New York Times returns to profit

New York Times Co. rebounded from a prior-year loss in the first quarter caused by a steep drop in print advertising. The newspaper publisher in the latest quarter reported that total advertising declines continued to moderate, dropping 6%, and cost controls supported the bottom line. Chief Executive Janet Robinson said, "Circulation revenues continued to grow and were up approximately 4% as we were able to command higher subscription and newsstand prices at the New York Times and the Boston Globe."
Newspaper companies are counting on a stabilization of advertising this year, because recent profits have been driven largely by cost cutting that will be hard to sustain. The cuts, along with asset sales, have helped New York Times Co. cut its debt load.