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THE NEW YORK TIMES COMPANY REPORTS FOURTH-QUARTER AND YEAR-END RESULTS

 NEW YORK, Feb. 8 /PRNewswire/ -- The New York Times Company (AMEX: NYT) today reported a 1992 net loss of $44.7 million, or $.57 per share as compared with net income of $47.0 million, or $.61 per share for 1991. For the fourth quarter of 1992, the net loss was $3.7 million, or $.05 per share, compared with net income of $34.6 million, or $.45 per share, last year.
 The loss was due to the adoption of three mandated non-cash accounting changes and several special factors described below. Exclusive of these items 1992 earnings would have been $.73 per share compared with $.63 per share for 1991 and fourth quarter 1992 earnings would have been $.21 per share compared with $.32 per share in 1991.
 Consolidated revenues for 1992 were $1.77 billion compared with $1.70 billion in 1991 and consolidated revenues for the 1992 fourth quarter were $468.2 million, compared with $452.5 million for the 1991 quarter.
 Excluding accounting changes and special factors, the higher earnings for the year are due to higher advertising and circulation revenues from the Newspaper and Magazine Groups and lower newsprint costs due to increased price discounting, offset in part by the adverse effect on the Forest Products Group. The lower earnings for the fourth quarter are principally due to a 3.9 percent decline in advertising linage at The New York Times.
 The 1992 year amount was adversely affected by the net impact of $33.4 million ($.43 per share) resulting from the adoption of three non- cash accounting changes mandated by the Financial Accounting Standards Board, SFAS 106 (post retirement benefits other than pensions), SFAS 109 (accounting for income taxes) and SFAS 112 (post employment benefits). The Company had previously announced that it intended to adopt SFAS 106 and SFAS 109 in 1992. The 1992 adoption of SFAS 106 resulted in a one- time after-tax charge of $37.4 million ($.48 per share) to record the liability for prior years' service. The adoption of SFAS 109 resulted in a one-time credit of $13.4 million ($.17 per share) principally related to the recalculation of deferred income taxes using 1992's statutory tax rate. The 1992 rate is lower than those in effect when the deferred taxes were originally reported.
 SFAS 112 requires that benefits provided to former or inactive employees after employment but before retirement such as long-term disability, health care, and workers' compensation be accrued if attributable to employees' services already rendered. The adoption of this statement resulted in a one-time after-tax charge of $9.4 million ($.12 per share).
 Adoption of these new accounting rules in the fourth quarter of 1992 requires the cumulative effect to be recognized as of Jan. 1, 1992 and the first three quarters to be restated as if the new accounting principles were in effect at the beginning of the year.
 In addition to the cumulative impacts of the accounting changes, reported earnings for 1992 are lower than 1991 because of a number of other special factors:
 -- $28.0 million pre-tax or $.20 per share (fourth quarter) to cover severance and related costs for production unions at The New York Times newspaper that were not covered in the 1989 provision of $30 million;
 -- a pre-tax loss of $53.8 million or $.47 per share ($.01 per share in each of the first two quarters and $.45 per share in the third quarter) due to the closing of The Gwinnett (Ga.) Daily News, the sale of its residual assets and its 1992 operations;
 -- $10.4 million pre-tax or $.07 per share ($2.8 million or $.02 per share in the third quarter; and $7.6 million or $.05 per share in the fourth quarter) for training and start-up costs related to The New York Times's new production and distribution facility located in Edison, N.J.;
 -- $11.0 million pre-tax or $.08 per share (second quarter) due to labor disruptions arising from a dispute between independent distributors of The New York Times newspaper and the Drivers' Union;
 -- $7.8 million pre-tax or $.05 per share ($2.0 million or $.01 per share in the fourth quarter) for the annual charge related to the adoption of SFAS 106. The annual impact of adopting SFAS 109 and SFAS 112 was not material.
 Earnings for 1991 were affected by the following special factors:
 -- $10.0 million or $.13 per share (fourth quarter) reversal of a provision for income taxes which related to a settlement with the Internal Revenue Service for tax years 1980 through 1984;
 -- $20.0 million pre-tax or $.15 per share (second quarter) to cover severance and related costs resulting from a voluntary termination benefits program for 160 non-production employees at The New York Times newspaper.
 A summary of the Company's business segments follows:
 Newspaper Group: The Newspaper Group consists of The New York Times, 31 Regional Newspapers, a wholesale newspaper distribution business in the New York metropolitan area and a 50 percent interest in the International Herald Tribune.
 Excluding the above-mentioned special pre-tax items affecting the Group ($35.6 million -- 1992 fourth quarter, $49.4 million -- 1992 year and $20.0 million -- 1991 year), fourth-quarter earnings decreased to $41.7 million compared with $49.2 million in 1991. Fourth-quarter revenues were $352.9 million in 1992 and $345.7 million in 1991. For the year, operating profit for 1992 was $130.6 million compared with $113.6 million in 1991 on revenues of $1.31 billion and $1.27 billion respectively. As earlier noted, for the year, 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 two wholesale newspaper distribution businesses, which distribute The Times and other publications in New York City and parts of New Jersey.
 Advertising linage at The New York Times for the fourth quarter of 1992 was 21.3 million lines and for the year 77.0 million lines. These represent declines of 3.9 percent and 2.0 percent compared with the respective 1991 periods.
 Average circulation for The Times for the year 1992 reached record highs with weekdays at 1,181,500 copies, up 21,600 copies over 1991, and Sundays at 1,763,800 copies, up 29,800 copies.
 At the 31 Regional Newspapers that were in the Group for the entire 1992 and 1991 periods, advertising inches for the fourth quarter and year increased 1.8 percent and 2.5 percent, respectively, due primarily to an increase in advertising inserts. Advertising inches for the 1992 fourth quarter and year periods were 9.7 million inches and 33.8 million inches. Circulation for the same 31 newspapers in 1992 reached record highs: 844,500 copies on Sunday, up 13,800 copies, and 846,500 copies on weekdays, up 10,400 copies. Circulation was 73,200 copies for the non-dailies, up 3,100 copies.
 Magazine Group: The Group's fourth-quarter operating profit was $2.4 million compared with $1.4 million in 1991 on revenues of $93.6 million and $86.3 million respectively. For the year, the Group's operating profit was $9.9 million, compared with an operating loss of $0.5 million in 1991 on revenues of $386.1 million and $352.7 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 $6.3 million and $25.4 million for the 1992 fourth-quarter and year periods compared with $6.4 million and $21.2 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: Fourth quarter operating profit of $4.1 million in 1992 compared with $4.8 million in the 1991 quarter on revenues of $21.6 million and $20.4 million respectively. For the year, operating profit in 1992 was $14.8 million, compared with $14.0 million in 1991 on revenues of $80.5 million and $76.0 million respectively. Higher local advertising revenues at the Company's television stations accounted for the improved results for the year. Fourth-quarter results have been impacted by costs involved in the format change for the AM radio station WQEW, formerly WQXR-AM.
 Forest Products Group: Equity in earnings (an after-tax amount) showed a loss of $2.5 million in the 1992 fourth quarter compared with a loss of $0.1 million in 1991. For the year, equity in earnings was a loss of $8.7 million in 1992 compared with a profit of $5.7 million in the 1991 period. Discounts continue to negatively affect equity in earnings. Higher prices through reductions in these discounts are anticipated March 1.
 These higher paper prices will improve 1993 results of the group, but adversely affect the results of the Newspaper Group and the Company's consolidated results due to higher newsprint and magazine paper costs.
 Interest Expense, Net: Interest expense, net of interest income, declined to $6.0 million in the fourth quarter of 1992 from $6.7 million last year. For the year, interest expense declined to $26.1 million from $30.6 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 and the 1991 favorable IRS settlement, the effective income tax rates for the respective years 1992 and 1991 were 44.5 percent and 50.4 percent. The lower 1992 rate is due principally to an increase in pre-tax income in relation to amortization expense.
 THE NEW YORK TIMES COMPANY
 1992 Earnings Exclusive of Accounting Changes and Special Factors
 (Dollars in thousands, except per share amounts)
 Period Ended First Quarter Second Quarter Third Quarter
 Amount Per Amount Per Amount Per
 Share Share Share
 Net income (loss)
 as originally
 reported $ 13,943 $ .18 $15,244 $ .19 $(33,885) $(.43)
 Net effect
 of adopting
 accounting
 changes (A) (527) (.01) (1,244) (.01) (1,133) (.01)
 Income (Loss)
 before cumulative
 effect of
 accounting
 changes 13,416 .17 14,000 .18 (35,018) (.44)
 Net cumulative
 effect of
 accounting
 changes (A) (33,437) (.43) -- -- -- --
 Net income (loss)
 as restated (20,021) (.26) 14,000 .18 (35,018) (.44)
 Special factors
 and net cumulative
 effect of accounting
 changes (after taxes):
 Gwinnett
 disposition 1,000 .01 600 .01 35,500 .45
 Labor disruptions -- -- 6,300 .08 -- --
 Edison start-up -- -- -- -- 1,500 .02
 Voluntary termination
 program -- -- -- -- -- --
 Postretirement
 annual charge 1,200 .02 1,200 .01 700 .01
 Net cumulative
 effect of
 accounting
 changes (A) 33,437 .43 -- -- -- --
 Net income
 before special
 factors and net
 cumulative effect
 of accounting
 changes $ 15,616 $ .20 $22,100 $ .28 $ 2,682 $ .04
 Period Ended Fourth Quarter Year Quarter
 Amount Per Amount Per
 Share Share
 Net income (loss)
 as originally
 reported $(3,670) $(.05) $ (8,368) $(.11)
 Net effect
 of adopting
 accounting
 changes (A) (B) (B) (2,904) (.03)
 Income (Loss)
 before cumulative
 effect of
 accounting
 changes (3,670) (.05) (11,272) (.14)
 Net cumulative
 effect of
 accounting
 changes (A) -- -- (33,437) (.43)
 Net income (loss)
 as restated (3,670) (.05) (44,709) (.57)
 Special factors
 and net cumulative
 effect of accounting
 changes (after taxes):
 Gwinnett
 disposition -- -- 37,100 .47
 Labor disruptions -- -- 6,300 .08
 Edison start-up 4,200 .05 5,700 .07
 Voluntary termination
 program 15,500 .20 15,500 .20
 Postretirement
 annual charge 1,200 .01 4,300 .05
 Net cumulative
 effect of
 accounting
 changes (A) -- -- 33,437 .43
 Net income
 before special
 factors and net
 cumulative effect
 of accounting
 changes $17,230 $ .21 $ 57,628 $ .73
 (A) Includes first-quarter adoption of accounting changes for income taxes, postretirement and postemployment benefits.
 (B) As reported amounts include impact of accounting changes.
 THE NEW YORK TIMES COMPANY
 Condensed Consolidated Statements of Income
 (Dollars and shares in thousands except per share data)
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Revenues $468,187 $452,468 $1,773,535 $1,703,101
 Costs and
 expenses 462,656 (a,b,c) 401,119 1,685,127 (a,b,c) 1,609,462(a)
 Operating profit 5,531 51,349 88,408 93,639
 Interest expense,
 net of interest
 income 5,962 6,682 26,115 30,586
 Loss on disposition
 and operations of
 Gwinnett Daily News - - 53,768 -
 Income (loss) before
 taxes and equity in
 operations (431) 44,667 8,525 63,053
 Income taxes 737 9,993(d) 11,079(e) 21,760(d)
 Income (loss) before
 equity in
 operations (1,168) 34,674 (2,554) 41,293
 Equity in operations of
 Forest Products
 Group (2,502) (78) (8,718) 5,700
 Income (loss) before
 cumulative effect
 of accounting
 changes (3,670) 34,596 (11,272) 46,993
 Cumulative effect
 of accounting
 changes - - (33,437)(f) -
 Net income
 (loss) $ (3,670) $ 34,596 $ (44,709) $ 46,993
 Average number of
 common shares
 outstanding 78,603 77,341 78,534 77,299
 Per share of common stock
 Before cumulative effect
 of accounting
 changes $(.05)(a,b,c) $.45 (d) $(.14)(a,b,c,e) $.61(a,d)
 Net income
 (loss) $(.05)(a,b,c) $.45 (d) $(.57)(a,b,c,e,f) $.61(a,d)
 Cash dividends .14 .14 .56 .56
 NOTES: (a) Includes a $28.0 million pre-tax charge ($.20 per share) in 1992 and a $20.0 million pre-tax charge ($.15 per share) in 1991 for voluntary termination benefits programs at The New York Times newspaper.
 (b) Includes $7.6 million ($.05 per share) for the quarter and $10.4 million ($.07 per share) for the year for training and start-up costs related to The New York Times's new production and distribution facility in Edison, New Jersey. Twelve months includes $11.0 million ($.08 per share) due to labor disruptions.
 (c) Includes $2.0 million pre-tax ($.01 per share) for the quarter and $7.8 million ($.05 per share) for the year for the annual charge for postretirement benefits.
 (d) Includes $10.0 million ($.13 per share) reversal of a provision for tax contingencies for a settlement with the IRS.
 (e) The loss on disposition of The Gwinnett Daily News ($.47 per share) includes a tax benefit of $16.7 million.
 (f) Reflects adoption ($.43 per share) of accounting changes for income taxes, postretirement and postemployment benefits.
 THE NEW YORK TIMES COMPANY
 Segment Information
 (Dollars in thousands)
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Revenues
 Newspapers $352,930 $345,732 $1,306,952 $1,274,435
 Magazines 93,612 86,345 386,120 352,686
 Broadcasting
 /Information
 Services 21,645 20,391 80,463 75,980
 Total $468,187 $452,468 $1,773,535 $1,703,101
 Operating profit (loss)
 Newspapers $ 6,137 (a,b) $ 49,214 $ 81,173 (a,b) $93,578 (a)
 Magazines 2,437 1,413 9,929 (492)
 Broadcasting
 /Information
 Services 4,118 4,789 14,766 13,957
 Unallocated
 Corporate
 Expenses (7,161) (4,067) (17,460) (13,404)
 Total 5,531 51,349 88,408 93,639
 Interest expense,
 net of interest
 income 5,962 6,682 26,115 30,586
 Loss on disposition
 and operations of
 Gwinnett Daily News - - 53,768 -
 Income (loss) before
 income taxes and equity
 in operations of Forest
 Products group (431) 44,667 8,525 63,053
 Income taxes 737 9,993 (c) 11,079 (d) 21,760 (c)
 Income (loss) before
 equity in operations
 of Forest Products
 Group (1,168) 34,674 (2,554) 41,293
 Equity in operations
 of Forest
 Products Group (2,502) (78) (8,718) 5,700
 Income (loss) before
 cumulative effect
 of accounting
 changes $ (3,670) $ 34,596 $ (11,272) $ 46,993
 NOTES: (a) Includes a $28.0 million pre-tax charge in 1992 and a $20.0 million pre-tax charge in 1991 for voluntary termination benefits programs at The New York Times newspaper.
 (b) Includes $7.6 million for the quarter and $10.4 million for the year for training and start-up costs related to The New York Times's new production and distribution facility in Edison, New Jersey. Twelve months includes $11.0 million due to labor disruptions.
 (c) Includes $10.0 million reversal of a provision for tax contingencies for a settlement with the IRS.
 (d) Includes a $16.7 million tax benefit on the disposition of The Gwinnett Daily News.
 -0- 2/8/93
 /CONTACT: Nancy Nielsen, 212-556-7078, or William Adler, 212-556-7077, both of New York Times Company/
 (NYT)


CO: New York Times Company ST: New York IN: PUB SU: ERN

TM-LD -- NY106 -- 4369 02/08/93 19:16 EST
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