The New York Times Company Reports 2012 Fourth-Quarter and Full-Year Results

  The New York Times Company Reports 2012 Fourth-Quarter and Full-Year Results

Business Wire

NEW YORK -- February 7, 2013

The New York Times Company (NYSE: NYT) announced today fourth-quarter 2012
diluted earnings per share from continuing operations increased to $.76 from
$.34 in the same period of 2011, largely due to the special items discussed
below. Excluding severance and special items, diluted earnings per share from
continuing operations decreased to $.32 in the fourth quarter of 2012 from
$.39 in the fourth quarter of 2011. The decrease was due principally to a
higher effective tax rate applicable in the fourth quarter of 2012 after the
exclusion of severance and special items.

The Company had operating profit of $44.0 million in the fourth quarter of
2012 compared with $90.8 million in the same period of 2011. Excluding
depreciation, amortization, severance and the special items discussed below,
operating profit was $124.5 million in the fourth quarter of 2012 compared
with $126.8 million in the fourth quarter of 2011.

“2012 showed both the opportunities and challenges we face as a company,” said
Mark Thompson, president and chief executive officer. “We saw continued strong
growth in digital subscriptions as well as increased revenue from our large
print circulation base. Indeed, for the first time in our history, annual
circulation revenues surpassed those from advertising. Our pay model continued
to prove itself, with approximately 668,000 paid digital subscriptions across
the Company at quarter end, up 13 percent from the end of the third quarter.

“The demonstrated willingness of users here and around the world to pay for
the high quality journalism for which The New York Times and the Company's
other titles are renowned will be a key building block in the strategy for
growth, which we are currently developing and which I will have much more to
say about later in the year.

“By contrast, the advertising environment remained challenging in the fourth
quarter, with advertising revenue trends similar to third-quarter levels.

“We continued to improve our liquidity position in the fourth quarter. In
addition to steady cash flow from operations, our balance sheet was further
strengthened by the sales of the About Group and our ownership interest in
Indeed.com, as we sharpened our focus on our core brands. All in, we ended
2012 with approximately $955 million in cash and short-term investments, even
after making pension contributions and debt payments totaling about $188
million during the fourth quarter. At year end, our total cash position
exceeded total debt and capital lease obligations by approximately $258
million.”

Comparisons

Unless otherwise noted, all comparisons are for the fourth quarter of 2012 to
the fourth quarter of 2011. The results of the Regional Media Group, which was
sold in the first quarter of 2012, and the results of the About Group, which
was sold in the fourth quarter of 2012, are reported within discontinued
operations for all periods presented.

Because of the Company’s fiscal calendar, the 2012 fourth quarter and year
included an additional week (14 weeks and 53 weeks) compared with the 2011
fourth quarter and year (13 weeks and 52 weeks). A reconciliation of revenues,
excluding the estimated effect of the additional week, to revenues including
the additional week, is included in the exhibits to this release.

This release includes other 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.

The fourth-quarter 2012 results included the following special items:

  *A $164.6 million ($102.4 million after tax or $.66 per share) gain on the
    sale of the Company’s ownership interest in Indeed.com, a search engine
    for jobs.
  *A $48.7 million ($28.3 million after tax or $.18 per share) non-cash
    settlement charge in connection with the Company’s immediate pension
    benefit offer to certain former employees.
  *A $2.6 million ($1.5 million after tax or $.01 per share) charge in
    connection with a legal settlement.

The fourth-quarter 2011 results included the following special item:

  *A $4.5 million ($2.6 million after tax or $.02 per share) charge for a
    retirement and consulting agreement in connection with the retirement of
    the Company’s former chief executive officer at the end of 2011.

In addition, the Company had severance costs of $7.9 million ($4.4 million
after tax or $.03 per share) and $7.9 million ($4.7 million after tax or $.03
per share) in the fourth quarters of 2012 and 2011, respectively.

Sale of About Group – Discontinued Operations

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 $17 million. As a result of the
sale, the Company recorded a gain of $96.7 million ($61.9 million after tax)
in the fourth quarter of 2012. The net after-tax proceeds from the sale were
approximately $291 million.

Fourth-Quarter Results from Continuing Operations

Revenues

Total revenues increased 5.2 percent to $575.8 million from $547.4 million.
Advertising revenues decreased 3.1 percent, while circulation and other
revenues increased 16.1 percent and 4.8 percent, respectively. Excluding the
additional week, estimated total revenues decreased 0.7 percent, with
advertising revenues down 8.3 percent and circulation and other revenues up
8.6 percent and 2.1 percent, respectively.

Print advertising revenues decreased 5.6 percent and digital advertising
revenues rose 5.1 percent. Excluding the additional week, estimated print and
digital advertising revenues decreased 10.2 percent and 1.7 percent,
respectively, largely due to the uneven 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 6.3 percent to $480.5 million from $452.1 million.
Excluding depreciation, amortization and severance, operating costs increased
7.3 percent to $451.3 million from $420.6 million. In addition to the effect
of the additional week, costs rose mainly due to higher promotion costs,
benefits expense and various other costs, offset in part by lower compensation
costs, including stock-based compensation, and raw materials expense.

Other Data

Digital

Digital businesses principally include NYTimes.com, BostonGlobe.com and
Boston.com. In the fourth quarter of 2012, digital advertising revenues
increased 5.1 percent to $69.0 million from $65.7 million. For the full year
of 2012, digital advertising revenues increased 0.2 percent to $214.8 million
from $214.5 million in 2011. Excluding the additional week, estimated digital
advertising revenues decreased 1.7 percent in the fourth quarter and 1.9
percent for the full year of 2012.

Digital advertising revenues as a percentage of total Company advertising
revenues were 24.7 percent in the fourth quarter of 2012 compared with 22.7
percent in the fourth quarter of 2011. For the full year, digital advertising
revenues as a percentage of total Company advertising revenues were 23.9
percent in 2012 compared with 22.5 percent in 2011.

Paid subscribers to The New York Times and the International Herald Tribune
digital subscription packages, e-readers and replica editions totaled
approximately 640,000 as of the end of the fourth quarter of 2012, an increase
of approximately 13 percent since the end of the third quarter of 2012. Paid
digital subscribers to BostonGlobe.com and The Boston Globe’s e-readers and
replica editions totaled approximately 28,000 as of the end of the fourth
quarter of 2012, up approximately 8 percent since the end of the third quarter
of 2012.

Joint Ventures

Income from joint ventures decreased to $0.9 million from $4.1 million largely
because of the divestiture of the Company’s ownership interest in Fenway
Sports Group in the first half of 2012, coupled with lower results for the
paper mills in which the Company has an investment.

Interest Expense, net

Interest expense, net increased to $16.4 million from $15.5 million mainly due
to charges related to the termination of the Company’s revolving credit
facility and the repurchase of $5.9 million principal amount of the Company’s
5.0 percent senior notes due March 15, 2015, offset by lower interest expense
due to the Company’s payment at maturity on September 26, 2012 of all $75
million aggregate principal amount of the Company’s 4.610 percent senior
notes.

Income Taxes

The Company had income tax expense of $75.8 million (effective tax rate of
39.2 percent) in the fourth quarter and $103.5 million (effective tax rate of
39.3 percent) for the full year of 2012. The Company’s effective tax rate in
the fourth quarter of 2012 was favorably affected by a lower income tax rate
on the sale of the Company’s ownership interest in Indeed.com. The Company had
income tax expense of $28.4 million (effective tax rate of 35.8 percent) in
the fourth quarter and $31.9 million (effective tax rate of 38.4 percent) for
the full year of 2011. Excluding severance and special items, the Company’s
effective tax rate was 43.9 percent in the fourth quarter of 2012 compared
with 36.5 percent in the fourth quarter of 2011. The 36.5 percent tax rate in
the 2011 fourth quarter was favorably affected by the reversal of reserves for
uncertain tax positions due to the lapse of applicable statutes of
limitations.

Liquidity

The following table details the original maturities and carrying values of the
Company’s debt and capital lease obligations as of December 30, 2012.

(in thousands)                                              December 30, 2012
2015       5.0% senior notes                           $   244,100
2016            6.625% senior notes                          225,000
2019       Option to repurchase ownership interest in  250,000       
                headquarters building
Total                                                       $   719,100
Less: Unamortized amounts                                   (29,045       )
Carrying value of debt                                       $   690,055
Capital lease obligations                                   7,023         
Total debt and capital lease obligations                    $   697,078   
                                                                           

At the end of 2012, cash and short-term investments were approximately $955
million (excluding restricted cash of approximately $24 million that is
subject to certain collateral requirements). As a result, the Company’s cash
and short-term investments exceeded total debt and capital lease obligations
by approximately $258 million. The Company believes this provides a useful
measure of its liquidity and overall debt position.

In the fourth quarter of 2012, the Company’s cash and short-term investments
improved by more than $340 million from the third quarter of 2012, in large
part due to proceeds from the sales of the About Group and the Company’s
ownership interest in Indeed.com. During the fourth quarter, the Company also
repaid in full the $75 million 4.610 percent senior notes that matured on
September 26, 2012, repurchased $5.9 million principal amount of the 5.0
percent senior notes due March 15, 2015, and terminated its $125 million
asset-backed revolving credit facility.

In early October 2012, Indeed.com, 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 and the net after-tax proceeds were
approximately $104 million.

Capital Expenditures

Capital expenditures totaled approximately $6 million in the fourth quarter
and approximately $26 million in 2012.

Pension Obligations

As part of the Company’s ongoing strategy to reduce its pension obligations
and the resulting volatility of the Company’s overall financial condition, in
September 2012, it 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 or to
commence an immediate monthly annuity. As a result, the Company recorded a
non-cash settlement charge of $48.7 million in connection with the lump sum
payments made in the fourth quarter of 2012, which totaled approximately $112
million. These lump sum distributions were made with existing assets of The
New York Times Companies Pension Plan and not with Company cash.

For accounting purposes on a GAAP basis, based on preliminary results, the
underfunded status of the Company’s qualified pension plans as of December 30,
2012, was approximately $396 million.  While the funded status of the
Company’s qualified pension plans was negatively affected by the decline in
interest rates, that decline was more than offset by contributions, the
lump-sum offer and solid returns in pension asset performance.

The Company made contributions of approximately $107 million in the fourth
quarter and approximately $144 million for the full year of 2012 to certain
qualified pension plans. The majority of these contributions were
discretionary. In January 2013, the Company made a contribution of
approximately $57 million to The New York Times Newspaper Guild pension plan,
of which $20 million was necessary to satisfy minimum funding requirements in
2013. For the full year 2013, the Company expects mandatory contributions to
other qualified pension plans to raise total contributions to approximately
$71 million. The Company will continue to evaluate whether to make additional
discretionary contributions in 2013 to its qualified pension plans based on
cash flows, pension asset performance, interest rates and other factors.

Outlook

Total advertising revenue trends in the first quarter of 2013 are expected to
be similar to the level experienced in the fourth quarter of 2012 on a 13-week
basis.

Total circulation revenues are projected to increase in the mid-single digits
in the first quarter of 2013 because the Company expects to benefit from its
digital subscription initiatives as well as from the print circulation price
increase at The New York Times implemented in the first quarter of 2013.

The Company expects first-quarter operating costs to decrease in the low- to
mid-single digits largely because it is cycling against approximately $7
million in accelerated depreciation in the first quarter of 2012. Operating
costs, excluding depreciation, amortization and severance, are expected to
decrease in the low-single digits compared with the same period last year.

In addition, the Company expects the following on a pre-tax basis in 2013:

  *Results from joint ventures: loss of $1 to $5 million,
  *Depreciation and amortization: $90 to $95 million,
  *Interest expense, net: $55 to $60 million, and
  *Capital expenditures: $40 to $50 million.

Conference Call Information

The Company’s fourth-quarter 2012 earnings conference call will be held on
Thursday, February 7, at 11:00 a.m. E.T. To access the call, dial 888-233-8011
(in the U.S.) and 913-312-1450 (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, February 8. The access code is
4856442.

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 2012 revenues of $2.0 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
              Reconciliation of Non-GAAP Information
              

                                                                                        
THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share data)
                                                                                 
                  Fourth Quarter                      Full Year
                   2012         2011         %        2012         2011         %
                                               Change                               Change
                   (14 weeks)    (13 weeks)             (53 weeks)    (52 weeks)
Revenues
Advertising        $ 279,975     $ 289,039     -3.1%    $ 898,078     $ 954,531     -5.9%
Circulation        257,816       222,065       16.1%    952,968       862,982       10.4%
Other^(a)          38,027       36,291       4.8%     139,034      135,117      2.9%
Total revenues     575,818       547,395       5.2%     1,990,080     1,952,630     1.9%
Operating costs
Production costs   224,110       206,920       8.3%     832,228       810,569       2.7%
Selling, general
and                235,114       221,501       6.1%     901,405       886,232       1.7%
administrative
costs
Depreciation and   21,237       23,660       -10.2%   96,758       94,224       2.7%
amortization^(b)
Total operating    480,461       452,081       6.3%     1,830,391     1,791,025     2.2%
costs
Pension
settlement         48,729        —             N/A      48,729        —             N/A
expense^(c)
Other              2,620         4,500         -41.8%   2,620         4,500         -41.8%
expense^(d)
Write-down of      —             —             N/A      —             9,225         N/A
assets^(e)
Pension
withdrawal         —            —            N/A      —            4,228        N/A
expense^(f)
Operating profit   44,008        90,814        -51.5%   108,340       143,652       -24.6%
Gain on sale of    164,630       —             N/A      220,275       71,171        *
investments^(g)
Write-down of      —             —             N/A      5,500         —             N/A
investments^(h)
Income from        927           4,054         -77.1%   3,004         28            *
joint ventures
Premium on debt    —             —             N/A      —             46,381        N/A
redemption^(i)
Interest           16,402       15,461       6.1%     62,815       85,243       -26.3%
expense, net
Income from
continuing
operations         193,163       79,407        *        263,304       83,227        *
before income
taxes
Income tax         75,775       28,423       *        103,482      31,932       *
expense
Income from
continuing         117,388       50,984        *        159,822       51,295        *
operations
Income/(loss)
from
discontinued
operations, net
of income          59,789       7,921        *        (26,483   )   (91,519   )   -71.1%
taxes^(j)
Net                177,177       58,905        *        133,339       (40,224   )   *
income/(loss)
Net
(income)/loss
attributable to    (267      )   40           *        (166      )   555          *
the
noncontrolling
interest
Net
income/(loss)
attributable to
The New York
Times Company
common             $ 176,910    $ 58,945     *        $ 133,173    $ (39,669 )   *
stockholders
                                                                                    
Amounts
attributable to
The New York
Times
Company common
stockholders:
Income from
continuing         $ 117,121     $ 51,024      *        $ 159,656     $ 51,850      *
operations
Income/(loss)
from
discontinued
operations, net
of
income taxes       59,789       7,921        *        (26,483   )   (91,519   )   -71.1%
Net                $ 176,910    $ 58,945     *        $ 133,173    $ (39,669 )   *
income/(loss)
                                                                                    
Average number
of common shares
outstanding:
Basic              148,461       147,451       0.7%     148,147       147,190       0.7%
Diluted            154,685       149,887       3.2%     152,693       152,007       0.5%
                                                                                    
Basic
earnings/(loss)
per share
attributable to
The New York
Times Company
common
stockholders:
Income from
continuing         $ 0.79        $ 0.35        *        $ 1.08        $ 0.35        *
operations
Income/(loss)
from
discontinued
operations, net
of
income taxes       0.40         0.05         *        (0.18     )   (0.62     )   -71.0%
Net                $ 1.19       $ 0.40       *        $ 0.90       $ (0.27   )   *
income/(loss)
                                                                                    
Diluted
earnings/(loss)
per share
attributable to
The New York
Times Company
common
stockholders:
Income from
continuing         $ 0.76        $ 0.34        *        $ 1.04        $ 0.34        *
operations
Income/(loss)
from
discontinued
operations, net
of
income taxes       0.38         0.05         *        (0.17     )   (0.60     )   -71.7%
Net                $ 1.14       $ 0.39       *        $ 0.87       $ (0.26   )   *
income/(loss)
                                                                                    
* 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
                                     % Change                   % Change
                    Fourth Quarter     vs. 2011     Full Year         vs. 2011
                    (14 weeks)                      (53 weeks)
The New York
Times Media
Group
Advertising         $  226,461         -3.5%        $ 711,829         -5.9%
Circulation         216,123            18.1%        795,037           12.7%
Other               25,531            1.1%         88,475           -5.1%
Total               $  468,115        5.7%         $ 1,595,341      2.6%
                                                                      
New England
Media Group
Advertising         $  53,514          -1.6%        $ 186,249         -6.1%
Circulation         41,693             6.8%         157,931           0.1%
Other               12,496            13.3%        50,559           20.8%
Total               $  107,703        3.1%         $ 394,739        -0.8%
                                                                      
Total Company
Advertising         $  279,975         -3.1%        $ 898,078         -5.9%
Circulation         257,816            16.1%        952,968           10.4%
Other^(a)           38,027            4.8%         139,034          2.9%
Total               $  575,818        5.2%         $ 1,990,080      1.9%
                                                          
See footnotes page for additional information.
                    
                                                                      
                    2012
                                       % Change                       % Change
                    Fourth Quarter     vs. 2011     Full Year         vs. 2011
                    (14 weeks)                      (53 weeks)
National            $  190,663         -3.4%        $ 601,630         -5.9%
Retail              52,602             -2.9%        153,217           -3.8%
Classified:
Help-Wanted         6,343              -4.0%        26,781            -2.5%
Real Estate         9,567              -10.9%       39,057            -16.2%
Automotive          5,958              9.4%         23,057            -2.5%
Other               7,469             -1.3%        28,780           -6.5%
Total               29,337             -3.4%        117,675           -8.4%
Classified
Other               7,373             2.0%         25,556           -5.8%
Total Company       $  279,975        -3.1%        $ 898,078        -5.9%
                                                                      

    
      THE NEW YORK TIMES COMPANY
      FOOTNOTES
      (Dollars in thousands)
      
      Other revenues consist primarily of revenues from news
(a)   services/syndication, commercial printing and distribution, 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.
      
      In the fourth quarter of 2012, the Company recorded a $48.7 million
(c)   non-cash settlement charge in connection with the Company's immediate
      pension benefit offer to certain former employees.
      
      In the fourth quarter of 2012, the Company recorded a $2.6 million
      charge in connection with a legal settlement. In the fourth quarter of
(d)   2011, the Company recorded a $4.5 million charge for a retirement and
      consulting agreement in connection with the retirement of the Company's
      former chief executive officer at the end of 2011.
      
(e)   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
(f)   charge for a pension withdrawal obligation under a multiemployer pension
      plan at The Boston Globe.
      
      In the fourth quarter of 2012, the Company recorded a $164.6 million
      gain on the sale of its ownership interest in Indeed.com, a search
(g)   engine for jobs. In the second quarter of 2012, the Company recorded a
      $37.8 million gain 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 ownership interest in Indeed.com.
      
      In the first and third quarters of 2012, the Company recorded a $4.9
(h)   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
(i)   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
(j)   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.
      
      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 have
      been classified as discontinued operations for all periods presented.
      
      The following tables summarize the results of operations presented as
      discontinued operations for both the About Group and the Regional Media
      Group:

                 Fourth Quarter
                    2012                                            2011
                                  Regional                                     Regional     
                    About            Media                             About            Media
                    Group            Group            Total            Group            Group            Total
Revenues            $ —              $ —              $ —              $ 26,116         $ 69,449         $ 95,565
Total
operating           —                —                —                17,809           58,789           76,598
costs
Write-down of       —               —               —               3,116           —               3,116
assets
Pre-tax             —                —                —                5,191            10,660           15,851
income
Income tax          —               —               —               1,994           5,936           7,930
expense
Income from
discontinued
operations,
net of
income taxes        —                —                —                3,197            4,724            7,921
Gain/(loss)
on sale, net
of income
taxes:
Gain/(loss)         96,675           (724     )       95,951           —                —                —
on sale
Income tax          34,785          1,377           36,162          —               —               —
expense
Gain/(loss)
on sale, net        61,890          (2,101   )       59,789          —               —               —
of income
taxes
Income/(loss)
from
discontinued
operations,
net of income       $ 61,890        $ (2,101 )       $ 59,789        $ 3,197         $ 4,724         $ 7,921
taxes
                                                                                                           


THE NEW YORK TIMES COMPANY
FOOTNOTES (continued)
(Dollars in thousands)
                                                                                                  
                     Full Year
                        2012                                                2011
                                         Regional                                             Regional
                        About            Media                              About             Media
                        Group            Group            Total             Group             Group              Total
Revenues                $ 74,970         $ 6,115          $ 81,085          $ 110,826         $ 259,945          $ 370,771
Total operating         51,140           8,017            59,157            67,475            235,032            302,507
costs
Write-down of           194,732         —               194,732          3,116            152,093           155,209   
assets
Pre-tax                 (170,902  )      (1,902   )       (172,804  )       40,235            (127,180   )       (86,945   )
(loss)/income
Income tax              (60,065   )      (736     )       (60,801   )       15,453           (10,879    )       4,574     
(benefit)/expense
(Loss)/income
from discontinued
operations,
net of income           (110,837  )      (1,166   )       (112,003  )       24,782            (116,301   )       (91,519   )
taxes
Gain/(loss) on
sale, net of
income taxes:
Gain/(loss) on          96,675           (5,441   )       91,234            —                 —                  —
sale
Income tax              34,785          (29,071  ) *     5,714            —                —                 —         
expense/(benefit)
Gain on sale, net       61,890          23,630          85,520           —                —                 —         
of income taxes
(Loss)/income
from discontinued
operations,
net of income           $ (48,947 )      $ 22,464        $ (26,483 )       $ 24,782         $ (116,301 )       $ (91,519 )
taxes

*Tax benefit is primarily due to a tax deduction for goodwill, which was
previously non-deductible, triggered upon the sale of the Regional Media
Group.



THE NEW YORK TIMES COMPANY
RECONCILIATION OF NON-GAAP INFORMATION

                                        
In this release, the Company has included non-GAAP financial information with
respect to diluted earnings per share from continuing operations excluding
severance and special items; operating profit before depreciation,
amortization, severance and special items (if any); operating costs before
depreciation, amortization, severance and raw materials; revenues excluding
the estimated effect of the additional week in the 2012 fiscal calendar; and
the effective tax rate on income from continuing operations excluding
severance and special items. 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 Company's operations. In addition,
because the Company's 2012 fiscal fourth quarter and year included an
additional week (14 weeks and 53 weeks) compared with the 2011 fiscal fourth
quarter and year (13 weeks and 52 weeks), the Company has disclosed revenues
excluding the estimated effect of the additional week in 2012. 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), operating costs, revenues and the effective tax rate. 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. The effective tax rate on income
from continuing operations excluding severance and special items provides
investors with helpful supplemental information in evaluating the Company's
period-to-period diluted earnings per share excluding severance and special
items, by highlighting the relative impact of the tax rates on this measure in
2012 and 2011.

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

Reconciliation of diluted earnings per share from continuing operations excluding severance and special items
                                                                                             
                   Fourth Quarter                                     Full Year
                   2012            2011            %            2012               2011             %
                                                         Change                                           Change
Diluted
earnings per
share from         $   0.76         $   0.34         *            $   1.04         $  0.34         *
continuing
operations
Add:
Severance          0.03               0.03                            0.07               0.04
Special
items:
Accelerated        —                  —                               0.02               —
depreciation
Pension
settlement         0.18               —                               0.18               —
expense
Other              0.01               0.02                            0.01               0.02
expense
Write-down         —                  —                               —                  0.04
of assets
Pension
withdrawal         —                  —                               —                  0.02
expense
Gain on sale
of                 (0.66      )       —                               (0.87      )       (0.27    )
investments
Write-down
of                 —                  —                               0.02               —
investments
Premium on
debt               —                 —                             —                 0.18            
redemption
Diluted
earnings per
share from
continuing
operations
excluding
severance          $   0.32        $   0.39        -17.9%       $   0.47        $  0.37        27.0%
and special
items
                                                                                                          
* Represents an increase 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
                  
                  Fourth Quarter                             Full Year
                  2012            2011            %          2012              2011              % Change
                                                  Change
                  (14 weeks)      (13 weeks)                 (53 weeks)        (52 weeks)
Operating         $ 44,008        $ 90,814        -51.5%     $ 108,340         $ 143,652         -24.6  %
profit
Add:
Depreciation
&                 21,237          23,660                     96,758            94,224
amortization
Severance         7,923           7,853                      18,051            12,852
Special
items:
Pension
settlement        48,729          —                          48,729            —
expense
Other expense     2,620           4,500                      2,620             4,500
Write-down of     —               —                          —                 9,225
assets
Pension
withdrawal        —              —                        —                4,228                  
expense
Operating
profit before
depreciation
&
amortization,
severance and     $ 124,517      $ 126,827      -1.8%      $ 274,498        $ 268,681        2.2    %
special items
                                                                                                        
                                                                                                        
Reconciliation of operating costs before depreciation & amortization, severance and raw materials
                                                                                                        
                  Fourth Quarter                             Full Year                                  
                  2012            2011            %          2012              2011              %      
                                                  Change                                         Change
                  (14 weeks)      (13 weeks)                 (53 weeks)        (52 weeks)
Operating         $ 480,461       $ 452,081       6.3%       $ 1,830,391       $ 1,791,025       2.2    %
costs
Less:
Depreciation
&                 21,237          23,660                     96,758            94,224
amortization
Severance         7,923          7,853                    18,051           12,852                 
Operating
costs before
depreciation
&
amortization
and severance     451,301         420,568         7.3%       1,715,582         1,683,949         1.9    %
Less:
Raw materials     37,975         37,525                   136,526          138,622                
Operating
costs before
depreciation
&
amortization,
severance and     $ 413,326      $ 383,043      7.9%       $ 1,579,056      $ 1,545,327      2.2    %
raw materials
                                                                                                        


THE NEW YORK TIMES COMPANY
RECONCILIATION OF NON-GAAP INFORMATION (continued)
(Dollars in thousands)
                                                                                      
Reconciliation of revenues excluding the estimated effect of the additional week
               
                   Fourth Quarter
                   2012             Additional       2012
                   As Reported         Week             Adjusted            2011                %
                                                                                                Change
Total              (14 weeks)                           (13 weeks)          (13 weeks)
Company
Advertising:
Print              $ 210,949           $ (10,422 )      $ 200,527           $ 223,352           -10.2%
Digital            69,026             (4,435    )      64,591             65,687             -1.7%
Total              279,975             (14,857   )      265,118             289,039             -8.3%
advertising
Circulation        257,816             (16,704   )      241,112             222,065             8.6%
Other              38,027             (964      )      37,063             36,291             2.1%
Total              $ 575,818          $ (32,525 )      $ 543,293          $ 547,395          -0.7%
revenues
                                                                                                
The New York
Times Media
Group
Advertising        $ 226,461           $ (11,613 )      $ 214,848           $ 234,660           -8.4%
Circulation        216,123             (13,903   )      202,220             183,032             10.5%
Other              25,531             (326      )      25,205             25,260             -0.2%
Total              $ 468,115          $ (25,842 )      $ 442,273          $ 442,952          -0.2%
revenues
                                                                                                
New England
Media Group
Advertising        $ 53,514            $ (3,244  )      $ 50,270            $ 54,379            -7.6%
Circulation        41,693              (2,801    )      38,892              39,033              -0.4%
Other              12,496             (638      )      11,858             11,031             7.5%
Total              $ 107,703          $ (6,683  )      $ 101,020          $ 104,443          -3.3%
revenues
                                                                                                
                   Full Year
                   2012                Additional       2012
                   As Reported         Week             Adjusted            2011                %
                                                                                                Change
Total              (53 weeks)                           (52 weeks)          (52 weeks)
Company
Advertising:
Print              $ 683,306           $ (10,422 )      $ 672,884           $ 740,081           -9.1%
Digital            214,772            (4,435    )      210,337            214,450            -1.9%
Total              898,078             (14,857   )      883,221             954,531             -7.5%
advertising
Circulation        952,968             (16,704   )      936,264             862,982             8.5%
Other              139,034            (964      )      138,070            135,117            2.2%
Total              $ 1,990,080        $ (32,525 )      $ 1,957,555        $ 1,952,630        0.3%
revenues
                                                                                                
The New York
Times Media
Group
Advertising        $ 711,829           $ (11,613 )      $ 700,216           $ 756,148           -7.4%
Circulation        795,037             (13,903   )      781,134             705,163             10.8%
Other              88,475             (326      )      88,149             93,263             -5.5%
Total              $ 1,595,341        $ (25,842 )      $ 1,569,499        $ 1,554,574        1.0%
revenues
                                                                                                
New England
Media Group
Advertising        $ 186,249           $ (3,244  )      $ 183,005           $ 198,383           -7.8%
Circulation        157,931             (2,801    )      155,130             157,819             -1.7%
Other              50,559             (638      )      49,921             41,854             19.3%
Total              $ 394,739          $ (6,683  )      $ 388,056          $ 398,056          -2.5%
revenues
                                                                                                

                                                                                                                                
THE NEW YORK TIMES COMPANY
RECONCILIATION OF NON-GAAP INFORMATION (continued)
(Dollars in thousands)
                                                                                                                     
Reconciliation of effective tax rate on income from continuing operations excluding severance and special items

              2012                                                      2011
                 Pre-                         After          Effective   Pre-                          After          Effective
                 Tax             Tax            Tax             Tax Rate    Tax            Tax            Tax            Tax Rate
Income
from             $  193,163     $  75,775     $  117,388     39.2   %    $  79,407     $  28,423     $  50,984     35.8   %
continuing
operations
Add:
Severance        7,923           3,525          4,398                       7,853          3,184          4,669
Special
items:
Pension
settlement       48,729          20,413         28,316                      —              —              —
expense
Other            2,620           1,098          1,522                       4,500          1,883          2,617
expense
Gain on
sale of          (164,630    )   (62,230    )   (102,400    )              —             —             —             
investment
                                                                                                                         
Income
from
continuing
operations
excluding
severance
and              $  87,805     $  38,581    $  49,224     43.9   %    $  91,760    $  33,490    $  58,270    36.5   %
special
items
                                                                                                                                

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
or
Andrea Passalacqua, 212-556-7354
andrea.passalacqua@nytimes.com