The New York Times Company Reports 2012 Third-Quarter Results

  The New York Times Company Reports2012 Third-Quarter Results

Business Wire

NEW YORK -- October 25, 2012

The New York Times Company (NYSE: NYT) announced today a 2012 third-quarter
diluted loss per share from continuing operations of $.02 compared with
diluted earnings per share from continuing operations of $.04 in the same
period of 2011. Excluding severance and the 2011 special items discussed
below, diluted loss per share from continuing operations was $.01 in the third
quarters of each of 2012 and 2011.

The Company had an operating profit of $8.5 million in the third quarter of
2012 compared with $21.0 million in the same period of 2011. Excluding
depreciation, amortization and severance, operating profit was $34.0 million
in the third quarter of 2012 compared with $47.7 million in the third quarter
of 2011.

“While our results for the third quarter reflect continued pressure on
advertising revenues, total circulation revenues rose led by the ongoing
expansion of our digital subscription base,” said Arthur Sulzberger, Jr.,
chairman and chief executive officer, The New York Times Company. “Digital
subscription trends have remained robust and at quarter end, paid digital
subscriptions across the Company totaled approximately 592,000, up 11 percent
from the end of the second quarter.

“Early in the fourth quarter of 2012, we completed the sale of the About Group
for $300 million, plus a working capital adjustment. This sale will allow us
to enhance our focus on our core business of generating and distributing
high-quality journalism. In early October, our interest in Indeed.com was sold
for approximately $167 million as a result of the sale of that company. The
after-tax proceeds from these transactions further strengthened our solid
liquidity position.”

Comparisons

Unless otherwise noted, all comparisons are for the third quarter of 2012 to
the third quarter of 2011. The results of the Regional Media Group, which had
previously been included in the News Media Group and was sold in the first
quarter of 2012, and the results for the About Group, which was sold in the
fourth quarter of 2012, are reported within discontinued operations for all
periods presented. The quarterly results of the About Group for 2012 and 2011
are summarized in the exhibits to this release.

The Company previously classified its businesses into two reportable segments,
the News Media Group and the About Group. However, following the announcement
of the About Group sale in August 2012, the Company views its operations and
manages its business as one reportable segment effective for the quarter ended
September 23, 2012. The Company will continue to provide revenues for The New
York Times Media Group and the New England Media Group.

This release includes non-GAAP financial measures, a discussion of
management’s reasons for the presentation of these non-GAAP financial measures
and reconciliations to the most comparable GAAP financial measures.

There were no special items in the third quarter of 2012.

The third-quarter 2011 results included the following special items:

  *A $65.3 million ($37.8 million after tax or $.24 per share) gain on the
    sale of 390 of the Company’s units in Fenway Sports Group.
  *A $46.4 million ($27.5 million after tax or $.18 per share) charge in
    connection with the prepayment of the Company’s $250 million 14.053
    percent notes.

In addition to these special items, the Company had $3.0 million ($1.7 million
after tax or $.01 per share) in severance costs in the third quarter of 2012
and $2.9 million ($1.7 million after tax or $.01 per share) in the third
quarter of 2011.

Third-Quarter Results from Continuing Operations

Revenues

Total revenues decreased 0.6 percent to $449.0 million from $451.6 million.
Advertising revenues decreased 8.9 percent, circulation revenues increased 7.4
percent and other revenues decreased 2.9 percent.

Print and digital advertising revenues decreased 10.9 percent and 2.2 percent,
respectively, largely due to the challenging economic environment, ongoing
secular trends and an increasingly complex and fragmented digital advertising
marketplace. Circulation revenues rose mainly as growth in digital
subscriptions and the increase in print circulation prices in the first half
of 2012 at The New York Times and The Boston Globe offset a decline in print
copies sold.

Operating Costs

Operating costs increased 2.3 percent to $440.5 million from $430.5 million.
Excluding depreciation, amortization and severance, operating costs increased
2.8 percent to $415.0 million from $403.9 million mainly due to higher
benefits costs, performance-based compensation costs, stock-based compensation
expense and costs associated with higher commercial printing revenues.

Other Financial Data

Digital

Digital businesses principally include NYTimes.com, BostonGlobe.com and
Boston.com. In the third quarter of 2012, total digital advertising revenues
decreased 2.2 percent to $44.6 million from $45.6 million primarily because of
lower national display and real estate classified advertising revenues.
Digital advertising revenues as a percentage of total Company advertising
revenues were 24.4 percent in the third quarter of 2012 compared with 22.8
percent in the third quarter of 2011.

In the first nine months of 2012, the Company’s total digital advertising
revenues decreased 2.0 percent to $145.7 million from $148.8 million in the
first nine months of 2011. Digital advertising revenues as a percentage of
total Company advertising revenues were 23.6 percent for the first nine months
of 2012 compared with 22.4 percent in the first nine months of 2011.

Paid subscribers to The New York Times and the International Herald Tribune
digital subscription packages, e-readers and replica editions totaled
approximately 566,000 as of the end of the third quarter, an increase of
approximately 57,000 or 11 percent since the end of the second quarter of
2012. Paid digital subscribers to BostonGlobe.com and The Boston Globe’s
e-readers and replica editions totaled approximately 26,000 as of the end of
the third quarter, up about 3,000 or 13 percent since the end of the second
quarter of 2012.

Joint Ventures

Income from joint ventures was $1.0 million in the third quarter of 2012
compared with a loss of $1.1 million in the third quarter of 2011. Joint
venture results for the third quarter of 2012 were primarily impacted by the
sale of the Company’s interest in Fenway Sports Group in the first half of
2012 and improved results for the paper mills.

Interest Expense, net

Interest expense, net decreased to $15.5 million from $20.0 million mainly due
to the prepayment of the Company’s $250 million 14.053 percent senior notes in
August 2011.

Income Taxes

The Company had an income tax benefit of $2.8 million (effective tax rate of
42.6 percent) in the third quarter of 2012 and an income tax expense of $27.7
million (effective tax rate of 39.5 percent) in the first nine months of 2012.

The Company had an effective tax rate of 66.1 percent in the third quarter of
2011 primarily driven by the impact of special items. The Company’s effective
tax rate for the first nine months of 2011 is not meaningful given the near
break-even results.

Liquidity

The following table details the original maturities and carrying values of the
Company’s debt and capital lease obligations as of September 23, 2012. Cash in
the table below excludes restricted cash of approximately $24 million that is
subject to certain collateral requirements. Net debt represents debt and
capital lease obligations, net of cash and short-term investments. The Company
believes net debt, a non-GAAP measure, provides a useful measure of the
Company’s liquidity and overall debt position.

(in thousands)                                         September 23, 2012 
2012 4.610% senior notes                            $    75,000
2015 5.0% senior notes                                 250,000
2016 6.625% senior notes                               225,000
2019 Option to repurchase ownership interest in     250,000           
headquarters building
Total                                                     $    800,000
Less: Unamortized amounts                              (30,175        )   
Carrying value of debt                                    $    769,825
Capital lease obligations                              7,114             
Total debt and capital lease obligations                  $    776,939
Less: Cash and short-term investments                  (614,114       )   
Net debt                                               $    162,825      
                                                                             

As of September 23, 2012, there were no outstanding borrowings under the
Company’s $125 million revolving credit facility.

Subsequent Events

On September 24, 2012, the first day of the fiscal fourth quarter, the Company
completed the sale of the About Group for $300 million in cash, plus a net
working capital adjustment of approximately $16 million, subject to customary
post-closing review and finalization. The Company expects the net after-tax
proceeds from the sale will be approximately $290 million and expects to
record an after-tax gain of approximately $68 million in the fourth quarter of
2012.

In early October 2012, Indeed.com, a search engine for jobs, in which the
Company had an ownership interest, was sold. The pre-tax proceeds from the
sale of the Company’s interest were approximately $167 million. The Company
expects the after-tax proceeds and the after-tax gain from the sale, which
will be recorded in the fourth quarter, to be approximately $100 million.

In addition, the Company repaid in full the $75 million 4.610 percent senior
notes that matured on September 26, 2012.

Capital Expenditures

Capital expenditures totaled approximately $5 million in the third quarter of
2012, and approximately $20 million in the first nine months of 2012.

Pension Obligations

As part of the Company’s strategy to reduce its pension obligations and the
resulting volatility of the Company’s overall financial condition, in
September the Company offered certain former employees who participate in The
New York Times Companies Pension Plan the option to receive a one-time lump
sum payment equal to the present value of the participant’s pension benefit
(payable in cash or rolled over into a qualified retirement plan or IRA) or to
commence an immediate monthly annuity. The election period for this voluntary
offer will end during the fourth quarter of 2012.

While it is too early to estimate the participation rate, assuming an
acceptance rate of 50 percent of the pension obligations associated with the
offer, the Company would make settlement distributions of approximately $100
million and would record a non-cash settlement charge of approximately $45
million in the fourth quarter of 2012. The settlement distributions, the
majority of which will be made by the end of 2012, will be made with existing
assets of the pension plan and not with Company cash. The actual amount of the
settlement distributions and the charge will largely depend upon the number of
participants electing the offer and the associated pension benefit of those
electing participants, as well as interest rates and asset performance. This
offer is expected to have a minimal impact on the Company’s underfunded
pension plan balance and the timing and amount of its funding obligations.

Outlook

Total advertising revenue trends in the fourth quarter of 2012 are expected to
be similar to third-quarter 2012 levels.

Total circulation revenues are expected to increase in the mid- to high-single
digits in the fourth quarter of 2012 because of growth in digital
subscriptions as well as print price increases implemented earlier this year.

The Company expects operating costs to increase in the low-single digits in
the fourth quarter of 2012.

In addition, the Company expects the following on a pre-tax basis in 2012:

  *Results from joint ventures: $4 to $6 million,
  *Depreciation and amortization: $95 to $100 million,
  *Interest expense, net: $60 to $65 million, and
  *Capital expenditures: approximately $35 million.

Conference Call Information

The Company’s third-quarter 2012 earnings conference call will be held on
Thursday, October 25, at 11:00 a.m. E.T. To access the call, dial 888-218-8088
(in the U.S.) and 913-981-5581 (international callers). Participants should
dial into the conference call approximately 10 minutes before the start time.
Online listeners can link to the live webcast at www.nytco.com/investors.

An archive of the webcast will be available beginning two hours after the call
at www.nytco.com/investors. The archive will be available for approximately
three months. An audio replay will 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 26. The access code is
6840432.

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 national, retail and classified
advertising and circulation generated by our various markets, material
increases in newsprint prices and the development of our digital businesses.
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 year ended December 25, 2011. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.

The New York Times Company, a leading global, multimedia news and information
company with 2011 revenues of $2.3 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, NYTimes.com, BostonGlobe.com,
Boston.com and related properties. The Company’s core purpose is to enhance
society by creating, collecting and distributing high-quality news and
information.

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

Exhibits:   Condensed Consolidated Statements of Operations
              Revenues by Operating Segment
              Advertising Revenues by Category
              Footnotes
              Other Notes
              Reconciliation of Non-GAAP Information

                                                                                                      
                                                                                                      
THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars and shares in thousands, except per share data)
                     Third Quarter                        Nine Months
                        2012         2011         %          2012           2011           %
                                                    Change                                     Change
Revenues
Advertising             $ 182,641     $ 200,508     -8.9%      $ 618,103       $ 665,492       -7.1%
Circulation               234,867       218,601     7.4%         695,152         640,917       8.5%
Other^(a)                31,520      32,460     -2.9%       101,007       98,826       2.2%
Total revenues            449,028       451,569     -0.6%        1,414,262       1,405,235     0.6%
Operating costs
Production costs          201,577       197,504     2.1%         608,118         603,649       0.7%
Selling, general
and                       216,457       209,269     3.4%         666,291         664,731       0.2%
administrative
costs
Depreciation and         22,485      23,747     -5.3%       75,521        70,564       7.0%
amortization^(b)
Total operating           440,519       430,520     2.3%         1,349,930       1,338,944     0.8%
costs
Write-down of             —             —           N/A          —               9,225         N/A
assets^(c)
Pension
withdrawal               —           —          N/A         —             4,228        N/A
expense^(d)
Operating profit          8,509         21,049      -59.6%       64,332          52,838        21.8%
Gain on sale of           —             65,273      N/A          55,645          71,171        -21.8%
investments^(e)
Write-down of             600           —           N/A          5,500           —             N/A
investments^(f)
Income/(loss)
from joint                1,027         (1,068  )   *            2,077           (4,026    )   *
ventures
Premium on debt           —             46,381      N/A          —               46,381        N/A
redemption^(g)
Interest expense,        15,497      20,039     -22.7%      46,413        69,782       -33.5%
net
(Loss)/income
from continuing           (6,561  )     18,834      *            70,141          3,820         *
operations before
income taxes
Income tax               (2,796  )    12,440     *           27,707        3,509        *
(benefit)/expense
(Loss)/income
from continuing           (3,765  )     6,394       *            42,434          311           *
operations
Income/(loss)
from discontinued
operations, net          6,026       9,074      -33.6%      (86,272   )    (99,440   )   -13.2%
of income
taxes^(h)
Net income/(loss)         2,261         15,468      -85.4%       (43,838   )     (99,129   )   -55.8%
Net loss
attributable to
the                      21          217        -90.3%      101           515          -80.4%
noncontrolling
interest
Net income/(loss)
attributable to
The New York            $ 2,282      $ 15,685     -85.5%     $ (43,737   )   $ (98,614   )   -55.6%
Times Company
common
stockholders
                                                                                                      
Amounts
attributable to
The New York
Times Company
common
stockholders:
(Loss)/income
from continuing         $ (3,744  )   $ 6,611       *          $ 42,535        $ 826           *
operations
Income/(loss)
from discontinued        6,026       9,074      -33.6%      (86,272   )    (99,440   )   -13.2%
operations, net
of income taxes
Net income/(loss)       $ 2,282      $ 15,685     -85.5%     $ (43,737   )   $ (98,614   )   -55.6%
                                                                                                      
Average number of
common shares
outstanding:
Basic                     148,254       147,355     0.6%         148,042         147,103       0.6%
Diluted                   148,254       151,293     -2.0%        151,762         152,424       -0.4%
                                                                                                      
Basic
(loss)/earnings
per share
attributable to
The New York
Times Company
common
stockholders:
(Loss)/income
from continuing         $ (0.02   )   $ 0.05        *          $ 0.29          $ 0.01          *
operations
Income/(loss)
from discontinued        0.04        0.06       -33.3%      (0.59     )    (0.68     )   -13.2%
operations, net
of income taxes
Net income/(loss)       $ 0.02       $ 0.11       -81.8%     $ (0.30     )   $ (0.67     )   -55.2%
                                                                                                      
Diluted
(loss)/earnings
per share
attributable to
The New York
Times Company
common
stockholders:
(Loss)/income
from continuing         $ (0.02   )   $ 0.04        *          $ 0.28          $ 0.01          *
operations
Income/(loss)
from discontinued        0.04        0.06       -33.3%      (0.57     )    (0.66     )   -13.6%
operations, net
of income taxes
Net income/(loss)       $ 0.02       $ 0.10       -80.0%     $ (0.29     )   $ (0.65     )   -55.4%
* Represents an increase or decrease in excess of 100%.

See footnotes page for additional information.

                                                                             
                                                                             
THE NEW YORK TIMES COMPANY
REVENUES BY OPERATING SEGMENT AND ADVERTISING REVENUES BY CATEGORY
(Dollars in thousands)

                    2012
                       Third           % Change                     % Change
                       Quarter                  Nine Months  
                                       vs. 2011                     vs. 2011
The New York
Times Media
Group
Advertising            $  140,880      -9.7   %     $ 485,368       -6.9   %
Circulation               194,739      9.3    %       578,914       10.9   %
Other                    19,718       -12.5  %      62,944        -7.4   %
Total                  $  355,337      -0.4   %     $ 1,127,226     1.4    %
                                                                             
New England
Media Group
Advertising            $  41,761       -6.0   %     $ 132,735       -7.8   %
Circulation               40,128       -0.6   %       116,238       -2.1   %
Other                    11,802       18.8   %      38,063        23.5   %
Total                  $  93,691       -1.1   %     $ 287,036       -2.2   %
                                                                             
Total Company
Advertising            $  182,641      -8.9   %     $ 618,103       -7.1   %
Circulation               234,867      7.4    %       695,152       8.5    %
Other^(a)                31,520       -2.9   %      101,007       2.2    %
Total                  $  449,028      -0.6   %     $ 1,414,262     0.6    %

See footnotes page for additional information.
                                                                             

                       2012
                       Third           % Change                     % Change
                       Quarter                      Nine Months
                                       vs. 2011                     vs. 2011
National               $  118,084      -9.5   %     $ 410,967       -7.1   %
Retail                    30,343       -9.5   %       100,615       -4.3   %
Classified:
Help-Wanted               6,267        4.1    %       20,438        -2.1   %
Real Estate               8,707        -19.5  %       29,490        -17.8  %
Automotive                5,770        2.4    %       17,099        -6.1   %
Other                    6,817        -8.7   %      21,311        -8.1   %
Total Classified          27,561       -7.9   %       88,338        -10.0  %
Other                    6,653        2.4    %      18,183        -8.6   %
Total Company          $  182,641      -8.9   %     $ 618,103       -7.1   %




THE NEW YORK TIMES COMPANY
FOOTNOTES
(Dollars in thousands)
    
      Other revenues consist primarily of revenues from news
(a)   services/syndication, commercial printing, rental income, digital
      archives and direct mail advertising services.
      
      Includes $6.7 million of accelerated depreciation expense in the first
      quarter of 2012 for certain assets at the Worcester Telegram & Gazette’s
(b)   facility in Millbury, Mass., associated with the consolidation of most
      of its printing into The Boston Globe’s facility in Boston, Mass., in
      the second quarter of 2012.
      
(c)   In the second quarter of 2011, the Company recorded a $9.2 million
      non-cash charge for the write-down of certain assets held for sale.
      
      In the second quarter of 2011, the Company recorded a $4.2 million
(d)   charge for a pension withdrawal obligation under a multiemployer pension
      plan at The Boston Globe.
      
      In the second quarter of 2012, the Company recorded a $37.8 million gain
(e)   on the sale of its remaining 210 units in Fenway Sports Group. In the
      first quarter of 2012, the Company recorded a $17.8 million gain on the
      sale of 100 of its units in Fenway Sports Group.
      
      In the third quarter of 2011, the Company recorded a $65.3 million gain
      on the sale of 390 of its units in Fenway Sports Group. In the first
      quarter of 2011, the Company recorded a $5.9 million gain on the sale of
      a portion of the Company’s interest in Indeed.com.
      
      In the first and third quarters of 2012, the Company recorded a $4.9
(f)   million and $0.6 million non-cash charge, respectively, for the
      write-down of certain investments.
      
      In the third quarter of 2011, the Company recorded a $46.4 million
(g)   charge in connection with the prepayment of its $250 million 14.053%
      notes.
      
      On September 24, 2012, the Company completed the sale of the About
      Group, consisting of About.com, ConsumerSearch.com, CalorieCount.com and
      related businesses. The results of the About Group have been classified
      as discontinued operations for all periods presented. See Other Notes on
      the next page for results of operations for the About Group.

      
(h)
      On January 6, 2012, the Company completed the sale of its Regional Media
      Group, consisting of 16 regional newspapers, other print publications
      and related businesses. The results of the Regional Media Group, which
      had previously been included in the News Media Group reportable segment,
      have been classified as discontinued operations for all periods
      presented. In the second quarter of 2012, the Company recorded
      post-closing adjustments related to the sale totaling $4.5 million
      after-tax.
      
      The following table summarizes the results of operations presented as
      discontinued operations for both the About Group and the Regional Media
      Group:

                                                              
                                Third Quarter             Nine Months
                                2012         2011         2012             2011
        Revenues                $ 25,616     $ 85,666     $ 81,085         $ 275,206
        Total operating           16,687       73,670       59,157           225,909
        costs
        Write-down of            —           —           194,732        152,093
        assets
        Pre-tax                   8,929        11,996       (172,804 )       (102,796)
        income/(loss)
        Income tax               2,903       2,922       (60,801  )      (3,356)
        expense/(benefit)
        Income/(loss)
        from discontinued         6,026        9,074        (112,003 )       (99,440)
        operations, net
        of income taxes
        (Loss)/gain on
        sale, net of
        income taxes:
        Loss on sale              —            —            (4,717   )       —
        Income tax               —           —           (30,448  ) *    —
        benefit
        Gain on sale, net        —           —           25,731         —
        of income taxes
        Income/(loss)
        from discontinued       $ 6,026      $ 9,074      $ (86,272  )     $ (99,440)
        operations, net
        of income taxes
        * Tax benefit is primarily due to a tax deduction for goodwill related to the
        Regional Media Group sale.



THE NEW YORK TIMES COMPANY
OTHER NOTES
(Dollars in thousands)

On September 24, 2012, the Company completed the sale of the About Group,
consisting of About.com, ConsumerSearch.com, CalorieCount.com and related
businesses. The results of the About Group for each quarter and the first nine
months of 2012, and for each quarter and annual period of 2011, reported as
discontinued operations, are summarized below.

                       
                              2012
                              First           Second               Third           Nine
                                                                            
                              Quarter         Quarter              Quarter         Months
Revenues                      $   23,944          $ 25,410             $  25,616         $ 74,970
Total operating                   16,948            17,505                16,687           51,140
costs
Write-down of                    —                194,732             —               194,732  
assets
Pre-tax                           6,996             (186,827 )            8,929            (170,902 )
income/(loss)
Income tax                       2,675            (65,643  )           2,903           (60,065  )
expense/(benefit)
Net income/(loss)             $   4,321           $ (121,184 )         $  6,026          $ (110,837 )

                   
                             2011
                             First           Second          Third           Fourth          Full
                                                                                      
                             Quarter         Quarter         Quarter         Quarter         Year
Revenues                     $   31,142          $  27,844         $  25,724         $  26,116         $  110,826
Total
operating                        16,995             16,369            16,302            17,809            67,475
costs
Write-down                      —                 —                —                3,116            3,116
of assets
Pre-tax                          14,147             11,475            9,422             5,191             40,235
income
Income tax                      5,433             4,407            3,619            1,994            15,453
expense
Net income                   $   8,714           $  7,068          $  5,803          $  3,197          $  24,782



THE NEW YORK TIMES COMPANY
RECONCILIATION OF NON-GAAP INFORMATION
(Dollars in thousands)

In this release, the Company has included non-GAAP financial information with
respect to diluted 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
included these non-GAAP financial measures because management reviews them on
a regular basis and uses them to evaluate and manage the performance of the
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/(loss) 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/(loss) 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.

Reconciliations of these non-GAAP financial measures from, respectively,
diluted (loss)/earnings per share from continuing operations, operating profit
and operating costs, the most directly comparable GAAP items, are set out in
the tables below.


Reconciliation of diluted loss per share from continuing operations excluding
severance and special items
                                                              
                                          Third Quarter
                                          2012          2011          % Change
Diluted (loss)/earnings per share         $ (0.02 )     $ 0.04        *
from continuing operations
Add:
Severance                                   0.01          0.01
Special items:
Gain on sale of investment                  —             (0.24 )
Premium on debt redemption                 —           0.18       
Diluted loss per share from
continuing operations excluding           $ (0.01 )     $ (0.01 )     —%
severance and special items
                                                                      
* Represents a decrease in excess of 100%.

                                                                                        
                                                                                        
THE NEW YORK TIMES COMPANY
RECONCILIATION OF NON-GAAP INFORMATION (continued)
(Dollars in thousands)
                                                                        
Reconciliation of operating profit before depreciation & amortization, severance and
special items
                                                                                        
                  Third Quarter                      Nine Months
                  2012        2011        %          2012          2011          %
                                          Change                                 Change
Operating         $ 8,509     $ 21,049    -59.6%     $ 64,332      $ 52,838      21.8%
profit
Add:
Depreciation
&                   22,485      23,747    -5.3%        75,521        70,564      7.0%
amortization
Severance           3,008       2,899     3.8%         10,128        4,999       *
Special
items:
Write-down of       —           —         N/A          —             9,225       N/A
assets
Pension
withdrawal         —          —         N/A         —            4,228       N/A
expense
Operating
profit before
depreciation
&                 $ 34,002    $ 47,695    -28.7%     $ 149,981     $ 141,854     5.7%
amortization,
severance and
special items
                                                                                        
*Represents an increase in excess of 100%.
                                                                                        
Reconciliation of operating costs before depreciation & amortization, severance and raw
materials
                                                                                        
                  Third Quarter                      Nine Months
                  2012        2011        %          2012          2011          %
                                          Change                                 Change
Operating         $ 440,519   $ 430,520   2.3%       $ 1,349,930   $ 1,338,944   0.8%
costs
Less:
Depreciation
&                   22,485      23,747                 75,521        70,564
amortization
Severance          3,008      2,899                10,128       4,999       
Operating
costs before
depreciation        415,026     403,874   2.8%         1,264,281     1,263,381   0.1%
&
amortization
and severance
Less:
Raw materials      31,592     32,722               98,551       101,097     
Operating
costs before
depreciation
&                 $ 383,434   $ 371,152   3.3%       $ 1,165,730   $ 1,162,284   0.3%
amortization,
severance and
raw materials

Contact:

The New York Times Company
For Media:
Abbe Serphos, 212-556-4425
serphos@nytimes.com
or
For Investors:
Paula Schwartz, 212-556-5224
paula.schwartz@nytimes.com
 
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