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NYT > SEC Filings for NYT > Form 8-K on 25-Oct-2013All Recent SEC Filings

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Form 8-K for NEW YORK TIMES CO


25-Oct-2013

Other Events


Item 8.01. Other Events

As previously announced, on October 24, 2013, The New York Times Company (the "Company") completed the sale of the New England Media Group ("NEMG"), consisting of The Boston Globe, BostonGlobe.com, Boston.com, Worcester Telegram & Gazette, Telegram.com and related properties.
Under generally accepted accounting principles, this transaction meets the criteria for discontinued operations. Accordingly, the Company is required to reclassify prior period financial information to reflect NEMG as a discontinued operation and include such reclassified prior period financial information in the financial statements to be filed by the Company subsequently on Forms 10-Q and 10-K. The Company is furnishing with this Report the following supplemental unaudited consolidated financial information for each of the 2013 and 2012 quarterly periods noted below and for the full fiscal years 2012 and 2011 reflecting such reclassification of NEMG as a discontinued operation.

                                   2013 by quarter                                                        2012 by quarter
(In thousands, except                                                             December 30,   September 23,                        March 25,
per share data)           June 30, 2013      March 31, 2013     Full Year 2012        2012            2012         June 24, 2012         2012        Full Year 2011
Revenues
Circulation              $      206,965     $      205,482     $      795,037     $  216,123     $   194,739      $      194,208     $  189,967     $      705,163
Advertising                     163,039            153,538            711,829        226,461         140,880             171,129        173,359            756,148
Other                            20,953             21,655             88,475         25,530          19,718              22,504         20,723             93,263
Total revenues                  390,957            380,675          1,595,341        468,114         355,337             387,841        384,049          1,554,574
Operating costs
Production costs:
Raw materials                    22,098             23,751            106,381         30,418          24,343              25,798         25,822            108,267
Wages and benefits               81,536             83,276            331,321         88,579          80,696              80,879         81,167            315,900
Other                            49,435             49,707            213,616         58,443          52,331              51,497         51,345            216,094
Total production costs          153,069            156,734            651,318        177,440         157,370             158,174        158,334            640,261
Selling, general and
administrative costs            172,914            176,872            711,112        186,501         169,459             172,820        182,332            687,558
Depreciation and
amortization                     18,750             18,938             78,980         18,492          19,594              20,212         20,682             83,833
Total operating costs           344,733            352,544          1,441,410        382,433         346,423             351,206        361,348          1,411,652
Pension settlement
expense                               -                  -             47,657         47,657               -                   -              -                  -
Pension withdrawal
expense                               -                  -                  -              -               -                   -              -              4,228
Other expense                         -                  -              2,620          2,620               -                   -              -              4,500
Impairment of assets                  -                  -                  -              -               -                   -              -              7,458
Operating profit                 46,224             28,131            103,654         35,404           8,914              36,635         22,701            126,736
Gain on sale of
investments                           -                  -            220,275        164,630               -              37,797         17,848             71,171
Impairment of
investments                           -                  -              5,500              -             600                   -          4,900                  -
(Loss)/income from
joint ventures                     (405 )           (2,870 )            2,936            847           1,010               1,064             15               (270 )
Premium on debt
redemption                            -                  -                  -              -               -                   -              -             46,381
Interest expense, net            14,644             14,071             62,808         16,402          15,490              15,464         15,452             85,243
Income/(loss) from
continuing operations
before income taxes              31,175             11,190            258,557        184,479          (6,166 )            60,032         20,212             66,013
Income tax
expense/(benefit)                13,813              5,082             94,617         66,171          (3,187 )            25,781          5,852             21,417
Income/(loss) from
continuing operations            17,362              6,108            163,940        118,308          (2,979 )            34,251         14,360             44,596
Income/(loss) from
discontinued
operations, net of
income taxes                      2,775             (2,785 )          (27,927 )       60,080           5,703            (121,900 )       28,190            (82,799 )
Net income/(loss)                20,137              3,323            136,013        178,388           2,724             (87,649 )       42,550            (38,203 )
Net (income)/loss
attributable to the
noncontrolling
interest                             (6 )              249               (166 )         (267 )            21                  27             53                555
Net income/(loss)
attributable to The
New York Times Company
common stockholders      $       20,131     $        3,572     $      135,847     $  178,121     $     2,745      $      (87,622 )   $   42,603     $      (37,648 )
Amounts attributable
to The New York Times
Company common
stockholders:
Income/(loss) from
continuing operations    $       17,356     $        6,357     $      163,774     $  118,041     $    (2,958 )    $       34,278     $   14,413     $       45,151
Income/(loss) from
discontinued
operations, net of
income taxes                      2,775             (2,785 )          (27,927 )       60,080           5,703            (121,900 )       28,190            (82,799 )
Net income/(loss)        $       20,131     $        3,572     $      135,847     $  178,121     $     2,745      $      (87,622 )   $   42,603     $      (37,648 )


Average number of
common shares
outstanding:
Basic                    148,797       148,710       148,147        148,461         148,254      148,005       147,867      147,190
Diluted                  156,511       155,270       152,693        154,685         148,254      149,799       151,468      152,007
Basic
earnings/(loss) per
share attributable
to The New York
Times Company common
stockholders:
Income/(loss) from
continuing
operations             $    0.12     $    0.04     $    1.11     $     0.80     $     (0.02 )   $   0.23     $    0.10     $   0.31
Income/(loss) from
discontinued
operations, net of
income taxes                0.02         (0.02 )       (0.19 )         0.40            0.04        (0.82 )        0.19        (0.57 )
Net income/(loss)      $    0.14     $    0.02     $    0.92     $     1.20     $      0.02     $  (0.59 )   $    0.29     $  (0.26 )
Diluted
earnings/(loss) per
share attributable
to The New York
Times Company common
stockholders:
Income/(loss) from
continuing
operations             $    0.11     $    0.04     $    1.07     $     0.76     $     (0.02 )   $   0.23     $    0.10     $   0.30
Income/(loss) from
discontinued
operations, net of
income taxes                0.02         (0.02 )       (0.18 )         0.39            0.04        (0.81 )        0.18        (0.55 )
Net income/(loss)      $    0.13     $    0.02     $    0.89     $     1.15     $      0.02     $  (0.58 )   $    0.28     $  (0.25 )

The following supplemental information on print and digital advertising revenue and revenue from digital-only subscription packages, e-readers and replica editions reflects the reclassification of NEMG as a discontinued operation.

                              2013 by quarter                                                   2012 by quarter
                                           March 31,      Full Year     December 30,    September 23,                        March 25,      Full Year
(In thousands)          June 30, 2013         2013           2012           2012            2012          June 24, 2012         2012           2011
Advertising
Print                 $       122,917     $  116,555     $  541,550     $   169,771     $   106,934     $       130,365     $  134,480     $  584,624
Digital                        40,122         36,983        170,279          56,690          33,946              40,764         38,879        171,524
Total advertising
revenue               $       163,039     $  153,538     $  711,829     $   226,461     $   140,880     $       171,129     $  173,359     $  756,148
Digital-only
subscription
revenue               $        36,758     $   35,507     $  111,674     $    34,421     $    29,246     $        25,651     $   22,356     $   44,300


CERTAIN NON-GAAP INFORMATION
(Dollars in thousands, except per share data)

Set out in the tables below for the periods indicated are the following non-GAAP financial measures, with reconciliations to the most comparable GAAP measures, in each case reflecting the reclassification of NEMG as a discontinued operation: diluted earnings/(loss) per share from continuing operations excluding severance and special items; operating profit before depreciation, amortization, severance and special items (if any); and operating costs before depreciation, amortization, severance and raw materials. The Company has presented these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of the Company's operations. Management believes that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share from continuing operations, operating profit and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.
Diluted earnings/(loss) per share from continuing operations excluding severance and special items provide useful information in evaluating the Company's period-to-period performance because it eliminates items that the Company does not consider to be indicative of earnings from ongoing operating activities. Operating profit before depreciation, amortization, severance and special items (if any) is useful in evaluating the Company's ongoing performance of its businesses as it excludes the significant non-cash impact of depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and raw materials. Total operating costs excluding these items provide investors with helpful supplemental information on the Company's underlying operating costs that is used by management in its financial and operational decision-making.

Diluted earnings/(loss) per share from continuing operations excluding severance and special items

                          2013 by quarter                                              2012 by quarter
                       June 30,   March 31,    Full Year                            September 23,                      March 25,    Full Year
                         2013        2013         2012       December 30, 2012          2012          June 24, 2012       2012         2011
Diluted
earnings/(loss) per
share from
continuing
operations             $ 0.11     $   0.04     $   1.07     $           0.76       $     (0.02 )     $        0.23     $   0.10     $   0.30
Add:
Severance                0.01         0.02         0.04                 0.02                 -                   -         0.02         0.04
Special items:
Gain on sale of
investments                 -            -        (0.87 )              (0.66 )               -               (0.15 )      (0.07 )      (0.27 )
Pension settlement
expense                     -            -         0.18                 0.18                 -                   -            -            -
Other expense               -            -         0.01                 0.01                 -                   -            -         0.02
Impairment of assets        -            -            -                    -                 -                   -            -         0.03
Pension withdrawal
expense                     -            -            -                    -                 -                   -            -         0.02
Impairment of
investments                 -            -         0.02                    -                 -                   -         0.02            -
Premium on debt
redemption                  -            -            -                    -                 -                   -            -         0.18
Diluted
earnings/(loss) per
share from
continuing
operations excluding
severance and
special items          $ 0.12     $   0.06     $   0.45     $           0.31       $     (0.02 )     $        0.08     $   0.07     $   0.32


                                                              CERTAIN NON-GAAP INFORMATION (continued)

Operating profit before depreciation & amortization, severance and special items
                               2013 by quarter                                                          2012 by quarter
                                            March 31,                          December 30,    September 23,                         March 25,
                         June 30, 2013         2013         Full Year 2012         2012             2012          June 24, 2012         2012         Full Year 2011
Operating profit       $        46,224     $   28,131     $        103,654     $    35,404     $      8,914     $        36,635     $   22,701     $        126,736
Add:
Depreciation &
amortization                    18,750         18,938               78,980          18,492           19,594              20,212         20,682               83,833
Severance                        2,856          4,868               12,267           5,872            1,050                  57          5,288               10,017
Special items:
Pension settlement
expense                              -              -               47,657          47,657                -                   -              -                    -
Other expense                        -              -                2,620           2,620                -                   -              -                4,500
Impairment of assets                 -              -                    -               -                -                   -              -                7,458
Pension withdrawal
expense                              -              -                    -               -                -                   -              -                4,228
Operating profit
before depreciation
& amortization,
severance and
special items          $        67,830     $   51,937     $        245,178     $   110,045     $     29,558     $        56,904     $   48,671     $        236,772

Operating costs before depreciation & amortization, severance and raw materials
                               2013 by quarter                                                          2012 by quarter
                                            March 31,                          December 30,    September 23,                         March 25,
                         June 30, 2013         2013         Full Year 2012         2012             2012          June 24, 2012         2012         Full Year 2011
Operating costs        $       344,733     $  352,544     $      1,441,410     $   382,433     $    346,423     $       351,206     $  361,348     $      1,411,652
Less:
Depreciation &
amortization                    18,750         18,938               78,980          18,492           19,594              20,212         20,682               83,833
Severance                        2,856          4,868               12,267           5,872            1,050                  57          5,288               10,017
Operating costs
before depreciation
& amortization and
severance                      323,127        328,738            1,350,163         358,069          325,779             330,937        335,378            1,317,802
Less:
Raw materials                   22,098         23,751              106,381          30,418           24,343              25,798         25,822              108,267
Operating costs
before depreciation
& amortization,
severance and raw
materials              $       301,029     $  304,987     $      1,243,782     $   327,651     $    301,436     $       305,139     $  309,556     $      1,209,535


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