New York Times (NYT) 2008年年度报告「NYSE」.pdf

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1、2008 Annual ReportThe New York TimesCompanyTo ourShareholderSIn an Op-Ed piece in The New York Times last October,Warren Buffett,the well-known investor and CEO of Berkshire Hathaway,wrote:“The financial world is a mess,both in the United States and abroad.Its problems,moreover,have been leaking int

2、o the general economy,and the leaks are now turning into a gusher.In the near term,unemployment will rise,business activity will falter and headlines will continue to be scary.”As is often the case with Warren,all of this proved to be true and we have seen the effects in our businesses.Our 2008 tota

3、l revenues declined 8%.Revenues from adver-tising,our primary source of revenue,fell 13%.Circulation revenues,which are derived from newsstand and home-de-livery sales,rose 2%.And while we did a good job of man-aging costs they were down 5%it was not enough to overcome the total revenue decline.Whil

4、e we had an operat-ing loss of$41 million compared with operating profit of$227 million in 2007,if you exclude depreciation and amortization and special items,operating profit for 2008 was$302 million compared with$457 million in 2007.*In past letters to you we have discussed the seismic changes tak

5、ing place in the media industry as consumers increasingly get news and information from the Web and advertisers pay much lower rates online than they do in print.While all of us in the newspaper business are experiencing these changes,we believe that much of the decline we saw in our business last y

6、ear stemmed from the downturn in the U.S.economy.Even so,when you combine the print and digital opera-tions of newspapers across the United States,audiences are growing.They are,we believe,because they have earned the trust of their readers by employing professional journalists to verify news for tr