-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KhVGK+oujoxoeIP5BJuOACyioxaVtkBCK79SU8X2+y3Xpd6Kkhy/G0aOR1/x5eIE p3CjSxrK8o8+HHQ4qs86OA== 0001047469-98-025346.txt : 19980626 0001047469-98-025346.hdr.sgml : 19980626 ACCESSION NUMBER: 0001047469-98-025346 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971224 FILED AS OF DATE: 19980625 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW YORK TIMES CO CENTRAL INDEX KEY: 0000071691 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 131102020 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-05837 FILM NUMBER: 98654213 BUSINESS ADDRESS: STREET 1: 229 W 43RD ST CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2125561234 MAIL ADDRESS: STREET 1: 229 W 43RD STREET CITY: NEW YORK STATE: NY ZIP: 10036 11-K 1 FORM 11-K - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------------------ FORM 11-K ---------------- __X__ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996] For the fiscal year ended December 24, 1997 _____ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ______ to ______ COMMISSION FILE NUMBER: 1-5837 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN (Exact name of plan) 135 MORRISSEY BOULEVARD P.O. BOX 2378 BOSTON, MA 02107-2378 (Address of plan) THE NEW YORK TIMES COMPANY (Exact name of issuer) 229 WEST 43RD STREET NEW YORK, NY 10036 (Address of issuer's principal executive office) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The following financial statements are included in this Report: Report of independent public accountants, including: A statement of net assets available for plan benefits for the years ended December 24, 1997, and December 31, 1996. A statement of changes in net assets available for plan benefits for each of the years ended December 24, 1997, December 31, 1996 and December 31, 1995. Accompanying notes for the financial statements. Schedule of assets held for investment purposes. Schedules of reportable transactions for the years ended December 24, 1997 and December 31, 1996. SIGNATURES The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THE BGEA/ BOSTON GLOBE EMPLOYEE SAVINGS PLAN By /s/ STEVE BEHENNA ---------------------------------------- Steve Behenna ADMINISTRATIVE TRUSTEE
Dated: June 23, 1998 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN FINANCIAL STATEMENTS FOR THE PERIODS ENDED DECEMBER 24, 1997, DECEMBER 31, 1996 AND 1995 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN DECEMBER 24, 1997 AND DECEMBER 31, 1996 TABLE OF CONTENTS Independent Auditors' Report......................................................... 1 Statement of Net Assets Available For Plan Benefits.................................. 2 Statement of Changes In Net Assets Available For Plan Benefits....................... 3 Notes to The Financial Statements.................................................... 4-6 SUPPLEMENTAL SCHEDULES: Schedule of Assets Held for Investment Purposes December 24, 1997................ 7-8 Reportable Transactions for the Year Ended December 24, 1997..................... 8
INDEPENDENT AUDITOR'S REPORT To the Board of Trustees of the BGEA/Boston Globe Employee Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the BGEA/ Boston Globe Employee Savings Plan as of December 24, 1997, and December 31, 1996, and the related statement of changes in net assets available for plan benefits for the period ended December 24, 1997 and the years ended December 31, 1996, and 1995. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the plan as of December 24, 1997, and December 31, 1996 and changes in net assets available for plan benefits for the period ended December 24, 1997 and the years ended December 31, 1996, and 1995 in conformity with generally accepted accounting principles. Hoffman & Manning, CPAs Boston, Massachusetts June 11, 1998 1 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 24, 1997 AND DECEMBER 31, 1996
ASSETS 1997 1996 - ------------------------------------------------------------ ------------ ------------ Investments, at fair market value (Note C).................. $ 24,539,062 $ 16,613,028 Cash & Cash Equivalents..................................... 0 0 Participants' notes receivable.............................. 426,961 263,948 ------------ ------------ 24,966,023 16,876,976 ------------ ------------ ------------ ------------ LIABILITIES - ------------------------------------------------------------ Administrative Expenses Payable............................. 0 0 ------------ ------------ 0 0 Net assets available for Plan benefits...................... $ 24,966,023 $ 16,876,976 ------------ ------------ ------------ ------------
The accompanying notes are an integral part of these financial statements. 2 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 24, 1997, DECEMBER 31, 1996, AND 1995
1997 1996 1995 ------------- ------------- ------------- Additions: Participants' contributions....................................... $ 3,275,244 $ 2,829,283 $ 1,980,480 Rollover contributions............................................ 207,611 473,502 119,378 Employers' matching contributions................................. 363,268 248,855 0 Employers' contributions.......................................... 493,915 0 0 Interest and dividend income...................................... 1,581,643 912,235 649,215 Other Income...................................................... 0 0 4,232 Net appreciation/(depreciation) in fair value of investments...... 2,960,650 1,114,922 2,393,134 ------------- ------------- ------------- Total additions............................................... 8,882,331 5,578,796 5,146,440 Deductions: Benefits paid to participants..................................... 783,508 1,391,014 310,745 Direct trustee to trustee transfers............................... 0 161,015 0 Administrative fees............................................... 9,775 8,403 3,521 ------------- ------------- ------------- Total deductions.............................................. 793,283 1,560,432 314,266 ------------- ------------- ------------- Net increase........................................................ 8,089,048 4,018,364 4,832,174 Net assets available for Plan benefits, beginning of year........... 16,876,975 12,858,611 8,026,438 ------------- ------------- ------------- Net assets available for Plan benefits, end of year................. $ 24,966,023 $ 16,876,975 $ 12,858,612 ------------- ------------- ------------- ------------- ------------- -------------
3 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS A. DESCRIPTION OF THE PLAN The following description of the BGEA/Boston Globe Employee Savings Plan provides only general information. Participants should refer to the Plan Agreement for a more complete description of the Plan's provisions. 1. GENERAL. The plan is a defined contribution plan covering all employees of the Company, who are members of a collective bargaining group which has agreed to adopt the plan, and who have been credited with 1,000 or more hours of service during a 12 month period and are twenty-one years of age or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) 2. CONTRIBUTIONS. Participants enter into a salary reduction agreement with the Employer, subject to statutory limitations, and the Employer contributes to the plan on the employees behalf. Participants may make qualified rollover contributions to the plan. Participants' contributions shall be invested in the Fund in accordance with the participants' investment elections. 3. PARTICIPANT ACCOUNTS. Each participant's account is credited with the participant's contribution and (a) an allocation of fund earnings of each fund in which the participant elects contributions, and (b) administrative expenses. Allocations are based on participant account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance. Participant accounts will consist of investments, at the direction of the participant, in the following funds: Putnam Health Sciences Trust Putnam Voyager Fund Putnam Vista Fund The George Putnam Fund of Boston Putnam U.S. Government Income Trust Putnam Money Market Fund Putnam New Opportunities Fund Putnam Growth & Income Putnam S&P 500 Index Fund Putnam Diversified Income Fund Putnam International Growth Fund Putnam Diversified Income Fund Participant Loans Fund Or in the following equity securities directly: New York Times Common Stock AT&T Corp. Common Stock Lucent Technologies Common Stock NCR Corp Common Stock 4. MATCHING CONTRIBUTIONS. During 1997 and 1996 the Company matched 25% of employee contributions up to a maximum of 4% of compensation 5. EMPLOYER CONTRIBUTIONS. During 1997 the Company contributed 1% of compensation for all eligible employees. 6. VESTING. Participants are immediately vested in their voluntary contributions and actual earnings thereon. Participants vest in the employer matching and other contributions at a rate of 25% after one year of service, 75% after two years of service, and 100% after three years of service. 7. PAYMENTS OF BENEFITS. Upon termination of service or retirement, a participant is entitled to a lump sum distribution equal to the value of his or her account. 4 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED) B. SUMMARY OF ACCOUNTING POLICIES BASIS OF PRESENTATION The Plan's financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. INVESTMENTS VALUATION AND INCOME RECOGNITION Investments held by the Plan are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net assets value of shares held by the plan at year-end. Participants' notes receivable are valued at cost which approximates market. Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Gains and losses are calculated on a weighted average basis. The participant determines the percentage of contributions which are to be invested in each investment fund. The plan presents in the statement of changes in net assets available for Plan benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains and losses and the unrealized appreciation (depreciation) on those investments. C. INVESTMENTS The Plan's investments are held by a broker-administered trust fund. Investment transactions that represent 5 percent or more of the Plan's net assets are separately identified. FAIR VALUE OF INVESTMENTS
DECEMBER 24, 1997 -------------------------- # OF SHARES FAIR VALUE ----------- ------------- Mutual Funds: Money Market....................................................................... 747,796 $ 747,796 U.S. Government.................................................................... 60,371 788,446 Growth & Income.................................................................... 38,991 582,100 Aggressive Growth.................................................................. 33,495 1,534,057 Common Stock....................................................................... 439,500 6,391,631 Common Stock Sector................................................................ 464,807 10,443,093 Equity securities: New York Times Co.................................................................. 59,664 3,855,952 AT & T Corp........................................................................ 1,646 102,228 Lucent Technologies................................................................ 1,134 87,908 NCR Corporation.................................................................... 209 5,850 ------------- Total Investments at Fair Value.................................................... $ 24,539,061 ------------- -------------
5 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED) C. INVESTMENTS (CONTINUED) NET CHANGE IN FAIR VALUE
PERIOD ENDED DECEMBER 24, 1997 ----------------- Mutual Funds: U.S. Government.............................................................................. 13,604 Growth & Income.............................................................................. (6,870) Aggressive Growth Fund....................................................................... 147,038 Common Stock................................................................................. 293,877 Common Stock Sector.......................................................................... 931,567 Equity securities.............................................................................. 1,581,433 ----------------- Net change in Fair Value..................................................................... $ 2,960,649 ----------------- -----------------
D. PLAN TERMINATION Although it has not expressed any intent to do so, the Employer reserves the right under the Plan to terminate the Plan, in whole or in part, whenever there is a collective bargaining agreement between the Employer and the Boston Globe Employees Association that fails to provide for the continuation of the plan or the plan participants are no longer represented by this bargaining unit. E. PARTICIPANT LOANS Participant loans are available to participants who meet the eligibility requirements as defined by the administrative trustees. The loans have repayment periods not to exceed five years, unless the proceeds are used to purchase a qualified residence or finance qualified education costs. The loans bear interest at the prime rate at the time the loan is approved plus one half of one percent. The total outstanding balances on participant loans was $426,961 and $263,948 as of December 24, 1997 and December 31, 1996, respectively. F. PLAN TAX STATUS The Plan as written is qualified under the Internal Revenue Code as being exempt from federal income taxes. A favorable determination letter has been received from the Internal Revenue Service. G. FORM 5500 RECONCILIATION
DECEMBER 24, DECEMBER 31, 1997 1996 ------------- ------------- Net Assets per Form 5500........................................................... $ 24,966,023 $ 16,876,976 Expenses Payable................................................................. 0 0 ------------- ------------- Net Assets......................................................................... $ 24,966,023 $ 16,876,976 ------------- ------------- ------------- -------------
I. EXPENSES OF THE PLAN Essentially all expenses incurred in the administration of the Plan, as defined by the Plan document, have been paid by the BGEA/Boston Globe Taft-Hartley Health Fund. The BGEA/Boston Globe Taft-Hartley Health Fund is related to the Plan by having common membership between its participants and the participants of The BGEA/Boston Globe Taft-Hartley Health Fund. Expenses incurred in the administration of the Plan totaled $20,000 in 1997 and $20,000 in 1996. 6 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN NOTES FOR THE FINANCIAL STATEMENTS SUPPLEMENTAL SCHEDULES ITEM 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES.
(A) (B) (C) (D) (E) - ---------------------- ------------------------ ---------------------------------- ----------- ----------- DESCRIPTION ENDING CURRENT IDENTITY OF ISSUER OF INVESTMENT UNITS COST VALUE ------------------------ ------------------------- ------- ----------- ----------- Money Market Putnam Investments Putnam Money Market Fund 747,796 $ 747,796 $ 747,796 U.S. Government Putnam Investments Putnam US Government Income 60,371 786,053 788,446 Growth & Income Putnam Investments Putnam Growth & Income 14,548 288,585 275,096 Putnam Investments Putnam Diversified Income Trust 24,443 303,258 307,004 Aggressive Growth Putnam Investments* Putnam New Opportunities Fund 33,495 1,394,655 1,534,057 Common Stock Putnam Investments* Putnam Vista Fund 208,403 2,033,219 2,327,862 Putnam Investments* The George Putnam Fund of Boston 218,360 3,376,922 3,847,500 Putnam Investments Putnam S & P 500 1,499 32,458 32,521 Putnam Investments Putnam International Growth 11,238 190,263 183,748 Common Stock Sector Putnam Investments* Putnam Voyager Fund 404,615 5,680,907 7,299,253 Putnam Investments* Putnam Health Sciences Trust 60,192 2,343,960 3,143,840
7 BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED) SUPPLEMENTAL SCHEDULES
(A) (B) (C) (D) (E) - ---------------------- ------------------------ ---------------------------------- ----------- ----------- DESCRIPTION ENDING CURRENT IDENTITY OF ISSUER OF INVESTMENT UNITS COST VALUE ------------------------ ------------------------- ------- ----------- ----------- Equity Securities New York Times* Common Stock 59,664 1,601,342 3,855,952 Lucent Technologies Common Stock 1,134 67,937 87,908 AT&T Corp Common Stock 1,646 66,011 102,228 NCR Corporate Stock Common Stock 209 7,152 5,850 Other Participant Loans Participant Loans with Interest Rates ranging from 6.0% to 10.0% N/A 426,961 426,961 ----------- ----------- Total Plan Assets $19,347,479 $24,966,023 ----------- ----------- ----------- -----------
- ------------------------ * This investment represents 5% or more of the Plan's Net Assets REPORTABLE TRANSACTIONS FOR THE YEAR ENDED 12/24/97
DESCRIPTION TYPE SHARES COST/PROCEEDS - ------------------------ ---------- --------- ------------- Putnam Voyager Purchase 71,667 1,290,001
FOR THE YEAR ENDED 12/31/96
DESCRIPTION TYPE SHARES COST/PROCEEDS - ------------------------ ---------- --------- ------------- Putnam Voyager Purchase 92,894 1,537,273 Putnam Voyager Sales 47,517 (788,861) George Putnam Fund Purchase 62,168 1,002,172
8 INDEPENDENT AUDITOR'S CONSENT THE NEW YORK TIMES COMPANY: We consent to the incorporation by reference in Registration Statement No. 33-50461 on Form S-8 of our report dated June 11, 1998, on our audits of the statements of net assets available for plan benefits of the BGEA/Boston Globe Employee Savings Plan as of December 24, 1996 and December 31, 1996 and the related statement of changes in net assets available for plan benefits for the years ended December 24, 1997, December 31, 1996 and 1995, which report is included in this Annual Report on Form 11-K. /s/ Hoffman & Manning --------------------------------- HOFFMAN & MANNING CPAS Boston, Massachusetts June 23, 1998 9 -----END PRIVACY-ENHANCED MESSAGE-----