Average Time to Deliver Across Postal Network Steady at 2.5 Days

The New York Times Company announced fourth quarter 2022 diluted earnings per share from continuing operations of $.43 compared with $.41 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.59 in the fourth quarter of 2022 compared with $.43 in the fourth quarter of 2021. Operating profit decreased to $93.0 million in the fourth quarter of 2022 from $94.1 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment (“NYTG”) and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company’s withdrawal from a multiemployer pension plan and operating losses at The Athletic segment (“The Athletic”). Adjusted operating profit (defined below) increased to $141.8 million from $109.3 million in the prior year, as higher digital subscription revenues at NYTG and the impact from the additional six days more than offset operating losses at The Athletic. Adjusted operating profit at NYTG increased to $148.7 million from $109.3 million as higher digital subscription and other revenues more than offset lower digital advertising revenues.

The supply crunch that has dogged the global shipping industry could worsen before it gets better, with new challenges ranging from crew retention to wage inflation. That’s a warning from executives at Wah Kwong Maritime Transport, a privately owned shipping company based in Hong Kong. They caution that contrasting approaches to containing the virus continues to disrupt the turnover and repatriation of seafarers landing at ports around the world. “There’s a real squeeze that we’re starting to see in terms of the disappearing applications for seafarers,” William Fairclough, managing director at Wah Kwong, said in an interview. “For certain types of ships, it may become very difficult to actually find the crew and you may get delays because of that. That’s conceivable, it’s never been the case before.”

The United States Court of Appeals for the District of Columbia ruled today in favor of Valancourt Books, a small Virginia publisher and AAP member company, in an important copyright case that rejects the Government’s argument that depositing books with the Library of Congress without compensation and under threat of substantial penalties is a condition of copyright protection. In reversing the lower court, the Appeals Court also rejected the Government’s position that abandoning one’s copyrights within the current legal framework is a viable alternative to avoiding the deposit requirement. The opinion found “mandatory deposit” (section 407 of the Copyright Act) unconstitutional as applied to physical books. In the case, the Library made repeated demands for copies of Valancourt titles under the pain of fines despite Valancourt’s objections that they would be costly to provide. The Court did not address the publisher’s First Amendment claim because it was unnecessary to do so. AAP’s amicus curiae brief in support of Valancourt was cited in the opinion.