The New York Times Co. said Thursday its fourth quarter net income fell due to lower advertising sales, a hike in growth strategy investment and the absence of a sales gain that was recorded a year ago.
 

Its fourth quarter net income totaled $65.6 million vs. $178.1 million in the October-December period in 2012. But in the year-ago period, the company recorded a $164.6 million gain on the sale of its ownership interest in job site Indeed.com.

Shares of The New York Times Co. rose 3.5% Thursday afternoon to $14.33.

Fourth quarter advertising sales declined 6.3% to $212 million. There was one extra week of business in the year-ago period. If the week were excluded in the comparison, advertising revenue would have been down 1%.

Circulation revenue fell 3.9% to $207.6 million. Excluding the extra week, it would have risen 2.7% as more customers bought its digital packages and higher print home-delivery prices helped offset a decline in print copies sold, the company said.

About 33,000 net digital subscribers were added, outpacing the growth rates seen in the second or third quarters.

Total quarterly revenue fell 5.2% to $443.8 million. It would have grown "slightly year-over-year" had it not been for the extra week in 2012, the company said.

For the entire year, its revenue declined 1.1% to $1.57 billion. Net income fell 52% to $65.1 million.