The New York Times Co. today reported a 63.2 plunge in Q4 net income to $65.7M on a 5.2 percent dip in revenues to $443.9M.
Ad revenues slipped 6.3 percent to $212.1M while circulation sales fell 3.9 percent to $207.7M.
Net profit for the full-year plummeted 52.3 percent, while revenues sunk 1.1 percent to $1.6B.
CEO Mark Thompson said 2013 was a “busy year for the company.” NYTC unloaded the Boston Globe, rebranded the International Herald Tribune and revamped its advertising unit.
He said total revenues would have risen on a year-to-year comparison had it not been for the extra week in 2012.
Growing momentum in the growth of digital subscriptions encourages Thompson as Q4 revenue growth surpassed the two previous quarters. Paid digital-only subscriptions jumped 19 percent to 760K during Q4.
Thompson is stressing new digital ad products and international sales for the current year.
He anticipates first-quarter operating profit to rise in the low to mid-single digit range.
NYTC generated $70M cash and a $74M tax benefit in Q4 via the sale of the New England Media Group, which included the Globe, Worcester Telegram & Gazette, Telegram.com and a 49 percent state in Metro Boston.