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THE NEW YORK TIMES COMPANY REPORTS THIRD-QUARTER RESULTS AND ANNOUNCES STOCK REPURCHASE

 NEW YORK, Oct. 21 /PRNewswire/ -- The New York Times Company (AMEX: NYT.A) today reported a 1993 third-quarter net loss of $3.0 million, or $.04 per share, compared with a net loss of $35.0 million, or $.44 per share, for the third quarter of 1992. The 1993 results were adversely impacted by $.07 per share due to the enactment of the Omnibus Budget Reconciliation Act of 1993 (Tax Act), which increased the federal corporate income tax rate from 34 percent to 35 percent retroactively to Jan. 1, 1993, and affected the deductibility of certain costs. Approximately $.05 of this adjustment relates to the remeasurement of the company's year-end 1992 deferred tax balances to reflect the higher tax rate as required by Statement of Financial Accounting Standards 109 - "Accounting for Income Taxes."
 Results for the 1992 quarter included a pre-tax loss of $51.0 million ($.45 per share) related to the closing of The Gwinnett (Ga.) Daily News, the sale of its residual assets and its third-quarter results of operations and $2.8 million pre-tax ($.02 per share) for training and start-up costs at The New York Times's new production and distribution facility in Edison, N.J.
 Excluding all of the above items, third-quarter earnings would have been $.03 per share in 1993 and 1992. Consolidated revenues for the 1993 quarter were $445.6 million, compared with $426.2 million for the third quarter of 1992.
 For the first nine months of 1993, net income was $30.2 million, or $.39 per share, compared with a net loss of $41.0 million, or $.52 per share last year. The 1993 nine months were negatively impacted by the enactment of the Tax Act ($.07 per share), as described above, and $3.7 million pre-tax ($.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. Results for 1992 were impacted by a pre-tax loss of $53.8 million ($.47 per share) related to the closing of the Gwinnett Daily News, the sale of its residual assets and its results of operations, $2.8 million pre-tax ($.02 per share) for training and start-up costs at the Edison facility, a labor dispute involving the Drivers' Union ($11.0 million pre-tax or $.08 per share), the adoption as of Jan. 1, 1992, of mandated non-cash accounting changes related to income taxes, postretirement benefits and postemployment benefits ($33.4 million or $.43 per share) and gains totaling $3.1 million pre-tax ($.02 per share) from the sale of assets.
 Excluding the impact of accounting changes and special items, 1993 nine-month earnings would have been $.48 per share, compared with $.46 per share in 1992. Consolidated revenues for the 1993 nine-month period were $1.38 billion, compared with $1.31 billion for the first nine months of 1992.
 A summary of the company's business segments follows:
 Newspaper Group: Third-quarter operating profit for the group that consists of The New York Times, 31 regional newspapers, a wholesale newspaper distribution company and a 50 percent interest in the International Herald Tribune, was $13.1 million, compared with $14.3 million in 1992, excluding the Edison facility start-up costs of $2.8 million described above, on revenues of $327.5 million and $310.5 million respectively. For the nine months, excluding the effects of the March 1993 snowstorm, the 1992 Edison start-up costs, labor disruptions and a first-quarter 1992 pre-tax gain on the sale of real estate of $1.5 million, operating profit was $87.2 million compared with $87.3 million in the comparable 1992 period. Revenues were $1.02 billion and $954.0 million for the respective 1993 and 1992 nine-month periods.
 Advertising weakness at the company's two California regional newspapers primarily accounted for the lower third-quarter performance. For the three- and nine-month periods increased circulation revenues, higher advertising rates and cost controls throughout the group, as well as cost savings related to The Times's Edison facility, were offset by increased depreciation and higher newsprint prices, and for the nine months, by lower advertising linage at The Times. The increase in group revenues for the nine months was principally due to the June 1992 wholesaler acquisition.
 Advertising linage at The Times for the third quarter of 1993 was 17.4 million lines, equal to the comparable 1992 period. For the first nine months of 1993, linage was 54.9 million lines, a decline of 1.6 percent compared with the same period last year.
 Circulation of The Times, as reported to the Audit Bureau of Circulations (ABC), for the six months ended Sept. 30, 1993, was 1,141,400 copies on weekdays, a gain of 1,200 copies over the same 1992 period, and 1,756,600 copies on Sunday, up 21,800 copies.
 At the 31 regional newspapers that were in the group for the entire 1993 and 1992 periods, advertising inches for the quarter and nine months increased 2.7 percent and 3.9 percent respectively, over the comparable 1992 periods, principally due to an increase in advertising inserts. Advertising volume for the 1993 third-quarter and nine-month periods was 8.3 million inches and 25.1 million inches respectively. Circulation for the April to September period as reported to ABC was 826,000 copies on weekdays, up 4,500 copies, and 826,000 copies on Sunday, up 8,800 copies. Circulation of 71,900 copies for the non- dailies was down 600 copies.
 Magazine Group: The group had a third-quarter operating loss of $0.7 million compared with operating profit of $0.6 million in 1992 on revenues of $97.0 million and $95.8 million respectively. For the first nine months of 1993, the group's operating profit was $7.4 million, compared with $7.5 million in 1992 on revenues of $296.2 million and $292.5 million respectively. Exclusive of the amortization costs associated with the acquisitions of McCall's and Golf World (U.S.), the group's operating profit was $2.6 million and $17.3 million for the 1993 third-quarter and nine-month periods compared with $4.5 million and $19.1 million for the respective 1992 periods. Results for the quarter and nine-month period were adversely impacted by an August 1993 lawsuit settlement of $1.5 million. In addition, continuing softness in advertising in the consumer packaged goods category in the women's magazines field continues to affect the group adversely.
 Broadcasting/Information Services Group: Third-quarter operating profit of $4.3 million in 1993 compared with $3.3 million in the 1992 quarter on revenues of $21.1 million and $20.0 million respectively. For the nine months, operating profit in 1993 was $13.6 million, compared with $10.6 million in 1992 on revenues of $63.7 million and $58.8 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 third quarter of 1993 was a loss of $2.1 million, compared with a loss of $2.2 million in the 1992 third quarter. For the nine months, equity in earnings was a loss of $4.8 million, compared with a loss of $6.2 million in 1992. The third-quarter 1993 results have been adversely affected by $0.6 million resulting from the impact of the Tax Act.
 While softness in the newsprint and magazine paper industries due to oversupply is continuing, lower newsprint discounts and a favorable Canadian exchange rate accounted for the improvement in third-quarter results exclusive of the impact of the Tax Act.
 Interest Expense, Net: Interest expense, net of interest income, rose to $6.6 million in the third quarter of 1993 from $6.4 million last year. For the nine-month period, interest expense declined to $16.9 million from $20.2 million in 1992. The decline for the nine months is due principally to lower levels of borrowings through the first six months of 1993. Borrowings in connection with the company's previously announced stock repurchase program of $325.0 million gave rise to the increase in interest expense during the third quarter. The company expended $254.0 million through Oct. 1 in connection with this program.
 Income Taxes: The effective income tax rate for the first nine months of 1993 was 53.4 percent including the adjustment to reflect the remeasurement of the company's federal deferred taxes. Exclusive of this remeasurement, the 1993 rate would have been 49.1 percent, compared with 44.0 percent in the 1992 period, exclusive of the effect of the Gwinnett transaction. The higher rate is due principally to the higher federal statutory rate and a larger portion of pre-tax income coming from states with higher tax rates.
 On Sept. 28, shareholders of both the Times Company and Affiliated Publications, Inc., parent company of The Boston Globe, approved the merger of Affiliated with the Times Company. The transaction will be accounted for as a purchase and accordingly the results of Affiliated's operations will be included in the Company's consolidated financial statements beginning Oct. 1, the date the transaction closed. The transaction has an aggregate value of approximately $1.0 billion.
 The company also announced today that its board of directors has authorized expenditures of up to $150.0 million for repurchases of its Class A common stock. A previously announced program to repurchase $325.0 million of Class A common stock pursuant to which the company expended approximately $254.0 million expired at the close of the Affiliated transaction.
 Under the new board authorization, purchases may be made from time to time either in the open market or through private transactions. The number of shares that may be purchased in market transactions may be limited as a result of the Affiliated transaction. Purchases may be suspended from time to time or discontinued.
 The Class A Common Stock is listed on the American Stock Exchange under the symbol NYT.A.
 THE NEW YORK TIMES COMPANY
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars and shares in thousands except per share data)
 Third Quarter Nine Months
 1993 1992 1993 1992
 REVENUES $445,574 $426,213 $1,383,608(E) $1,305,348
 COSTS & EXPENSES 433,408 414,938 1,291,452 1,222,471
 OPERATING PROFIT 12,166 11,275(C) 92,156(E) 82,877(C,F)
 INTEREST EXP., NET
 OF INTEREST INC. 6,554(A) 6,405 16,925(A) 20,153
 LOSS ON DISPOSITION & OPERS.
 OF GWINNETT DAILY NEWS -- 50,990 -- 53,768
 INCOME (LOSS) BEF. TAXES &
 EQUITY IN OPERS. 5,612 (46,120) 75,231 8,956
 INC. TAXES(BENEFIT) 6,505(B) (13,258) 40,179(B) 10,342
 INCOME (LOSS) BEF.
 EQUITY IN OPERS. (893) (32,862) 35,052 (1,386)
 EQUITY IN OPERS.
 OF FOREST PRODUCTS
 GROUP (2,139)(B) (2,156) (4,807)(B) (6,216)
 INC. (LOSS) BEF. NET CUM.
 EFFECT OF ACCOUNTING
 CHANGES (3,032) (35,018) 30,245 (7,602)
 NET CUM. EFFECT
 OF ACCTG. CHANGES -- -- -- (33,437)(G)
 NET INCOME (LOSS) $(3,032) $(35,018) $30,245 $(41,039)
 Avg. number of com.
 shares outstg. 72,366(A) 78,555 77,273(A) 78,510
 Per share of common stock
 Before net cum. effect of
 accounting chgs. $(.04)(B) $(.44)(C,D) $.39(B,E) $(.09)(C,D,F)
 Net income (loss) (.04)(B) (.44)(C,D) .39(B,E) (.52)(C,D,F,G)
 Cash dividends .14 .14 .42 .42
 (A) Includes the impact of the repurchase of 10.0 million Class A common shares for $249.0 million thru September 30, 1993.
 (B) Results reflect impact of $5.6 million ($.07 per share), of which $0.6 million relates to Forest Products Group, due to new tax legislation.
 (C) Includes $2.8 million pre-tax ($.02 per share) for training and start-up costs related to The New York Times's new production and
 distribution facility in Edison, N.J., in the third quarter and $11.0 million ($.08 per share) for labor distruptions affecting The Times in the second quarter.
 (D) Includes a pre-tax loss of $51.0 million ($.45 per share) for the quarter and $53.8 million ($.47 per share) for the nine months related to The Gwinnett (Ga.) Daily News, the sale of its residual assets and its operations.
 (E) Includes $3.7 million pre-tax ($.02 per share) in advertising and circulation rate adjustments at The New York Times due to the March 1993 snowstorm.
 (F) Includes a $3.1 million pre-tax gain ($.02 per share) on the sale of assets.
 (G) Reflects net cumulative effect of accounting changes of $33.4 million ($.43 per share) for income taxes, postretirement and postemployment benefits.
 SEGMENT INFORMATION (Dollars in thousands)
 Third Quarter Nine Months
 1993 1992 1993 1992
 REVENUES
 Newspapers $327,484 $310,455 $1,023,732(D) $954,022(E)
 Magazines 96,954 95,762 296,164 292,508
 Broadcasting/Info.
 Services 21,136 19,996 63,712 58,818
 Total $445,574 $426,213 $1,383,608 $1,305,348
 OPERATING PROFIT (LOSS)
 Newspapers $13,101 $11,522(C) $83,484(D) $75,036(C,E)
 Magazines (663) 601 7,449 7,492
 Broadcasting/Info.
 Services 4,343 3,345 13,649 10,648
 Unallocated Corp.
 Expenses (4,615) (4,193) (12,426) (10,299)(F)
 Total 12,166 11,275 92,156 82,877
 INTEREST EXP., NET
 OF INTEREST INCOME 6,554(A) 6,405 16,925(A) 20,153
 LOSS ON DISPOSITION & OPERS.
 OF GWINNETT DAILY NEWS -- 50,990 -- 53,768
 INC. (LOSS) BEF. INC.
 TAXES & EQUITY IN OPERS.
 OF FOREST PROD. GROUP 5,612 (46,120) 75,231 8,956
 INC. TAXES(BENEFIT) 6,505(B) (13,258) 40,179(B) 10,342
 INCOME (LOSS) BEF. EQUITY
 IN OPERATIONS OF
 FOREST PRODUCTS GROUP (893) (32,862) 35,052 (1,386)
 EQUITY IN OPERATIONS OF
 FOREST PROD. GROUP (2,139)(B) (2,156) (4,807)(B) (6,216)
 INCOME (LOSS) BEFORE
 NET CUM. EFFECT OF
 ACCTG. CHANGES $(3,032) $(35,018) $30,245 $(7,602)
 (A) Includes the impact of the repurchase of 10.0 million Class A Common shares for $249.0 million thru Sept. 30, 1993.
 (B) Results reflect impact of $5.6 million, of which $0.6 million relates to Forest Products Group, due to new tax legislation.
 (C) Includes $2.8 million pre-tax for training and start-up costs related to The New York Times's new production and distribution facility in Edison, N.J., in the third quarter and $11.0 million for labor distruptions affecting The Times in the second quarter.
 (D) Includes $3.7 million pre-tax in advertising and circulation rate adjustments at The New York Times due to the March 1993 snowstorm.
 (E) Includes a $1.5 million pre-tax gain on the sale of real estate.
 (F) Includes a $1.6 million pre-tax gain on the sale of a corporate asset.
 -0- 10/21/93
 /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

JS -- NY121 -- 5491 10/21/93 18:34 EDT
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