2005. Advertising revenues for About.com increased approximately 47% in June, 39% in the second quarter and 28% year to date. " Wow this is a nice way to say $2.5 million quarterly profit on a flash in the pan 400 odd million dollar investment toy.