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NEW YORK TIMES REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 NEW YORK TIMES REPORTS FOURTH QUARTER AND YEAR-END RESULTS
 NEW YORK, Feb. 10 /PRNewswire/ -- The New York Times Company (AMEX: NYT.A) today reported 1991 net income of $47.0 million, or $.61 per share. This compared with $64.8 million, or $.85 per share, for 1990. Consolidated revenues for 1991 were $1.70 billion compared with $1.78 billion in 1990.
 For the fourth quarter of 1991, net income was $34.6 million, or $.45 per share, compared with $12.2 million, or $.16 per share, last year. Consolidated revenues for the 1991 fourth quarter were $452.5 million, compared with $456.0 million for the 1990 quarter.
 Earnings for 1991 and 1990 have been affected by the following factors:
 -- A 1991 fourth-quarter reversal of a provision for income tax contingencies of approximately $10 million ($.13 per share) which relates to a settlement with the Internal Revenue Service for tax years 1980 through 1984.
 -- A second-quarter 1991 charge of $20 million ($.15 per share) to cover severance and related costs resulting from a voluntary termination benefits program for 160 employees at The New York Times.
 -- Magazine acquisition structuring, which lowered 1991 earnings by $.20 per share compared with $.29 per share in 1990, and lowered fourth- quarter 1991 earnings by $.06 per share, compared with $.08 per share in the 1990 fourth quarter.
 -- In 1991, the discontinuing of the capitalization of interest in connection with the completion of The New York Times's automated color production and distribution facility in Edison, N.J., lowered earnings by $.14 per share for the year and $.03 per share for the quarter as compared with 1990.
 Exclusive of these factors, 1991 earnings would have been $.97 per share, compared with $1.14 for 1990, and 1991 fourth quarter earnings would have been $.41 per share, compared with $.24 per share for the fourth quarter of 1990.
 Excluding the factors mentioned above, the principal reason for the decline in annual earnings is lower advertising linage at The New York Times due to the national recession and continuing weakness in the New York region's economy.
 A summary of the company's business segments follows:
 Newspaper Group: Fourth-quarter operating profit for the Group that consists of The New York Times, 32 regional newspapers and a 50 percent interest in the International Herald Tribune rose to $49.2 million from $32.1 million in the fourth quarter of 1990 on revenues of $345.7 million and $350.1 million respectively. For the year, operating profit of $113.6 million, excluding the $20 million pre-tax charge, declined from $140.3 million in 1990 on revenues of $1.27 billion and $1.36 billion respectively.
 Lower advertising volume throughout the Group accounted for the lower earnings for the year. The improvement in the fourth quarter was due to higher circulation revenues, lower newsprint costs, lower expenses and favorable year-end adjustments.
 Advertising linage at The New York Times was 22.1 million lines for the fourth quarter of 1991 and 78.6 million lines for the year, declines of 8.8 percent and 15.5 percent compared with the same periods last year. The advertising classifications most significantly affected continued to be help wanted and real estate, which were down 26 percent and 20 percent for the quarter and 39 percent and 25 percent for the year. However, The Times increased its market share in these categories for the year.
 While depreciation of the building portion of The Times's automated color facility in Edison, began in late 1989, depreciation of the equipment in the facility will not begin until operation commences. The facility is ready to operate and interest capitalization has stopped; however, start-up is subject to resolution of issues with the unions that represent employees of The Times. As previously announced in December, following an arbitration ruling favorable to The Times, an agreement in principle was reached with the union that represents Times drivers. This agreement will substantially reduce costs at The Times while providing job security for long-term employees. That agreement has not yet been ratified. Arbitration with the Mailers' Union is in process.
 If negotiated settlements with the Mailers' Union and other unions are reached, it is possible that there will be an additional charge against earnings. However, should differences with all of the unions with jurisdiction at Edison be settled by binding arbitration rather than mutual agreements, the remaining amount of a 1989 reserve, approximately $25 million, will not be required.
 Average circulation for The Times for the year 1991 reached record highs with weekdays at 1,159,900 copies, up 13,100 copies over 1990, and Sundays at 1,734,000 copies, up 21,100 copies.
 At the 32 regional newspapers that were part of the Group for both 1991 and 1990, advertising volume for the quarter and year decreased 1.7 percent and 3.3 percent respectively, compared with the comparable 1990 periods. Advertising volume for the 1991 fourth quarter and year was 10.2 million inches and 35.2 million inches respectively.
 Circulation for the same regional newspapers for 1991 reached record highs: 876,100 copies on Sunday, up 5,100 copies or 0.6 percent, and 888,300 copies on weekdays, up 7,300 copies or 0.8 percent. Circulation was 70,100 for the non-dailies, up 200 copies.
 Magazine Group: The Group's fourth-quarter operating profit was $1.4 million compared with a loss of $6.3 million in 1990 on revenues of $86.3 million and $85.2 million respectively. For the year, the Group had an operating loss of $0.5 million, compared with an operating loss of $11.9 million in 1990, on revenues of $352.7 million and $340.0 million respectively. The better 1991 results are principally due to lower costs associated with the July 1989 acquisition of McCall's, which was structured to maximize cash flow, and strong fourth-quarter performances by the Group's Sports/Leisure and Women's Publishing Divisions.
 Broadcasting/Information Services Group: Fourth-quarter operating profit of $4.8 million in 1991 compared with $4.7 million in the 1990 quarter on revenues of $20.4 million and $20.6 million respectively. For the year, operating profit was $14.0 million, compared with $15.1 million in 1990, on revenues of $76.0 million and $78.5 million respectively. Lower political advertising revenues at the company's television stations were the principal reason for the decline.
 Forest Products Group: Equity in earnings (an after-tax amount) was a loss of $78,000 in the 1991 fourth quarter compared with a profit of $38,000 in 1990. The quarter was negatively impacted by higher discounts and an unfavorable Canadian currency exchange rate. Higher discounts will continue to negatively impact equity in earnings in 1992. For the year, equity in earnings was $5.7 million in 1991 compared with $4.0 million in 1990. The improvement resulted principally from a one-time exchange gain of $0.7 million in the second quarter on the repayment of debt and from two newsprint price increases, each of $35 per metric ton, which took effect June 1, 1990, and Jan. 1, 1991. The January price increase was rolled back as of April 1.
 In December, the company and Kimberly-Clark Corporation announced the completion of the divestiture of their jointly-owned affiliate, Spruce Falls Power and Paper Company, Limited, to the employees of Spruce Falls. No gain or loss has resulted from this transaction. At the end of 1989, the Company took an after-tax charge of $27 million to write down its investment in Spruce Falls to net realizable value.
 Interest Expense Net: Interest expense, net of interest income, rose to $6.7 million in the 1991 fourth quarter from $4.1 million last year. For the year, interest expense rose to $30.6 million in 1991 from $19.6 million in 1990. The increase in the 1991 amounts resulted primarily from discontinuing the capitalization of interest in connection with the Edison facility, which was completed in 1990. In 1990's fourth quarter and year $4.8 million and $18.7 million of interest respectively had been capitalized with respect to Edison.
 Income Taxes: Exclusive of the $10 million reversal of prior year's tax contingencies, the effective income tax rate for 1991 was 50.4 percent compared with 44.8 percent in 1990. The higher rate is due to an increase in the relationship of intangible amortization to 1991's pre-tax income, which was significantly lower than that of 1990.
 THE NEW YORK TIMES COMPANY
 Condensed Consolidated Statements of Income
 (Dollars and shares in thousands except per share data)
 Periods ended: Fourth quarter Twelve months
 1991 1990 1991 1990
 REVENUES $452,468 $455,976 $1,703,101 $1,776,761
 COSTS AND EXPENSES 401,119 429,230 1,609,462(A) 1,646,982
 OPERATING PROFIT 51,349 26,746 93,639 129,779
 INTEREST EXPENSE, NET
 OF INTEREST INCOME 6,682 4,140 30,586 19,589
 INCOME BEFORE INCOME
 TAXES AND EQUITY IN
 OPERATIONS OF FOREST
 PRODUCTS GROUP 44,667 22,606 63,053 110,190
 INCOME TAXES 9,993(B) 10,397 21,760(B) 49,319
 INCOME BEFORE EQUITY
 IN OPERATIONS OF FOREST
 PRODUCTS GROUP 34,674 12,209 41,293 60,871
 EQUITY IN OPERATIONS OF
 FOREST PRODUCTS GROUP (78) 38 5,700 3,965
 NET INCOME $ 34,596 $ 12,247 $ 46,993 $ 64,836
 Average number of
 common shares
 outstanding 77,341 76,253 77,299 76,363
 Per share of common
 stock:
 Net income $.45(B) $.16 $.61 (A)(B) $.85
 Cash dividends .14 .14 .56 .54
 (A) -- Includes a $20 million pre-tax charge ($.15 per share) for a voluntary termination benefits program at The New York Times newspaper.
 (B) -- Includes a $10 million ($.13 per share) reversal of a provision for income tax contingencies related to a tax settlement with the Internal Revenue Service.
 Segment Information
 (Dollars in thousands)
 Fourth Quarter Twelve Months
 1991 1990 1991 1990
 REVENUES
 Newspapers $345,732 $350,102 $1,274,435 $1,358,257
 Magazines 86,345 85,248 352,686 340,016
 Broadcasting/
 Information
 Services 20,391 20,626 75,980 78,488
 Total $452,468 $455,976 $1,703,101 $1,776,761
 OPERATING PROFIT (LOSS)
 Newspapers $ 49,214 $ 32,140 $ 93,578(A) $ 140,315
 Magazines 1,413 (6,315) (492) (11,871)
 Broadcasting/
 Information
 Services 4,789 4,677 13,957 15,137
 Unallocated
 Corporate
 Expenses (4,067) (3,756) (13,404) (13,802)
 Total 51,349 26,746 93,639 129,779
 INTEREST EXPENSE,
 NET OF INTEREST
 INCOME 6,682 4,140 30,586 19,589
 INCOME BEFORE INCOME
 TAXES AND EQUITY IN
 OPERATIONS OF
 FOREST PRODUCTS
 GROUP 44,667 22,606 63,053 110,190
 INCOME TAXES 9,993(B) 10,397 21,760(B) 49,319
 INCOME BEFORE EQUITY
 IN OPERATIONS
 OF FOREST PRODUCTS
 GROUP 34,674 12,209 41,293 60,871
 EQUITY IN OPERATIONS OF
 FOREST PRODUCTS
 GROUP (78) 38 5,700 3,965
 NET INCOME $ 34,596 $ 12,247 $ 46,993 $ 64,836
 (A) -- includes a $20 million pre-tax charge for a voluntary termination benefits program at The New York Times newspaper.
 (B) -- Includes a $10 million reversal of a provision for income tax contingencies related to a tax settlement with the Internal Revenue Service.
 -0- 2/10/92
 /CONTACT: Nancy Nielsen, 212-556-7078, or William Adler, 212-556-7077, both of the New York Times/
 (NYT) CO: The New York Times Company ST: New York IN: PUB SU: ERN


TS -- NY017 -- 8128 02/10/92 09:02 EST
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