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Net income was $3.1 million, or 2 cents a share in FQ 2013, compared to $42.1 million or 28 cents a share during the comparable period a year ago. Overall ad revenues dropped 11.2 percent, but the Times' print properties, which include the Boston Globe, Worcester Telegram & Gazette and the International Herald Tribune, suffered a 13.3 percent decline in ad revenues. Digital advertising sank 4 percent compared to year-ago FQ results.
In response to the grim figures, Times management plans to unveil reduced cost subscription models, along with a premium subscription rate that would include access to Times-sponsored events. As previously reported, the Times also is focusing on its own brand and attempting to unload its New England newspapers (see "TUOL" post 4/16/13).
On a bright note, digital subscriptions of the Times and Intl. Trib jumped 49 percent in the First Quarter compared to 2012 figures, reaching 676,000.