Q4 profit is down 12.2% y/y thanks to the continuing decline of print advertising and a 67.4% decline in the About Group's operating profit, which also saw a 25.7% decrease in quarterly ad revenues y/y.
The NYT also missed analysts' estimates — quarterly net income of 39 cents a share was lower than expectations of 42 cents a share. The fourth quarter income also reflects a $4.5 million payout to departed CEO Janet Robinson, and $7.9 million in severance costs, up from $4.7 in Q4 2010.
There is some good news, though: despite a 7.8% decline in print advertising revenues, digital advertising revenues for the News Media Group increased 5.3%. Digital ad revenues were 26.7% of ad revenues in Q4 2011 compared to 26.1% in Q4 2010.
The company can also look for to a net after-tax proceeds of $150 million in Q1 2012 from the sale of its Regional Media Group.
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