Compute return on net
operating assets (RNOA) for 2013 and 2012. Net operating assets are $412,630
thousand in 2011.
|
The New York Times Company |
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|
Consolidated Statements of Income |
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|
Fiscal year ended |
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|
(in thousands) |
Dec. 29, 2013 |
Dec. 30, 2012 |
|
|
Operating revenues |
|||
|
Circulation |
$824,277 |
$795,037 |
|
|
Advertising |
666,687 |
711,829 |
|
|
Other |
86,266 |
88,475 |
|
|
Total revenues |
1,577,230 |
1,595,341 |
|
|
Production Costs |
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|
Raw materials |
92,886 |
106,381 |
|
|
Wages and benefits |
332,085 |
331,321 |
|
|
Other |
201,942 |
213,616 |
|
|
Total production costs |
626,913 |
651,318 |
|
|
Selling, general and administrative expenses |
706,354 |
711,112 |
|
|
Depreciation and amortization |
78,477 |
78,980 |
|
|
Total operating costs |
1,411,744 |
1,441,410 |
|
|
Pension settlement expense |
3,228 |
47,657 |
|
|
Multiemployer pension plan withdrawal expense |
6,171 |
0 |
|
|
Other expense |
0 |
2,620 |
|
|
Operating profit |
156,087 |
103,654 |
|
|
Gain on sale of investments |
0 |
220,275 |
|
|
Impairment of investments |
0 |
5,500 |
|
|
(Loss)/income from joint ventures |
-3,215 |
2,936 |
|
|
Premium on debt redemption |
0 |
0 |
|
|
Interest expense, net |
58,073 |
62,808 |
|
|
Income from continuing operations before income taxes |
94,799 |
258,557 |
|
|
Income tax expense |
37,892 |
94,617 |
|
|
Income from continuing operations |
56,907 |
163,940 |
|
|
Discontinued operations: |
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|
(Loss) from discontinued operations, net of tax |
-20,413 |
-113,447 |
|
|
Gain on sale, net of tax |
28,362 |
85,520 |
|
|
Income/(loss) from discontinued operations, net of tax |
7,949 |
-27,927 |
|
|
Net income/(loss) |
64,856 |
136,013 |
|
|
Net (income)/loss attributable to the noncontrolling interest |
249 |
-166 |
|
|
Net income/(loss) attributable to New York Times Company common |
65,105 |
135,847 |
|
|
The New York Times Company |
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|
Consolidated Balance Sheets |
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|
As of |
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|
(in thousands) |
Dec. 29, 2013 |
Dec. 30, 2012 |
|
|
Cash and cash equivalents |
$482,745 |
$820,490 |
|
|
Short-term investments |
364,880 |
134,820 |
|
|
Accounts receivable, net |
202,303 |
197,589 |
|
|
Deferred income taxes |
65,859 |
58,214 |
|
|
Prepaid assets |
20,250 |
23,085 |
|
|
Other current assets |
36,230 |
26,320 |
|
|
Assets held for sale |
0 |
137,050 |
|
|
Total current assets |
1,172,267 |
1,397,568 |
|
|
Long-term |
176,155 |
4,444 |
|
|
Investments |
40,213 |
40,872 |
|
|
Property plant and equipment, net |
713,356 |
773,469 |
|
|
Goodwill, net |
125,871 |
122,691 |
|
|
Deferred income taxes |
179,989 |
302,212 |
|
|
Miscellaneous assets |
164,701 |
166,214 |
|
|
Total assets |
$2,572,552 |
$2,807,470 |
|
|
Accounts payable |
$90,982 |
$88,990 |
|
|
Accrued payroll and other related liabilities |
91,629 |
86,772 |
|
|
Unexpired subscriptions |
58,007 |
57,336 |
|
|
Accrued expenses |
107,755 |
118,753 |
|
|
Accrued incomes taxes |
138 |
38,932 |
|
|
Liabilities held for sale |
0 |
32,373 |
|
|
Total current liabilities |
348,511 |
423,156 |
|
|
Long-term debt and capital lease obligations |
684,142 |
696,752 |
|
|
Pension benefits obligation |
444,328 |
737,889 |
|
|
Postretirement benefits obligation |
90,602 |
110,347 |
|
|
Other |
158,435 |
173,690 |
|
|
Total other liabilities |
1,377,507 |
1,718,678 |
|
|
Stockholders’ equity |
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|
Common stock of $0.10 par value: |
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|
Class A common stock |
15,129 |
15,027 |
|
|
Class B convertible |
82 |
82 |
|
|
Additional paid-in capital |
33,045 |
25,610 |
|
|
Retained earnings |
1,283,518 |
1,230,450 |
|
|
Common stock held in treasury, at cost |
-86,253 |
-96,278 |
|
|
Accumulated other comprehensive income loss), net of tax |
-402,611 |
-512,566 |
|
|
Total New York Times Company stockholders’ equity |
842,910 |
662,325 |
|
|
Noncontrolling interest |
3,624 |
3,311 |
|
|
Total stockholders’ equity |
846,534 |
665,636 |
|
|
Total liabilities and stockholders’ equity |
$2,572,552 |
$2,807,470 |
