EX-12 2 a08-11702_1ex12.htm EX-12

EXHIBIT 12

 

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges (a)

(Unaudited)

 

 

 

 

 

For the Years Ended

 

(In thousands, except ratios)

 

For the Quarter
Ended
March 30, 2008(b)

 

December 30,
2007

 

December 31,
2006(c)

 

December 25,
2005

 

December 26,
2004

 

December 28,
2003

 

Earnings from continuing operations before fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/income from continuing operations before income taxes, minority interest and income/loss from joint ventures

 

$

(5,530

)

$

187,587

 

$

(571,262

)

$

397,495

 

$

429,065

 

$

464,851

 

Distributed earnings from less than fifty- percent owned affiliates

 

874

 

7,979

 

13,375

 

9,132

 

14,990

 

9,299

 

Adjusted pre-tax (loss)/earnings from continuing  operations

 

(4,656

)

195,566

 

(557,887

)

406,627

 

444,055

 

474,150

 

Fixed charges less capitalized interest

 

13,710

 

49,435

 

69,245

 

64,648

 

54,222

 

56,886

 

Earnings/(loss) from continuing operations before fixed charges

 

$

9,054

 

$

245,001

 

$

(488,642

)

$

471,275

 

$

498,277

 

$

531,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$

11,785

 

$

43,228

 

$

58,581

 

$

53,630

 

$

44,191

 

$

46,704

 

Capitalized interest

 

1,056

 

15,821

 

14,931

 

11,155

 

7,181

 

4,501

 

Portion of rentals representative of interest factor

 

1,925

 

6,207

 

10,664

 

11,018

 

10,031

 

10,182

 

Total fixed charges

 

$

14,766

 

$

65,256

 

$

84,176

 

$

75,803

 

$

61,403

 

$

61,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

—

 

3.75

 

—

 

6.22

 

8.11

 

8.65

 

 

(a)              The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as the Company’s Annual Report on Form 10-K for the year ended December 30, 2007.

 

(b)             Earnings were inadequate to achieve a one-to-one coverage of fixed charges by $5.7 million for the quarter ended March 30, 2008.

 

(c)              Earnings were inadequate to cover fixed charges by approximately $573 million for the year ended December 31, 2006, as a result of a non-cash impairment charge of approximately $814 million.