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THE NEW YORK TIMES COMPANY REPORTS SECOND QUARTER RESULTS

 NEW YORK, July 21 /PRNewswire/ -- The New York Times Company (AMEX: NYT.A) today reported 1993 second quarter net income of $22.4 million, or $.28 per share, compared with $14.0 million, or $.18 per share, for the second quarter of 1992. The 1992 results were adversely affected by pre-tax charges totaling approximately $11.0 million ($.08 per share) due to labor disruptions arising from a dispute between independent distributors of The New York Times newspaper ("The Times") and the Newspaper and Mail Deliverers' Union (the Drivers' Union) and an operating loss of $1.1 million ($.01 per share) at The Gwinnett (Ga.) Daily News, which was closed in September of 1992. Excluding these items, 1992 second quarter earnings would have been $.27 per share. Consolidated revenues for the 1993 quarter were $483.6 million compared with $443.2 million for the second quarter of 1992.
 For the first six months of 1993, net income was $33.3 million, or $.42 per share, compared with a net loss of $6.0 million, or $.08 per share last year. The 1993 six months were negatively impacted by $3.7 million pre-tax ($.02 per share) due to a snowstorm in March that affected delivery of The Times, which in turn required certain advertising and circulation rate adjustments. In addition to the labor dispute involving the Drivers' Union ($11.0 million pre-tax or $.08 per share), 1992 six-month earnings were reduced by $33.4 million ($.43 per share) as a result of the adoption of mandated non-cash accounting changes related to income taxes, postretirement benefits and postemployment benefits. In addition, the 1992 six months also included first-quarter gains totaling $3.1 million pre-tax ($.02 per share) from the sale of assets and operating losses of $2.8 million pre-tax ($.02 per share) at The Gwinnett (Ga.) Daily News, which closed in September of 1992.
 After adjustments are made for accounting changes and special items, 1993 six month earnings would have been $.44 per share compared with $.43 per share in 1992. Consolidated revenues for the 1993 six-month period were $938.0 million, compared with $879.1 million for the first six months of 1992.
 A summary of the Company's business segments follows:
 Newspaper Group: Second quarter operating profit for the Group that consists of The New York Times, 31 Regional Newspapers, a wholesale newspaper distribution company in the New York area and a 50 percent interest in the International Herald Tribune, was $41.8 million, which was equal to 1992, excluding the pre-tax charge of $11.0 million described above, on revenues of $356.8 million and $323.9 million respectively. For the six months, excluding the effects of the March 1993 snowstorm, the 1992 labor disruptions by the Drivers' Union and a first-quarter 1992 pre-tax gain on the sale of real estate of $1.5 million, operating profit was $74.1 million compared with $73.0 million in the comparable 1992 period. Revenues were $696.2 million and $643.6 million for the respective 1993 and 1992 six-month periods.
 Increased circulation revenues, higher advertising rates and cost controls throughout the Group, as well as cost savings related to The Times's new production and distribution facility in Edison, N.J., were offset by increased depreciation and higher newsprint prices, and for the six months, by lower advertising linage at The Times. The increase in Group revenues was principally due to the June 1992 acquisition of a wholesale distribution business.
 Advertising linage at The Times for the second quarter of 1993 was 19.8 million lines, which was equal to the comparable 1992 period. For the first six months of 1993, linage was 37.4 million lines, a decline of 2.3 percent compared with the same period last year. On a day-for- day basis, linage continued to strengthen during the second quarter, with May linage up 0.5 percent and June linage up 4.1 percent.
 Circulation of The Times for the six months ended June 30, 1993, reached record highs, with 1,200,900 copies on weekdays, a gain of 26,700 copies over the same 1992 period and 1,810,700 copies on Sunday, up 37,200 copies.
 At the 31 Regional Newspapers that were in the Group for the entire 1993 and 1992 periods, advertising inches for the quarter and six months increased 3.0 percent and 4.5 percent, respectively over the comparable 1992 periods, principally due to an increase in advertising inserts. Advertising volume for the 1993 second-quarter and six-month periods was 9.0 million inches and 16.8 million inches respectively. Average circulation for the first six months of 1993 was 871,300 copies on weekdays, up 11,000 copies and 873,000 copies on Sunday, up 13,800 copies. Circulation of 74,300 copies for the non-dailies was unchanged.
 Magazine Group: The Group's second quarter operating profit was $4.9 million compared with $5.2 million in 1992 on revenues of $104.3 million and $99.0 million respectively. For the first six months of 1993, the Group's operating profit was $8.1 million, compared with $6.9 million in 1992 on revenues of $199.2 million and $196.7 million respectively. 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 $8.2 million and $14.7 million for the 1993 second-quarter and six-month periods compared with $9.1 million and $14.6 million for the respective 1992 periods. Softness in advertising in the consumer packaged goods category in the women's service magazines was the principal reason for the decline in second-quarter operating profit, which occurred despite an additional issue of Family Circle in the 1993 second-quarter (year-to-date contained the same number of issues).
 Broadcasting/Information Services Group: Second quarter operating profit of $5.7 million in 1993 compared with $4.5 million in the 1992 quarter on revenues of $22.5 million and $20.4 million respectively. For the six months, operating profit in the 1993 period was $9.3 million, compared with $7.3 million in 1992 on revenues of $42.6 million and $38.8 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 second quarter of 1993 was a loss of $0.5 million, compared with a loss of $2.4 million in the 1992 second quarter. For six months, equity in earnings was a loss of $2.7 million compared with a loss of $4.1 million in 1992. While softness in the newsprint and magazine paper industry due to oversupply is continuing, lower newsprint discounts and a favorable Canadian exchange rate accounted for the improvement in second-quarter results.
 Interest Expense, Net: Interest expense, net of interest income, declined to $5.2 million in the second quarter of 1993 from $6.8 million last year. For the six month period, interest expense declined to $10.4 million from $13.7 million in 1992. The declines are due principally to lower levels of borrowings.
 Income Taxes: The effective income tax rate for the first six months of 1993 was 48.4 percent compared with 42.8 percent in the 1992 period. The higher rate is due principally to a larger portion of pre- tax income coming from states with higher tax rates.
 On June 11, 1993 the Company announced that it had signed a definitive merger agreement with Affiliated Publications, Inc., parent company of the Boston Globe. The merger agreement provides for all of Affiliated's stockholders to receive consideration valued at $15.00 per share under current market conditions. All holders of Affiliated's common stock will be entitled to receive consideration in the form of shares of the Company's Class A common stock. Holders of Affiliated Series A common stock will also have the option to elect to receive cash, on a pro rata basis, in exchange for as much as 15 percent of the total number of shares of Affiliated's common stock. It is intended that the receipt of stock by Affiliated stockholders will be tax-free. Any cash received will be taxable.
 The merger is subject to customary conditions, including filing and clearance of a registration statement, approval of the stockholders of both Affiliated and the company, expiration of antitrust regulatory waiting periods and the continued receipt of tax opinions relating to the tax-free nature of the transaction.
 The transaction has an aggregate value of about $1.1 billion and will be accounted for as a purchase, with resulting intangible assets of approximately $1.0 billion. The Boards of Directors of Affiliated and the Company have independently determined that the merger is fair to -- and in the best interests of -- their respective stockholders, and both boards will recommend


the merger at their respective stockholder meetings to be called to consider the merger. It is anticipated that the merger will be consummated in the fall of 1993.
 On June 21 and July 15 the Company made announcements concerning a stock repurchase program to purchase, in the aggregate, up to $250 million of its Class A common stock prior to the closing of the proposed acquisition of Affiliated. To date the Company has expended approximately $152 million.
 THE NEW YORK TIMES COMPANY
 Condensed Consolidated Statements Of Income
 (Dollars and shares in thousands except per share data)
 Second Quarter Six Months
 1993 1992 1993 1992
 Revenues $483,552 $443,238 $938,034(b) $879,135
 Costs And Expenses 434,635 406,489 858,044 807,533
 Operating Profit 48,917 36,749(a) 79,990(b) 71,602(a,c,d)
 Interest expense,
 net of interest
 income 5,151 6,768 10,371 13,748
 Loss on disposition
 and operations of
 Gwinnett Daily News -- 1,098 -- 2,778
 Income before taxes and
 equity in opers. 43,766 28,883 69,619 55,076
 Income taxes 20,851 12,442 33,674 23,600
 Income before equity
 in operations 22,915 16,441 35,945 31,476
 Equity in operations
 of forest products
 group (526) (2,441) (2,668) (4,060)
 Income before net
 cumulative effect
 of accounting
 changes 22,389 14,000 33,277 27,416
 Net cumulative
 effect of
 accounting changes -- -- -- (33,437)(e)
 Net income (loss) $ 22,389 $ 14,000 $ 33,277 $ (6,021)
 Average number of
 common shares
 outstanding 79,721 78,535 79,727 78,488
 Per share of common
 stock before net
 cumulative effect of
 accounting changes $.28 $.18(a) $.42(b) $.35(a,c,d)
 Net income (loss) .28 .18(a) .42(b) (.08)(a,c,d,e)
 Cash dividends .14 .14 .28 .28
 (a) Includes an $11 million pre-tax charge ($.08 per share) due to labor disruptions affecting The New York Times newspaper.
 (b) Includes $3.7 million pre-tax ($.02 per share) in advertising and circulation rate adjustments at The New York Times newspaper due to March 1993 snowstorm.
 (c) Includes a $1.5 million pre-tax gain ($.01 per share) on the sale of real estate.
 (d) Includes a $1.6 million pre-tax gain ($.01 per share) on the sale of a corporate asset.
 (e) Reflects net cumulative effect of accounting changes of $33.4 million ($.43 per share) for income taxes, postretirement and postemployment benefits.
 THE NEW YORK TIMES COMPANY
 Segment Information
 (Dollars in thousands)
 Second Quarter Six Months
 1993 1992 1993 1992
 Revenues
 Newspapers $356,827 $323,881 $696,248(b) $643,567(c)
 Magazines 104,255 98,990 199,210 196,746
 Broadcasting/information
 services 22,470 20,367 42,576 38,822
 Total $483,552 $443,238 $938,034 $879,135
 Operating profit (loss)
 Newspapers $ 41,766 $ 30,818(a) $ 70,383(b) $63,514(a,c)
 Magazines 4,886 5,206 8,112 6,891
 Broadcasting/information
 services 5,674 4,545 9,306 7,303
 Unallocated corporate
 expenses (3,409) (3,820) (7,811) (6,106)(d)
 Total 48,917 36,749 79,990 71,602
 Interest expense, net
 of interest income 5,151 6,768 10,371 13,748
 Loss on disposition and
 operations of Gwinnett
 Daily News -- 1,098 -- 2,778
 Income before income
 taxes and equity
 in operations of
 forest products
 group 43,766 28,883 69,619 55,076
 Income taxes 20,851 12,442 33,674 23,600
 Income before equity in
 operations of forest
 products group 22,915 16,441 35,945 31,476
 Equity in operations of
 forest products group (526) (2,441) (2,668) (4,060)
 Income before net
 cumulative effect
 of accounting
 changes $ 22,389 $ 14,000 $ 33,277 $ 27,416
 (a) Includes an $11 million pre-tax charge due to labor disruptions affecting The New York Times newspaper.
 (b) Includes $3.7 million pre-tax in advertising and circulation rate adjustments at The New York Times newspaper due to March 1993 snowstorm.
 (c) Includes a $1.5 million pre-tax gain on the sale of real estate.
 (d) Includes a $1.6 million pre-tax gain on the sale of a corporate asset.
 -0- 7/21/93
 /CONTACT: Nancy Nielsen, 212-556-7078 or William Adler, 212-556-7077, both of The New York Times Company/
 (NYT)


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

WB -- NY102 -- 4186 07/21/93 17:39 EDT
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