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Tuesday, November 22, 2005

Land Sale Provides Seattle Times' Only Profit

It seems that if not for the real estate bubble, the Seattle Times would have continued their recent in-the-red streak:

The Seattle Times Co. has posted a $24 million one-time gain on its books from the June 2004 sale of 6 acres of South Lake Union real estate.
In January, Times Co. officials said their Seattle paper had lost $12 million in 2004. They cited that loss, and growing losses over the four previous years, for eliminating about 100 jobs, raising the single-copy price to 50 cents from 25 cents and cutting back distribution to outlying areas of the state.

For The Times Co., the one-time gain means its flagship paper, The Seattle Times, will show a profit in 2005.

"Technically, it will cause us to show a gain for 2005," company spokeswoman Jill Mackie said, "but that is the result of a one-time transaction and does not speak to the profitability of our operation." Mackie said that without the land sale, The Times would have posted a loss for the year.
Maybe they should get out of the newspaper business and form an REIT. Heh.

(Bill Richards, Seattle Times, 11.22.2005)

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