EX-12 3 a09-11361_1ex12.htm EX-12

EXHIBIT 12

 

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges (1)

(Unaudited)

 

 

 

For the Quarter

 

For the Years Ended

 

(In thousands, except ratios)

 

Ended
March 29, 2009

 

December 28,
2008

 

December 30,
2007

 

December 31, 2006

 

December 25,
2005

 

December 26,
2004

 

(Loss)/earnings from continuing operations before fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(79,780

)

$

(88,426

)

$

187,587

 

$

(571,262

)

$

397,495

 

$

429,065

 

Distributed earnings from less than fifty-percent owned affiliates

 

2,775

 

35,733

 

7,979

 

13,375

 

9,132

 

14,990

 

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

 

(77,005

)

(52,693

)

195,566

 

(557,887

)

406,627

 

444,055

 

Fixed charges less capitalized interest

 

20,026

 

55,290

 

49,435

 

69,245

 

64,648

 

54,222

 

(Loss)/earnings from continuing operations before fixed charges

 

$

(56,979

)

$

2,597

 

$

245,001

 

$

(488,642

)

$

471,275

 

$

498,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest(1)

 

$

18,257

 

$

48,191

 

$

43,228

 

$

58,581

 

$

53,630

 

$

44,191

 

Capitalized interest

 

729

 

2,639

 

15,821

 

14,931

 

11,155

 

7,181

 

Portion of rentals representative of interest factor

 

1,769

 

7,099

 

6,207

 

10,664

 

11,018

 

10,031

 

Total fixed charges

 

$

20,755

 

$

57,929

 

$

65,256

 

$

84,176

 

$

75,803

 

$

61,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (2)

 

—

 

—

 

3.75

 

—

 

6.22

 

8.11

 

 

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as The New York Times Company’s (the “Company”) Annual Report on Form 10-K for the year ended December 28, 2008.

 

(1)   The Company adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109, on January 1, 2007.  The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense.  The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

 

(2)   In 2009, earnings were inadequate to cover fixed charges by approximately $78 million.  In 2008, earnings were inadequate to cover fixed charges by approximately $55 million as a result of non-cash impairment charges of $197.9 million for the News Media Group.  In 2006, earnings were inadequate to cover fixed charges by approximately $573 million as a result of a non-cash impairment charge of 814.4 million.