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THE NEW YORK TIMES COMPANY REPORTS FIRST QUARTER RESULTS

 THE NEW YORK TIMES COMPANY REPORTS FIRST QUARTER RESULTS
 NEW YORK, April 14 /PRNewswire/ -- The New York Times Company (AMEX: NYT.A) today reported 1992 first-quarter net income of $13.9 million, or $.18 per share, compared with $5.1 million, or $.07 per share, in 1991. Consolidated revenues for the 1992 quarter were $440.4 million compared with $416.9 million for the first quarter of 1991.
 The two principal reasons for the significant increase in net income were:
 -- Higher advertising revenues in the Newspaper and Magazine Groups due in part to the adverse impact of the Persian Gulf war on 1991's first-quarter advertising revenues
 -- Lower newsprint costs due to increased price discounting offset, in part, by the adverse effect that such discounting had on equity in earnings of the Forest Products Group
 A summary of the company's business segments follows:
 Newspaper Group: 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 $32.2 million from $18.6 million in the first quarter of 1991 on revenues of $324.2 million and $312.2 million respectively. Improvements in revenues and operating profit were due to higher advertising rates and lower newsprint costs throughout the group.
 At The Times, advertising linage for the first quarter of 1992 was 18.5 million lines, approximately equal to the 1991 first quarter where linage was negatively affected by the Persian Gulf war. In a day-for- day comparison of the two quarters -- excluding the impact of an extra day in February 1992, due to leap year, and the timing of Easter, which will occur in April 1992 rather than March -- 1992 linage was down 3.8 percent. At the 32 Regional Newspapers, advertising volume for the 1992 quarter was 7.6 million inches, down 2 percent from the same 1991 quarter.
 At The Times, the Persian Gulf war had a favorable effect on circulation sales in the first quarter of 1991 and helped account for a weekday circulation gain of 53,800 copies for the six months ended March 31, 1991 compared with the same 1990 period, as reported to the Audit Bureau of Circulations. Despite the strong 1991 period, the comparable 1992 period decreased by only 1,500 copies to 1,202,000 copies and there was a small gain in weekday circulation in the 31- county New York market. Sunday circulation increased by 13,500 copies to a record high of 1,773,900 copies for the six-month period ended March 31, 1992, when compared with the same 1991 period that included the circulation gains from the Gulf war.
 For the six months ended March 31, 1992, circulation for the Regional Newspapers was 912,400 copies on Sunday, up 6,700 copies, and 920,300 copies on weekdays, up 2,100 copies. Circulation was 72,800 copies for the non-dailies, up 1,900 copies.
 While depreciation of the building portion of The Times's new automated color production and distribution facility in Edison, N.J., began in late 1989, depreciation of the equipment will not begin until operation commences. The facility is ready to operate, and start-up is subject to resolution of various issues with the unions that represent employees of The Times.
 In December 1991, following an arbitration ruling favorable to The Times, an agreement was reached for the operation of Edison with the Newspaper and Mail Deliverers' Union, which represents drivers for The Times and the newspaper wholesalers. The Edison agreement will substantially reduce costs at The Times while providing job security for long-term employees. Douglas LaChance, president of the drivers' union, had said that he would not bring the Edison agreement to a ratification vote until a separate agreement was reached between the drivers' union and the newspaper wholesalers.
 Last Saturday, a labor agreement was reached with the drivers' union which cleared the way for The Times to purchase two large newspaper wholesalers in the New York metropolitan area. Both the Edison and the wholesaler agreements with the drivers' union must now be ratified by the union's membership.
 An arbitration with the Mailers' Union for the operation of Edison is in process. If negotiated settlements with the Mailers' Union and other unions with jurisdiction at Edison are reached, it is possible that there will be an additional charge against earnings. However, should differences with all of the unions be settled by binding arbitration rather than mutual agreements, the remaining amount of a 1989 reserve, approximately $24 million, will not be required.
 Magazine Group: First-quarter operating profit for 1992 was $2.0 million, compared with a loss of $2.4 million in 1991 on revenues of $97.8 million and $87.1 million respectively. However, exclusive of the amortization costs associated with the acquisitions of McCall's and Golf World (U.S.), which were structured to maximize cash flow, the group's operating profit was $5.8 million in 1992 compared with $3.2 million in 1991's first quarter. The higher 1992 results were principally due to increased advertising pages at Golf Digest, Golf World (U.S.) and McCall's and the publication of one more issue of Family Circle in the 1992 first quarter. Most of the group's publications increased their market share in comparison with the 1991 first quarter.
 Broadcasting/Information Services Group: Operating profit rose to $2.9 million in the 1992 first quarter from $2.0 million in 1991 on revenues of $18.5 million and $17.6 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) for the first quarter of 1992 was a loss of $1.4 million, compared with income of $1.6 million in the 1991 first quarter. Higher paper discounts continue to negatively affect equity in earnings, and this trend is expected to continue throughout 1992.
 Interest Expense Net: Interest expense, net of interest income, declined to $6.5 million in the first quarter of 1992 from $7.9 million last year due to lower levels of borrowings.
 Income Taxes: The effective income tax rate for the first quarter of 1992 was 46.0 percent compared with 50.5 percent in the 1991 quarter. The lower rate is due principally to a decrease in the relationship of amortization expense for intangible assets to 1992's first quarter net income, which was significantly higher than that of the comparable 1991 quarter.
 THE NEW YORK TIMES COMPANY
 Segment Information
 (Dollars in thousands)
 First quarter 1992 1991
 Revenues
 Newspapers $ 324,224 $ 312,225
 Magazines 97,756 87,089
 Broadcasting/Information Services 18,455 17,562
 Total $ 440,435 $ 416,876
 Operating profit (loss)
 Newspapers $ 32,196 $ 18,562
 Magazines 1,965 (2,370)
 Broadcasting/Information Services 2,917 1,993
 Unallocated Corporate Expenses (2,277) (3,165)
 Total 34,801 15,020
 Interest expense, net of interest income 6,479 7,949
 Income before income taxes and equity in
 operations of Forest Products Group 28,322 7,071
 Income taxes 13,028 3,571
 Income before equity in operations of
 Forest Products Group 15,294 3,500
 Equity in operations of
 Forest Products Group (1,351) 1,609
 Net income $ 13,943 $ 5,109
 THE NEW YORK TIMES COMPANY
 Condensed Consolidated Statements of Income
 (Dollars and shares in thousands except per share data)
 First quarter 1992 1991
 Revenues $ 440,435 $ 416,876
 Costs and expenses 405,634 401,856
 Operating profit 34,801 15,020
 Interest expense, net of interest income 6,479 7,949
 Income before income taxes and equity in
 operations of Forest Products Group 28,322 7,071
 Income taxes 13,028 3,571
 Income before equity in operations of
 Forest Products Group 15,294 3,500
 Equity in operations of
 Forest Products Group (1,351) 1,609
 Net income $ 13,943 $ 5,109
 Average number of common
 shares outstanding 78,442 77,258
 Per share of common stock
 Net income $.18 $.07
 Dividends .14 .14
 -0- 4/14/92
 /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 -- NY010 -- 8023 04/14/92 07:01 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Apr 14, 1992
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