The second-quarter results from the New York Times Company just came out, and they're kind of grim. Operating profit decreased to $43.3 million—last year, same quarter, it was $86.2 million. Earnings per share decreased to $.15 per share; same period last year, it was $.37. But why? Times Co. CEO Janet Robinson said that the results "reflected the weakness in the print advertising market stemming from both secular and cyclical forces in our businesses." Ooo, good, cyclical! That means there'll be an upturn—or at least less stress?—next quarter? Uh, right?

Advertising revenues decreased 5.7 percent for the quarter. Newsprint expenses decreased more than 22 percent, but that's a mixed bag, because it was partly due to less newspapers—which means fewer people are buying the paper. Circ revenues were down 0.5 percent, which the company is attributing largely to the loss of subscribers after subscription prices were raised. (Let's see how they spin the price increase they just enacted.)

Even the good news comes with its side of bad.

Indeed, the one sorta bright spot in the past few years has been online revenues, which are increasing while the rest of the company's fortunes seem to be sinking. This quarter, online revenues grew 23 percent and now account for 10 percent of the company's revenues, as opposed to 8 percent last year. But the rate of online revenue growth has been slowing, and indeed, the Times predicts that this month, the growth of online advertising will be lower than in the past, "partly because of two large campaigns that will not repeat at NYTimes.com." (Maybe those annoying Symantec interstitials? Thank God those seem to be over.)

Also the company expects to spend between $170 and $190 million on the new headquarters this year. Maybe they can finally fix the elevators. Oh, we tease; the building sounds very nice. And expensive!

Previously: 'NYT' Co.: Profit, Revenue Down, Except Online
The New York Times Company Reports 2007 Second-Quarter Results [NYTCo]