The New York Times just reported its fourth-quarter results to finish out 2011.

And it's still shrinking.

Despite the launch of an online paywall that has, by any measure, been a big success, the company's revenue for its core news business shrank again in 2011.

And because news expenses rose, profits shrank even more.

The culprit, as ever, is the company's print-ad business, which has shrunk steadily for the past five years.

The trends of the past five years are also likely a sign of the future of the New York Times: Steady restructuring and shrinking until the size of the newsroom and broader organization is finally in line with the size of the company's online business, which is thriving.