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THE NEW YORK TIMES COMPANY REPORTS THIRD-QUARTER RESULTS

 THE NEW YORK TIMES COMPANY REPORTS THIRD-QUARTER RESULTS
 NEW YORK, Oct. 23 /PRNewswire/ -- The New York Times Company today (AMEX: NYT) reported a 1992 third-quarter net loss of $33.9 million, or $.43 per share, compared with net income of $1.9 million, or $.03 per share, for the third quarter of 1991. The loss resulted from two factors:
 -- A pre-tax write-off of approximately $48.0
 million ($.45 per share) brought about by the
 closing of The Gwinnett (Ga.) Daily News and
 the sale of its assets.
 -- Training and start-up costs of approximately
 $3 million ($.02 per share) resulting from
 the start of operations at The New York
 Times's new printing and distribution plant
 located in Edison, N.J.
 In addition, year-to-date results for 1992 were already affected by a second-quarter pre-tax charge of approximately $11 million ($.08 per share). This charge resulted from a labor dispute between the independent distributors of The Times and the Drivers' Union that affected distribution.
 The nine-month results for 1991 were adversely affected by a second- quarter pre-tax charge of $20 million ($.15 per share) to cover severance and related costs for 60 non-craft employees who elected voluntary early retirement from The New York Times.
 Inclusive of all of the above charges, the first nine months of 1992 showed a net loss of $4.7 million ($.06 per share) compared with a net profit of $12.4 million ($.16 per share) for the first nine months of last year.
 Consolidated revenues for the third quarter were $429.7 million compared with $393.4 million for the third quarter of 1991. Consolidated revenues for the 1992 nine-month period were $1.32 billion compared with $1.25 billion for the first nine months of 1991.
 Exclusive of all of the above charges in both years, earnings per share for the third quarter and nine months would have been $.04 and $.49 in 1992 compared with $.03 and $.31 in 1991.
 The two principal reasons for the improved operating results in both third-quarter and nine-month net income were:
 -- Higher advertising and circulation revenues
 in the Newspaper Group.
 -- Lower newsprint costs due to increased price
 discounting, offset in part by the adverse
 effect on the Forest Products Group.
 Nine-month net income in 1992 was also favorably impacted by strong operating performances in the Magazine and Broadcasting/Information Services Groups.
 In May 1992 the Drivers' Union ratified long-term agreements with The Times. A similar agreement with the Mailers' Union has been reached, and is subject to a ratification vote on Nov. 1. These agreements were covered by a 1989 provision of $30 million to cover the estimated costs for voluntary staff reductions. The anticipated reductions were the result of several factors, including the further automation of newspaper production in the composing room, the announced closing of The Times's Carlstadt, N.J., printing plant, and the opening of the new highly automated printing and distribution facility in Edison, N.J. If negotiations with the remaining production unions result in agreements similar to those reached with the Drivers' and Mailers' Unions, an additional charge of approximately $25 million ($.18 per share) is expected to cover severance and related costs.
 While depreciation of the building portion of The New York Times's Edison facility began in late 1989, depreciation of the facility's equipment does not begin until each element is put into service. The plant began production in September 1992 and depreciation of some equipment has started. Full operation of the facility is not expected until the first quarter of 1993.
 A summary of the company's business segments follows:
 Newspaper Group: The Newspaper Group consists of The New York Times, 31 Regional Newspapers and a 50 percent interest in the International Herald Tribune.
 Excluding the above-mentioned charges in both the third quarter and nine months of 1992 and 1991, third-quarter earnings increased to $14.6 million compared with $10.1 million in 1991. Third-quarter revenues were $313.9 million in 1992 and $289.8 million in 1991. For the nine- month periods, operating profit for 1992 was $88.7 million compared with $64.4 million in 1991. Nine-month revenues were $966.8 million in 1992 and $928.7 million in 1991. As earlier noted, improvements in revenues and operating profit were mainly due to higher advertising and circulation revenues and lower newsprint costs throughout the group.
 Revenues also increased because of the June 1992 acquisition of wholesale newspaper distribution businesses, which distribute The Times and other publications in New York City and parts of New Jersey.
 Advertising lineage at The New York Times for the third quarter of 1992 was 17.4 million lines and for the first nine months 55.7 million lines. These represent declines of 1.3 percent for both periods compared with last year.
 Circulation of The Times, as reported to the Audit Bureau of Circulations, for the six months ended Sept. 30, 1992, reached record highs, with 1,145,900 copies on weekdays, a gain of 36,500 copies over the same 1991 period and 1,742,000 copies on Sunday, up 43,000 copies.
 At the 31 Regional Newspapers that were in the group for the entire 1992 and 1991 periods, advertising inches for the third quarter and nine months increased 5.0 percent and 2.8 percent, due primarily to an increase in advertising inserts. Advertising inches for the 1992 third- quarter and nine-month periods were 8.1 million inches and 24.1 million inches. Circulation for the same 31 newspapers for the April to September period as reported to ABC was 817,200 copies on Sunday, up 15,200 copies, and 821,500 copies on weekdays, up 12,000 copies. Circulation was 72,500 for the non-dailies, up 3,600 copies.
 Magazine Group: The group's third-quarter operating profit was $.9 million compared with a loss of $.9 million in 1991 on revenues of $95.8 million and $85.3 million respectively. For the first nine months of 1992, the group's operating profit was $8.3 million, compared with an operating loss of $1.9 million in 1991 on revenues of $292.5 million and $266.3 million, respectively. Exclusive of the amortization costs associated with the acquisitions of McCall's and Golf World (U.S.), where the transactions were structured to maximize cash flow, the group's operating profit was $4.8 million and $20.0 million for the 1992 third-quarter and nine-month periods compared with $4.6 million and $14.6 million for the respective 1991 periods.
 The better year-to-date results are principally due to increased advertising pages. Most of the magazines increased their market share compared with 1991.
 Broadcasting/Information Services Group: Third-quarter operating profit of $3.5 million in 1992 compared with $2.9 million in the 1991 quarter on revenues of $20.0 million and $18.2 million, respectively. For the nine months, operating profit in the 1992 period was $11.1 million, compared with $9.2 million in 1991 on revenues of $58.8 million and $55.6 million respectively. Higher local advertising revenues at the company's television stations accounted for the improved results.
 Forest Products Group: Equity in earnings (an after-tax amount) showed a loss of $2.0 million in the 1992 third quarter compared with a profit of $1.5 million in 1991. For the nine months, equity in earnings was a loss of $6.1 million in 1992 compared with a profit of $5.8 million in the 1991 period. Higher paper discounts continue to negatively affect equity in earnings.
 Interest Expense, Net: Interest expense, net of interest income, declined to $5.9 million in the third quarter of 1992 from $7.7 million last year. For the nine-month period, interest expense declined to $18.7 million from $23.9 million in 1991. The decreases from 1991 are due to lower levels of borrowings.
 Income Taxes: The nondeductibility of a portion of the loss on the closedown and sale of The Gwinnett (Ga.) Daily News significantly increased the company's tax rate. Exclusive of the impact of the Gwinnett transaction, the effective income tax rate for the first nine months of 1992 was 44.0 percent compared with 64.0 percent in the 1991 period, due principally to an increase in pre-tax income in relation to amortization expense.
 THE NEW YORK TIMES COMPANY
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Dollars and shares in thousands except per share data)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Revenues $429,686 $393,363 $1,318,145 $1,250,633
 Costs & exps. 465,845(A,B) 384,444 1,282,224(A,B) 1,208,343(C)
 Operating profit
 (loss) (36,159) 8,919 35,921 42,290
 Interest expense,
 net of interest
 income 5,904 7,688 18,650 23,904
 Income (loss)
 bef. inc. taxes
 and equity in opers.
 of forest products
 group (42,063) 1,231 17,271 18,386
 Income taxes
 (benefit) (10,206) 788 15,901 11,767
 Income (loss)
 before equity in
 operations of
 forest products
 group (31,857) 443 1,370 6,619
 Equity in opers.
 of forest products
 group (2,028) 1,494 (6,068) 5,778
 Net inc. (loss) $(33,885) $ 1,937 $ (4,698) $ 12,397
 Avg. number of common
 shrs. outstanding 78,555 77,300 78,510 77,285
 Per share of common stock
 Net income (loss) $(.43)(A,B) $.03 $(.06)(A,B) $.16(C)
 Cash dividends .14 .14 .42 .42
 (A) Includes a $48 million pre-tax loss ($.45 per share) for the closing of operations of The Gwinnett Daily News.
 (B) Includes a $3 million pre-tax charge ($.02 per share) for training and start-up costs at Edison. The 1992 nine months also includes an $11 million pre-tax charge ($.08 per share) due to second quarter labor disruptions at The New York Times newspaper.
 (C) Includes a $20 million pre-tax charge ($.15 per share) for a voluntary termination benefits program at The New York Times newspaper.
 THE NEW YORK TIMES COMPANY
 SEGMENT INFORMATION
 (Dollars in thousands)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Revenues
 Newspapers $313,928 $289,819 $ 966,819 $ 928,703
 Magazines 95,762 85,310 292,508 266,341
 Broadcasting/
 information
 services 19,996 18,234 58,818 55,589
 Total $429,686 $393,363 $1,318,145 $1,250,633
 Operating profit
 (loss)
 Newspapers $(36,360)(A,B) $10,080 $ 26,734(A,B) $ 44,364(C)
 Magazines 881 (867) 8,333 (1,905)
 Broadcasting/
 information
 services 3,504 2,928 11,126 9,168
 Unallocated
 corporate exps.(4,184) (3,222) (10,272) (9,337)
 Total (36,159) 8,919 35,921 42,290
 Interest expense,
 net of interest
 income 5,904 7,688 18,650 23,904
 Income (loss)
 before income
 taxes and equity
 in operations of
 forest products
 group (42,063) 1,231 17,271 18,386
 Income taxes
 (benefit) (10,206) 788 15,901 11,767
 income (loss)
 before equity
 in operations
 of forest products
 group (31,857) 443 1,370 6,619
 Equity in opers.
 of forest products
 group (2,028) 1,494 (6,068) 5,778
 Net income
 (loss) $(33,885) $ 1,937 $ (4,698) $ 12,397
 (A) Includes a $48 million pre-tax loss for the closing of the operations of The Gwinnett Daily News.
 (B) Includes a $3 million pre-tax charge for training and start-up costs at Edison. The 1992 nine months also includes an $11 million pre- tax charge due to second quarter labor disruptions at The New York Times newspaper.
 (C) Includes a $20 million pre-tax charge for a voluntary termination benefits program at The New York Times newspaper.
 -0- 10/23/92
 /CONTACT: Nancy Nielsen of the New York Times, 212-556-7078/
 (NYT) CO: New York Times Company ST: New York IN: PUB SU: ERN


PS -- NY005 -- 3980 10/23/92 08:03 EDT
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