-----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, Ed9pAbYPmaNg/IW1oQago9g16F68Eqf4GT0yP85mZRqXH3KyC7PZGw/V/61VYihw YHpY2o0J41ay1X0YKz/G1A== 0001104659-04-030346.txt : 20041013 0001104659-04-030346.hdr.sgml : 20041013 20041013092509 ACCESSION NUMBER: 0001104659-04-030346 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20041013 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041013 DATE AS OF CHANGE: 20041013 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05837 FILM NUMBER: 041076126 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 8-K 1 a04-11496_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  October 13, 2004

 

The New York Times Company

(Exact name of Registrant as Specified in Its Charter)

 

New York

 

1-5837

 

13-1102020

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

229 West 43rd Street, New York, New York

 

10036

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 556-1234

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

ITEM 2.02.  Results of Operations and Financial Condition

 

On October 13, 2004, The New York Times Company issued a press release announcing the Company’s earnings for the quarter ended September 26, 2004.  On October 13, 2004, the Company also issued a press release announcing the Company’s revenues for September 2004.  Copies of these press releases are furnished as exhibits to this Form 8-K.

 

ITEM 9.01  Financial Statements and Exhibits

 

(c)  Exhibits

 

Exhibit 99.1            The New York Times Company Earnings Press Release dated October 13, 2004

 

Exhibit 99.2            The New York Times Company September Revenues Press Release dated October 13, 2004

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

THE NEW YORK TIMES COMPANY

 

 

 

 

 

 

Date:  October 13, 2004

By:

/s/ Rhonda L. Brauer

 

 

Rhonda L. Brauer

 

 

Secretary and Senior Counsel

 

3


 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

 

 

 

99.1

 

The New York Times Company Earnings Press Release dated October 13, 2004

 

 

 

99.2

 

The New York Times Company September Revenues Press Release dated October 13, 2004

 

4

 EX-99.1 2 a04-11496_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

 

Press Release

 

Contacts:

 

Catherine J. Mathis, 212-556-1981; E-mail:  mathis@nytimes.com
Paula Schwartz, 212-556-5224;E-mail:  schwap@nytimes.com

 

 

This press release can be downloaded from www.nytco.com

 

THE NEW YORK TIMES COMPANY

REPORTS THIRD-QUARTER RESULTS

 

NEW YORK, October 13, 2004 – The New York Times Company announced today that third-quarter diluted earnings per share were $.33 compared with $.33 in the 2003 third quarter, and net income was $48.3 million compared with $50.1 million in the third quarter last year.

 

“Advertising revenues increased 3.7% in the third quarter, roughly mirroring our ad revenue growth in the second quarter,” said Janet Robinson, executive vice president and chief operating officer.  “In order to spur greater revenue gains, we are continuing with our plans to increase the number and color capacity of The Times’s national print sites, redesign key editorial sections and improve its content, as well as grow the IHT and NYTimes.com.  While these revenue-generating initiatives and similar efforts at our other businesses do result in increased expenses, we expect that these investments will provide greater revenue growth as we move forward.”

 

Revenues

 

Total revenues for the Company rose 1.9 percent to $773.8 million compared with $759.3 million in the third quarter of 2003.  Advertising revenues (64 percent of total revenues) grew 3.7 percent, and circulation revenues (28 percent of total revenues) were on a par with the third quarter last year.

 

Costs and Expenses

 

Total costs and expenses in the third quarter increased 3.4 percent to $689.5 million from $666.6 million in the 2003 third quarter, mainly because of increased newsprint expense, higher outside printing costs related to investments at The New York Times and the International Herald Tribune and higher promotion costs.

 

Newsprint expense rose 9.8 percent in the third quarter compared with the 2003 third quarter, with 8.1 percent resulting from higher prices and 1.7 percent stemming from increased consumption.

 

Operating Profit

 

Operating profit in the third quarter decreased 9.1 percent to $84.3 million from $92.7 million in the third quarter of 2003, primarily because of increased expenses.

 


 

EBITDA

 

EBITDA (earnings before interest, taxes, depreciation and amortization) in the third quarter decreased 4.5 percent to $125.2 million from $131.1 million in the 2003 third quarter, mainly due to higher expenses, which were partially offset by higher advertising revenues and a gain from the expiration of an unused advertising credit.

 

The Company believes that EBITDA, a non-GAAP financial measure, is a useful metric for evaluating its financial performance because of its focus on the Company’s results from operations before depreciation and amortization.  EBITDA is a common alternative measure of performance used by investors, financial analysts and rating agencies.  These groups use EBITDA, along with other measures, to estimate the value of a company and evaluate a company’s ability to meet its debt service requirements.  A reconciliation of EBITDA to net income, as well as additional information concerning EBITDA, is included in the exhibits to this release.

 

News Media Group

 

Total News Media Group revenues grew 1.6 percent in the third quarter to $735.8 million from $724.4 million in the prior-year quarter.  Advertising revenues rose 3.3 percent in the third quarter primarily because of higher advertising rates, and circulation revenues were on a par with the same quarter last year.

 

Operating profit for the News Media Group decreased 9.0 percent to $85.8 million in the third quarter from $94.3 million in the 2003 third quarter.  Higher advertising revenues were more than offset by increased newsprint expense, higher outside printing costs related to investments at The New York Times and the International Herald Tribune and higher promotion costs.

 

Broadcast Media Group

 

Broadcast Media Group revenues rose 9.0 percent in the third quarter to $38.0 million from $34.8 million in the same period in 2003.  Operating profit increased 23.9 percent to $9.2 million in the third quarter from $7.5 million in the 2003 third quarter, primarily because of increased political advertising revenues ($3.9 million in the third quarter of 2004 compared with $1.6 million in the same quarter last year) and higher levels of automotive and furniture advertising.

 

Joint Ventures

 

Net income from joint ventures was $1.7 million in the third quarter compared with $0.1 million in the third quarter of last year, because of more favorable results at most of the properties in which the Company has equity interests.

 

Income Taxes

 

The Company’s effective income tax rate for the third quarter was 39.5 percent, the same as in the third quarter of 2003.

 

Interest Expense-net, Shares, Cash and Total Debt

 

Interest expense-net in the third quarter decreased to $10.1 million from $11.1 million in the third quarter of 2003, mainly due to higher levels of capitalized interest related to the Company’s new headquarters.

 

In the third quarter, the Company repurchased 3.0 million shares at a cost of $125.7 million.  Approximately $251.8 million remained at the end of the third quarter from the Company’s current

 

2


 

share repurchase authorization.  Class A and Class B common shares outstanding at the end of the quarter totaled 145.4 million shares.

 

As of September 26, 2004, the Company’s cash and cash equivalents were approximately $31 million and total debt was approximately $987 million.

 

2004 Guidance Based on GAAP

 

There has been no change in guidance since the Company last provided it on September 20, 2004.

 

Item

 

2004 Guidance

Total Company Advertising Revenues

 

Growth rate expected to be in the low- to mid-single digits

News Media Group Circulation Revenues (Formerly Newspaper Group)

 

Expected to be on a par with 2003

Newsprint Cost Per Ton

 

Growth rate expected to be in the low teens

Total Company Expenses

 

Growth rate expected to be in the low- to mid-single digits

Depreciation & Amortization

 

$145 to $150 million

Capital Expenditures  (a)

 

$175 to $205 million

Net loss from Joint Ventures

 

Breakeven to a loss of $5 million

Interest Expense

 

$42 to $46 million

Tax Rate

 

39.5%

Diluted Earnings Per Share

 

EPS expected to be at or slightly below the $1.98 in 2003

 

(a) Costs in 2004 related to the Company’s interest in a new headquarters are expected to be $55 to $65 million.  The Company expects to occupy its new headquarters in 2007.

 

Conference Call Information

 

The Company’s third-quarter earnings conference call will be held on Wednesday, October 13, at 11 a.m. E.T.  The live webcast will be accessible through the Investors section of the Company’s Web site, www.nytco.com, and other Web services, including CCBN’s Individual Investor Center and CCBN’s StreetEvents for institutional investors.

 

To access the call, dial 800-565-5442 (in the U.S.) and 913-981-5591 (international callers) at least 10 minutes prior to the scheduled start of the call.

 

A replay of the webcast will be available online at www.nytco.com beginning about two hours after the call.  A replay of the call will also be available at 888-203-1112 (in the U.S.) and 719-457-0820 (international callers) beginning approximately two hours after the call until 5 p.m. E.T. on Friday, October 15.  The access code is 945042.

 

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.  These risks and

 

3


 

uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of retail, national and classified advertising and circulation generated by the Company’s various markets and material increases in newsprint prices.  They also include other risks detailed from time to time in the Company’s publicly-filed documents, including the Company’s Annual Report on Form 10-K for the period ended December 28, 2003.  The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

The New York Times Company (NYSE: NYT), a leading media company with 2003 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and more than 40 Web sites, including NYTimes.com and Boston.com.  For the fourth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune’s 2004 list of America’s Most Admired Companies.  The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

 

# # #

 

Exhibits:

 

Condensed Consolidated Statements of Income

 

 

Segment Information

 

 

News Media Group Revenues by Operating Segment

 

 

Footnotes

 

4


 

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Statements of Income are prepared in accordance with accounting

principles generally accepted in the United States of America (GAAP).

(Dollars and shares in thousands, except per share data)

 

 

 

Third Quarter

 

Nine Months

 

 

 

2004

 

2003

 

% Change

 

2004

 

2003

 

% Change

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

498,205

 

$

480,385

 

3.7

%

$

1,578,743

 

$

1,524,103

 

3.6

%

Circulation

 

220,539

 

220,451

 

0.0

%

660,938

 

662,756

 

-0.3

%

Other (a)

 

55,086

 

58,451

 

-5.8

%

160,024

 

158,059

 

1.2

%

Total

 

773,830

 

759,287

 

1.9

%

2,399,705

 

2,344,918

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

689,539

 

666,550

 

3.4

%

2,074,495

 

1,999,829

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

84,291

 

92,737

 

-9.1

%

325,210

 

345,089

 

-5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) from joint ventures

 

1,691

 

130

 

 

*

1,132

 

(5,388

)

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense - net

 

10,080

 

11,138

 

-9.5

%

30,753

 

34,424

 

-10.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (b)

 

4,073

 

1,250

 

 

*

6,573

 

12,027

 

-45.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and minority interest

 

79,975

 

82,979

 

-3.6

%

302,162

 

317,304

 

-4.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

31,620

 

32,779

 

-3.5

%

119,397

 

125,331

 

-4.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority interest in net income of subsidiaries(c)

 

83

 

80

 

3.8

%

381

 

178

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

48,272

 

$

50,120

 

-3.7

%

$

182,384

 

$

191,795

 

-4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Number of Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

146,469

 

149,305

 

-1.9

%

148,340

 

150,626

 

-1.5

%

Diluted

 

147,964

 

151,606

 

-2.4

%

150,405

 

153,201

 

-1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.33

 

$

0.34

 

-2.9

%

$

1.23

 

$

1.27

 

-3.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.33

 

$

0.33

 

0.0

%

$

1.21

 

$

1.25

 

-3.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Per Share

 

$

0.155

 

$

0.145

 

6.9

%

$

0.455

 

$

0.425

 

7.1

%

 

* Represents an increase or decrease in excess of 100%.

 

See footnotes page for additional information.

 

5


 

THE NEW YORK TIMES COMPANY

SEGMENT INFORMATION

Revenues, Operating Profit (Loss) and Depreciation & Amortization

are prepared in accordance with GAAP.

(Dollars in thousands)

 

 

 

Third Quarter

 

Nine Months

 

 

 

2004

 

2003

 

% Change

 

2004

 

2003

 

% Change

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

News Media Group (d)

 

$

735,832

 

$

724,441

 

1.6

%

$

2,284,681

 

$

2,239,941

 

2.0

%

Broadcast Media Group

 

37,998

 

34,846

 

9.0

%

115,024

 

104,977

 

9.6

%

 

 

$

773,830

 

$

759,287

 

1.9

%

$

2,399,705

 

$

2,344,918

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

News Media Group (d)

 

$

85,843

 

$

94,317

 

-9.0

%

$

331,545

 

$

353,973

 

-6.3

%

Broadcast Media Group

 

9,235

 

7,452

 

23.9

%

28,619

 

22,703

 

26.1

%

Corporate

 

(10,787

)

(9,032

)

19.4

%

(34,954

)

(31,587

)

10.7

%

Total

 

$

84,291

 

$

92,737

 

-9.1

%

$

325,210

 

$

345,089

 

-5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

News Media Group (d)

 

$

30,195

 

$

32,047

 

-5.8

%

$

93,212

 

$

95,193

 

-2.1

%

Broadcast Media Group

 

2,057

 

2,284

 

-9.9

%

6,849

 

6,848

 

0.0

%

Corporate

 

3,123

 

2,787

 

12.1

%

9,255

 

8,384

 

10.4

%

Total

 

$

35,375

 

$

37,118

 

-4.7

%

$

109,316

 

$

110,425

 

-1.0

%

 

See footnotes page for additional information.

 

6


 

THE NEW YORK TIMES COMPANY

NEWS MEDIA GROUP REVENUES BY OPERATING SEGMENT

Revenues are prepared in accordance with GAAP.

(Dollars in thousands)

 

 

 

2004

 

 

 

Third
Quarter

 

%
Change
vs. 2003

 

Nine
Months

 

%
Change
vs. 2003

 

 

 

 

 

 

 

 

 

 

 

The New York Times Media Group (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

263,323

 

2.3

%

$

861,984

 

2.3

%

Circulation

 

154,052

 

-0.9

%

459,554

 

-1.7

%

Other

 

40,199

 

-9.6

%

114,067

 

-3.0

%

Total

 

$

457,574

 

0.0

%

$

1,435,605

 

0.5

%

 

 

 

 

 

 

 

 

 

 

New England Media Group (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

114,374

 

4.7

%

$

350,801

 

4.1

%

Circulation

 

45,631

 

3.8

%

136,013

 

5.4

%

Other

 

8,383

 

-0.5

%

26,496

 

9.3

%

Total

 

$

168,388

 

4.2

%

$

513,310

 

4.7

%

 

 

 

 

 

 

 

 

 

 

Regional Media Group  (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

84,448

 

5.0

%

$

256,489

 

5.1

%

Circulation

 

20,856

 

-0.9

%

65,371

 

-1.0

%

Other

 

4,566

 

16.2

%

13,906

 

22.4

%

Total

 

$

109,870

 

4.2

%

$

335,766

 

4.4

%

 

 

 

 

 

 

 

 

 

 

Total News Media Group (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

462,145

 

3.3

%

$

1,469,274

 

3.2

%

Circulation

 

220,539

 

0.0

%

660,938

 

-0.3

%

Other (a)

 

53,148

 

-6.5

%

154,469

 

0.8

%

Total

 

$

735,832

 

1.6

%

$

2,284,681

 

2.0

%

 

See footnotes page for additional information.

 

7


 

 

THE NEW YORK TIMES COMPANY

 

FOOTNOTES

 

(a)                                  Other revenue consists primarily of revenue from wholesale delivery operations, news services and direct marketing.

(b)                                  “Other income” in the Company’s Condensed Consolidated Statements of Income includes the following items:

 

 

 

 

Third Quarter

 

Nine Months

 

 

 

(In thousands)

 

(In thousands)

 

 

 

2004

 

2003

 

2004

 

2003

 

Non-compete agreement

 

$

1,250

 

$

1,250

 

$

3,750

 

$

3,750

 

Advertising credit *

 

2,823

 

—

 

2,823

 

8,277

 

Other income

 

$

4,073

 

$

1,250

 

$

6,573

 

$

12,027

 

 

* Related to credits for advertising issued by the Company, which were not used within the allotted time by the advertiser.

 

(c)                                  “Minority interest in net income of subsidiaries” includes minority holders (FC Lion LLC and Myllykoski Corporation) income or loss, net of income taxes, of subsidiaries that are consolidated with the Company but less than 100% owned.  FC Lion LLC is a minority holder in a subsidiary formed for the purpose of constructing the Company’s new headquarters, and Myllykoski Corporation is a minority holder of a subsidiary that has an investment (along with the Company) in a paper mill.

 

(d)                                  Beginning with the third quarter of 2004, the Company has changed its reporting segment formerly known as the Newspaper Group.  This change consisted of combining the Company’s digital operations, previously a part of New York Times Digital, with their related print businesses (The New York Times and The Boston Globe) to create the News Media Group.  The aggregation of the Company’s print and digital businesses in this manner reflects the Company’s organizational structure and its business strategy, which emphasizes a multiple media platform approach pursuing both audiences and advertisers within the markets in which the Company competes.

 

The News Media Group consists of The New York Times Media Group, which includes The New York Times, NYTimes.com and the International Herald Tribune; the New England Media Group, which includes The Boston Globe, Boston.com, and the Worcester Telegram & Gazette; and the Regional Media Group, consisting of 15 other newspapers and their related digital operations.  Historical information for 2004 and 2003 quarterly revenues, operating profit and depreciation & amortization, presented for this new segment reporting format, is available in the Investors section at www.nytco.com.

 

 

Reconciliation of EBITDA to Net Income

 

EBITDA, which is reconciled to net income below, is defined as earnings before interest, taxes, depreciation and amortization. The EBITDA presented may not be comparable to similarly titled measures reported by other companies.  The Company believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP.

 

 

 

 

Third Quarter

 

Nine Months

 

 

 

(In thousands)

 

(In thousands)

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$

125,242

 

$

131,099

 

$

441,530

 

$

461,865

 

Depreciation and amortization

 

(35,375

)

(37,118

)

(109,316

)

(110,425

)

Interest expense - net

 

(10,080

)

(11,138

)

(30,753

)

(34,424

)

Income taxes *

 

(31,515

)

(32,723

)

(119,077

)

(125,221

)

Net income

 

$

48,272

 

$

50,120

 

$

182,384

 

$

191,795

 

 

* Includes income taxes of minority holders netted within “Minority interest in net income of subsidiaries” in the Condensed Consolidated Statements of Income.  These income taxes were $105,000 and $56,000 in the third quarters of 2004 and 2003 and $320,000 and $110,000 for the first nine months of 2004 and 2003.

 

8

 EX-99.2 3 a04-11496_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Press Release

 

Contacts:

Catherine J. Mathis, 212-556-1981; E-mail: mathis@nytimes.com

 

Paula Schwartz, 212-556-5224; E-mail: schwap@nytimes.com

 

This press release can be downloaded from www.nytco.com

 

THE NEW YORK TIMES COMPANY
REPORTS SEPTEMBER REVENUES

 

NEW YORK, Oct. 13, 2004 – The New York Times Company announced today that in September 2004 advertising revenues for the Company’s business units increased 2.0% and total Company revenues increased 1.1% compared with the results for the same month last year.  September’s performance was affected, in part, by the timing of the Labor Day weekend, which is normally a period of reduced advertising.

 

“To date in October, ad revenues are growing at a faster year-over-year rate than in September,” said Leonard P. Forman, executive vice president and chief financial officer.  “But clearly, the advertising environment is uncertain and month-to-month variability is significant.  Looking ahead, we are focusing on increasing The Times’s national printing and distribution capabilities, providing even more valuable content to our readers, and exploiting the full potential of the IHT and NYTimes.com as well as companion revenue-generating initiatives at all of our businesses.”

 

Advertising results for September were as follows:

 

The New York Times Media Group – Advertising revenues for The New York Times Media Group rose 1.2% for September 2004 compared with September 2003.  National advertising revenues grew as strength in telecommunications, national automotive, advocacy, international fashion and technology offset weakness in the live entertainment, studio entertainment, transportation, corporate and health/fitness ad categories.  Retail advertising revenues increased on growth in mass market store and department store advertising.  Classified advertising revenues decreased with softness in all major categories – help-wanted, real estate and automotive.

 

New England Media Group – Advertising revenues for the New England Media Group increased 0.4% for September 2004 compared with September 2003.  National advertising revenues decreased as strength in telecommunications/wireless and financial services advertising was offset by weakness in the entertainment, travel, banking, health-related and national automotive ad categories.  Retail advertising revenues rose on strong growth in department store advertising.  Classified advertising revenues increased with gains in help-wanted and automotive advertising offsetting softness in real estate advertising.

 

Regional Media Group – Advertising revenues for the Regional Media Group grew 5.9% for September 2004 compared with September 2003.  Retail advertising revenues increased due to

 


 

strength in telecommunications, financial, service business, grocery, furnishing and department store advertising.  Classified advertising revenues decreased as growth in help-wanted advertising was offset by weakness in real estate and automotive advertising, both of which were affected by the recent hurricanes.  National advertising rose primarily due to gains from insurance and other advertising generated in response to the hurricanes.

 

The Company’s Internet ad revenues, which are included in the figures for the three media groups above, increased 28.4% for September 2004 compared with the same month last year due to strong growth in display advertising and in all classified advertising categories.  For the third quarter, Internet ad revenues rose 32.0%.

 

Circulation revenues decreased 1.4% for September 2004 compared with September 2003.  Circulation revenues increased for the New England Media Group and were down for The New York Times Media Group and the Regional Media Group.

 

Broadcast Media Group – Advertising revenues for the Broadcast Media Group increased 5.8% for September 2004 compared with the same month last year due to growth in political, automotive and furniture advertising.

 

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.  These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of retail, national and classified advertising and circulation generated by the Company’s various markets and material increases in newsprint prices.  They also include other risks detailed from time to time in the Company’s publicly-filed documents, including the Company’s Annual Report on Form 10-K for the period ended December 28, 2003.  The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

The New York Times Company (NYSE: NYT), a leading media company with 2003 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and more than 40 Web sites, including NYTimes.com and Boston.com.  For the fourth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune’s 2004 list of America’s Most Admired Companies.  The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

 

# # #

 


 

THE NEW YORK TIMES COMPANY

2004 TOTAL COMPANY REVENUES (a)

SEPTEMBER AND YEAR TO DATE

 

Total Company Revenues

($ 000’s)

 

 

 

September

 

Year to Date

 

 

 

2004

 

2003

 

%
Change

 

2004

 

2003

 

%
Change

 

Advertising Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

News Media

 

 

 

 

 

 

 

 

 

 

 

 

 

National (b)

 

$

81,911

 

$

79,285

 

+3.3

 

$

662,599

 

$

643,799

 

+2.9

 

Retail (c)

 

39,408

 

37,132

 

+6.1

 

330,795

 

323,314

 

+2.3

 

Classified (d)

 

45,080

 

47,701

 

-5.5

 

444,031

 

430,890

 

+3.0

 

Other Ad Revenue (e)

 

3,875

 

3,311

 

+17.0

 

31,849

 

25,972

 

+22.6

 

Sub-Total

 

170,274

 

167,429

 

+1.7

 

1,469,274

 

1,423,976

 

+3.2

 

Broadcast Media

 

12,160

 

11,493

 

+5.8

 

109,469

 

100,127

 

+9.3

 

Total Advertising Revenues

 

182,434

 

178,923

 

+2.0

 

1,578,743

 

1,524,103

 

+3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circulation Revenues

 

69,667

 

70,626

 

-1.4

 

660,938

 

662,756

 

-0.3

 

Other Revenues (f)

 

18,747

 

18,396

 

+1.9

 

160,024

 

158,059

 

+1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company Revenues

 

$

270,849

 

$

267,945

 

+1.1

 

$

2,399,705

 

$

2,344,918

 

+2.3

 

 

(a) Numbers may not add due to rounding.

(b) Includes all ad revenue from the International Herald Tribune.

(c) Includes all preprint revenues.

(d) Includes legal advertising.

(e) Primarily includes ad revenue from the Regional Media Group’s magazines.

(f) Primarily includes revenues from wholesale delivery operations, news services, direct marketing, digital archives and commercial printing.

 


 

THE NEW YORK TIMES COMPANY

2004 TOTAL COMPANY REVENUES (a)

THIRD QUARTER

 

Total Company Revenues

($ 000’s)

 

 

 

Third Quarter

 

 

 

2004

 

2003

 

%
Change

 

Advertising Revenues

 

 

 

 

 

 

 

News Media

 

 

 

 

 

 

 

National (b)

 

$

202,223

 

$

194,818

 

+3.8

 

Retail (c)

 

106,944

 

102,538

 

+4.3

 

Classified (d)

 

142,231

 

140,946

 

+0.9

 

Other Ad Revenue (e)

 

10,747

 

8,872

 

+21.1

 

Sub-Total

 

462,145

 

447,174

 

+3.3

 

Broadcast Media

 

36,060

 

33,211

 

+8.6

 

Total Advertising Revenues

 

498,205

 

480,385

 

+3.7

 

 

 

 

 

 

 

 

 

Circulation Revenues

 

220,539

 

220,451

 

0.0

 

Other Revenues (f)

 

55,086

 

58,451

 

-5.8

 

 

 

 

 

 

 

 

 

Total Company Revenues

 

$

773,830

 

$

759,287

 

+1.9

 

 

(a) Numbers may not add due to rounding.

(b) Includes all ad revenue from the International Herald Tribune.

(c) Includes all preprint revenues.

(d) Includes legal advertising.

(e) Primarily includes ad revenue from the Regional Media Group’s magazines.

(f) Primarily includes revenues from wholesale delivery operations, news services, direct marketing, digital archives and commercial printing.

 


 

THE NEW YORK TIMES COMPANY

2004 ADVERTISING REVENUES (a)

SEPTEMBER AND YEAR TO DATE

 

Total Company Advertising Revenues

($ 000’s)

 

 

 

September

 

Year to Date

 

 

 

2004

 

2003

 

%
Change

 

2004

 

2003

 

%
Change

 

News Media

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Times Media Group (b)

 

$

104,122

 

$

102,935

 

+1.2

 

$

861,984

 

$

842,869

 

+2.3

 

New England Media Group (c)

 

39,189

 

39,034

 

+0.4

 

350,801

 

337,008

 

+4.1

 

Regional Media Group

 

26,963

 

25,460

 

+5.9

 

256,489

 

244,098

 

+5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-Total

 

170,274

 

167,429

 

+1.7

 

1,469,274

 

1,423,976

 

+3.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadcast Media

 

12,160

 

11,493

 

+5.8

 

109,469

 

100,127

 

+9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company Ad Revenues

 

$

182,434

 

$

178,923

 

+2.0

 

$

1,578,743

 

$

1,524,103

 

+3.6

 

 

(a) Numbers may not add due to rounding.

(b) The New York Times, NYTimes.com and the International Herald Tribune.

(c) The Boston Globe, Boston.com and the Worcester Telegram & Gazette.

 


 

 

THE NEW YORK TIMES COMPANY

2004 ADVERTISING REVENUES (a)

THIRD QUARTER

Total Company Advertising Revenues

 ($ 000’s)

 

 

 

Third Quarter

 

 

 

2004

 

2003

 

%
Change

 

News Media

 

 

 

 

 

 

 

New York Times Media Group (b)

 

$

263,323

 

$

257,520

 

+2.3

 

New England Media Group (c)

 

114,374

 

109,201

 

+4.7

 

Regional Media Group

 

84,448

 

80,454

 

+5.0

 

 

 

 

 

 

 

 

 

Sub-Total

 

462,145

 

447,174

 

+3.3

 

 

 

 

 

 

 

 

 

Broadcast Media

 

36,060

 

33,211

 

+8.6

 

 

 

 

 

 

 

 

 

Total Company Ad Revenues

 

$

498,205

 

$

480,385

 

+3.7

 

 

(a) Numbers may not add due to rounding.

(b) The New York Times, NYTimes.com and the International Herald Tribune.

(c) The Boston Globe, Boston.com and the Worcester Telegram & Gazette.

 


 

THE NEW YORK TIMES COMPANY

2004 NEWS MEDIA AD REVENUE GROWTH

BY CLASSIFIED CATEGORY

SEPTEMBER, THIRD QUARTER AND YEAR TO DATE

 

 

 

% Change

 

% Change

 

% Change

 

 

 

Sept. ‘04

 

Q3 ‘04

 

YTD ‘04

 

 

 

vs. Sept. ‘03

 

vs. Q3 ‘03

 

vs. YTD ‘03

 

 

 

 

 

 

 

 

 

News Media

 

 

 

 

 

 

 

Help-Wanted

 

-0.9

 

+8.3

 

+10.1

 

Real Estate

 

-9.5

 

-1.4

 

-2.8

 

Automotive

 

-5.2

 

-0.8

 

+6.1

 

 


 

THE NEW YORK TIMES COMPANY

2004 PRINT ADVERTISING VOLUME (a)

(Inches in thousands, Preprints in thousands of copies)

SEPTEMBER AND YEAR TO DATE

 

 

 

September

 

Year to Date

 

 

 

 

 

 

 

%

 

 

 

 

 

%

 

 

 

2004

 

2003

 

Change

 

2004

 

2003

 

Change

 

National (b)

 

221.6

 

210.9

 

+5.0

 

1,802.7

 

1,807.3

 

-0.3

 

Retail

 

508.8

 

493.8

 

+3.0

 

4,655.5

 

4,731.0

 

-1.6

 

Classified

 

727.0

 

775.8

 

-6.3

 

7,365.4

 

7,449.2

 

-1.1

 

Total ROP

 

1,457.3

 

1,480.5

 

-1.6

 

13,823.6

 

13,987.4

 

-1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part Run/ Zoned

 

174.2

 

173.4

 

+0.4

 

1,622.6

 

1,527.4

 

+6.2

 

Total

 

1,631.5

 

1,653.9

 

-1.4

 

15,446.3

 

15,514.8

 

-0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preprints

 

222,223

 

209,524

 

+6.1

 

2,009,953

 

1,975,079

 

+1.8

 

 

(a) Advertising volume is based on preliminary internal data, which may be updated in subsequent reports and may not be indicative of advertising revenue or operating profit.  Numbers may not add due to rounding.

(b) Includes all ad volume from the International Herald Tribune.

 


 

THE NEW YORK TIMES COMPANY

2004 PRINT ADVERTISING VOLUME (a)

(Inches in thousands, Preprints in thousands of copies)

THIRD QUARTER

 

 

 

Third Quarter

 

 

 

2004

 

2003

 

%
Change

 

National (b)

 

561.7

 

547.1

 

+2.7

 

Retail

 

1,516.2

 

1,522.7

 

-0.4

 

Classified

 

2,396.1

 

2,478.4

 

-3.3

 

Total ROP

 

4,474.0

 

4,548.2

 

-1.6

 

 

 

 

 

 

 

 

 

Part Run/ Zoned

 

508.5

 

478.4

 

+6.3

 

Total

 

4,982.5

 

5,026.5

 

-0.9

 

 

 

 

 

 

 

 

 

Preprints

 

669,842

 

637,132

 

+5.1

 

 

(a) Advertising volume is based on preliminary internal data, which may be updated in subsequent reports and may not be indicative of advertising revenue or operating profit.  Numbers may not add due to rounding.   

(b) Includes all ad volume from the International Herald Tribune.

 

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