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THE NEW YORK TIMES COMPANY REPORTS SECOND-QUARTER RESULTS

 THE NEW YORK TIMES COMPANY REPORTS SECOND-QUARTER RESULTS
 NEW YORK, July 16 /PRNewswire/ -- The New York Times Company


(AMEX: NYT) today reported 1992 second-quarter net income of $15.2 million, or $.19 per share, compared with $5.4 million, or $.06 per share, for the second quarter of 1991. Consolidated revenues for the 1992 quarter were $448.0 million compared with $440.4 million for the second quarter of 1991.
 For the first six months of 1992, net income was $29.2 million, or $.37 per share, compared with $10.5 million, or $.13 per share, last year. Consolidated revenues for the 1992 six-month period were $888.5 million, compared with $857.3 million for the first six months of 1991.
 Second-quarter results for 1992 were adversely affected by pre-tax charges totaling approximately $11 million ($.08 per share) due to labor disruptions arising out of a dispute between the Newspaper and Mail Deliverers' Union of New York and Vicinity (N.M.D.U.) and independent distributors of The Times which affected production and distribution of The Times. Second-quarter results for 1991 were adversely affected by a pre-tax charge of $20 million ($.15 per share) to cover severance and related costs resulting from a voluntary early retirement program at The New York Times newspaper covering 160 employees.
 Exclusive of these items, earnings per share for the 1992 second quarter and six months would have been $.27 and $.45, compared with $.21 and $.28 for the respective 1991 periods.
 The two principal reasons for the increase in both second-quarter and six-month net income were:
 -- Higher advertising revenues in the Newspaper and Magazine Groups.
 -- Lower newsprint costs due to increased price discounting, offset in part by the adverse effect such discounting had on equity in earnings of the Forest Products Group.
 The company has previously announced that it would not open its new Edison facility which was completed in December 1990 until it has resolved various issues with its production unions. In May 1992, the membership of the N.M.D.U. ratified three separate labor agreements that cover the operation of The Times's new automated printing and distribution plant in Edison, N.J., and two metropolitan area wholesale newspaper distribution businesses which the company acquired in June 1992. In a related development, the N.M.D.U. also ratified similar agreements with two independent wholesale distribution companies that deliver The Times in the counties of Fairfield, Conn., and Westchester, N.Y., and on Long Island.
 In June 1992, the company was issued a binding arbitration award that established staffing and working conditions at the Edison facility for another production union, the New York Mailers' Union No. 6 ("Mailers"). The implementation of the award will result in significant cost savings through reductions in staffing and overtime. However, as with the N.M.D.U., the company is continuing in its attempts to reach a long-term negotiated settlement that covers not only Edison but the plant at 43rd Street in Manhattan.
 In 1989, the company provided $30 million for voluntary staff reduction costs for all its production unions, of which a balance of $24 million remained before the N.M.D.U. settlement. The company estimates the cost of voluntary buyouts and benefit payments for N.M.D.U. members will be about $14 million. If negotiated settlements with the Mailers and other unions are reached, it is possible there would be an additional charge against earnings.
 While depreciation of the building portion of The New York Times's facility in Edison began in late 1989, depreciation of the facility's equipment will not begin until each element is put on line. The company expects that the facility will begin operation in the third quarter with full operation during the first quarter of 1993.
 In June 1992, the company acquired two wholesale newspaper distribution businesses, which distribute The Times and other newspapers and periodicals in New York City and central and northern New Jersey. The cost of the acquisition was approximately $30 million. It is not expected to have a material effect on the company's financial position or results of operations.
 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, 32 regional newspapers and a 50 percent interest in the International Herald Tribune, excluding the pre-tax charges described above ($11 million in the 1992 quarter and $20 million in the 1991 quarter), increased to $41.9 million compared with $35.7 million in 1991 on revenues of $328.7 million and $326.7 million, respectively. Excluding the same non-recurring charges, for the first six months of 1992 operating profit was $74.1 million compared with $54.3 million in the comparable 1991 period on revenues of $652.9 million and $638.9 million, respectively. Improvements in revenues and operating profit were due to higher advertising and circulation rates, increased circulation and lower newsprint costs throughout the Group.
 -- Advertising linage at The New York Times for the second quarter of 1992 was 19.8 million lines and for the first six months 38.3 million lines, a decline of 2.4 percent and 1.3 percent compared with the same periods last year.
 Circulation of The Times for the six months ended June 30, 1992, reached record highs, with 1,187,000 copies on weekdays, a gain of 30,200 copies over the same 1991 period, and 1,767,000 copies on Sunday, up 30,900 copies.
 At the 32 regional newspapers, advertising volume for the quarter and six months decreased 0.3 percent and 1.1 percent, respectively, compared with the comparable 1991 periods. Advertising volume for the 1992 second-quarter and six-month periods was 9.0 million inches and 16.6 million inches, respectively. Average circulation for the first six months of 1992 was 908,800 copies on Sunday, up 17,300 copies, and 918,400 copies on weekdays, up 12,400 copies. Circulation was 74,300 for the non-dailies, up 3,500 copies.
 -- Magazine Group: The Group's second-quarter operating profit was $5.5 million compared with $1.3 million in 1991 on revenues of $99.0 million and $93.9 million, respectively. For the first six months of 1992, the Group's operating profit was $7.5 million, compared with an operating loss of $1.0 million in 1991 on revenues of $196.7 million and $181.0 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 $9.4 million and $15.2 million for the 1992 second-quarter and six-month periods compared with $6.8 million and $10.0 million for the respective 1991 periods. The better 1992 results are principally due to increased advertising pages at most of the Group's magazines. Results for the 1991 second quarter were also aided by an additional issue of Family Circle, although the year-to-date periods for both 1991 and 1992 contained the same number of issues. Most of the Group's magazines increased their market share compared with the 1991 second quarter.
 -- Broadcasting/Information Services Group: Second-quarter operating profit of $4.7 million in 1992 compared with $4.2 million in the 1991 quarter on revenues of $20.4 million and $19.8 million, respectively. For the six months, operating profit in the 1992 period was $7.6 million, compared with $6.2 million in 1991 on revenues of $38.8 million and $37.4 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) was a loss of $2.7 million in the 1992 second quarter compared with a profit of $2.7 million in 1991. For the six months, equity in earnings was a loss of $4.0 million in 1992 compared with a profit of $4.3 million in the 1991 period. Higher paper discounts due to oversupply 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 $6.3 million in the second quarter of 1992 from $8.3 million last year. For the six-month period, interest expense declined to $12.7 million from $16.2 million in 1991. The decreases from 1991 are due to lower levels of borrowings.
 -- Income Taxes: The effective income tax rate for the first six months of 1992 was 44.0 percent compared with 64.0 percent in the 1991 period. The lower rate is due principally to a decrease in the relationship of amortization expense for intangible assets to pre-tax income.
 THE NEW YORK TIMES COMPANY
 Condensed Consolidated Statements of Income
 (Dollars and shares in thousands except per share data)
 Second Quarter Six Months
 1992 1991 1992 1991
 Revenues $448,024 $440,394 $888,459 $857,270
 Costs and expenses 410,745 422,043 816,379 823,899
 Operating profit 37,279(A) 18,351(B) 72,080(A) 33,371(B)
 Interest exp., net
 of interest income 6,267 8,267 12,746 16,216
 Inc. bef. inc. taxes
 & equity in opers.
 of Forest Products
 Group 31,012 10,084 59,334 17,155
 Income taxes 13,079 7,408 26,107 10,979
 Income before equity
 in opers. of Forest
 Products Group 17,933 2,676 33,227 6,176
 Equity in opers. of
 Forest Products
 Group (2,689) 2,675 (4,040) 4,284
 Net income $ 15,244 $ 5,351 $ 29,187 $ 10,460
 Average number of
 common shares
 outstanding 78,535 77,296 78,488 77,277
 Per share of
 common stock:
 Net income $.19(A) $.06(B) $.37(A) $.13(B)
 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 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)
 Second Quarter Six Months
 1992 1991 1992 1991
 REVENUES
 Newspapers $328,667 $326,659 $652,891 $638,884
 Magazines 98,990 93,942 196,746 181,031
 Broadcasting/
 Information
 Services 20,367 19,793 38,822 37,355
 Total $448,024 $440,394 $888,459 $857,270
 Operating profit
 (loss):
 Newspapers $ 30,898(A) $ 15,722(B) $ 63,094(A) $ 34,284(B)
 Magazines 5,487 1,332 7,452 (1,038)
 Broadcasting/
 Information
 Services 4,705 4,247 7,622 6,240
 Unallocated
 corporate exps. (3,811) (2,950) (6,088) (6,115)
 Total 37,279 18,351 72,080 33,371
 Interest exp., net
 of interest inc. 6,267 8,267 12,746 16,216
 Inc. bef. inc. taxes
 & equity in opers.
 of Forest Products
 Group 31,012 10,084 59,334 17,155
 Income taxes 13,079 7,408 26,107 10,979
 Inc. bef. equity in
 opers. of Forest
 Products Group 17,933 2,676 33,227 6,176
 Equity in opers.
 of Forest Products
 Group (2,689) 2,675 (4,040) 4,284
 Net income $ 15,244 $ 5,351 $ 29,187 $ 10,460
 (A) -- Includes an $11 million pre-tax charge due to labor disruptions affecting The New York Times newspaper.
 (B) -- Includes a $20 million pre-tax charge for a voluntary termination benefits program at The New York Times newspaper.
 -0- 7/16/92
 /CONTACT: Nancy Nielsen of the New York Times, 212-556-7078/
 (NYT) CO: The New York Times Company ST: New York IN: PUB SU: ERN


GK -- NY090 -- 9924 07/16/92 16:03 EDT
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