NY Times Reports Profit

After all the depressed news we report on the newspaper market, the New York Times reported a profit of $39.1million for the quarter (up from $21.1 million last year - and up from a loss of nearly $75million 1Q09). Although advertising revenue continues to trend down, the company has been successful in aggressive cost cutting. The company reported a 31.9% decline in ad dollars last quarter, while circulation rose 1.5% (due to increase in price). One important note, even the NYT internet ad dollars fell last quarter (down 4.3%).