SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 19, 2006
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The New York Times Company
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(Exact name of Registrant as Specified in Its Charter)
New York 1-5837 13-1102020
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
229 West 43rd Street, New York, New York 10036
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 556-1234
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02 Results of Operations and Financial Condition.
On October 19, 2006, The New York Times Company (the "Company") issued a
press release announcing the Company's earnings for the quarter ended September
24, 2006. On October 19, 2006, the Company also issued a press release
announcing the Company's revenues for September 2006. Copies of these press
releases are furnished as exhibits to this Form 8-K.
ITEM 2.05 Costs Associated with Exit or Disposal Activities.
This Current Report on Form 8-K updates the Company's Form 8-K filing on
July 18, 2006, in which the Company disclosed plans to consolidate its New York
metro area printing into its newest facility in College Point, Queens, and
sublease its older Edison, New Jersey, facility.
At that time, the Company was unable to provide the estimated cost to close
the Edison facility. The Company currently estimates that it will record total
costs in the range of $104 to $128 million. The breakdown of estimated expenses
is as follows:
o $78 to $90 million ($13 to $15 million per quarter) for accelerated
depreciation expense, which will begin in the fourth quarter of 2006
and end in the first quarter of 2008. This expense is for the
acceleration of depreciation expense of certain assets, mainly
presses, at its Edison facility.
o $12 to $16 million for one-time staff reduction cash expenditures. The
exact cost and the timing of the recognition and expenditures will
depend on the final composition and seniority of the affected
employees as well as the timing of the implementation of the staff
reductions.
o $14 to $22 million for cash expenditures to restore the Edison
facility to its pre-lease condition, approximately half of which was
previously expensed.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 The New York Times Company Earnings Press Release dated
October 19, 2006
Exhibit 99.2 The New York Times Company September Revenues Press Release
dated October 19, 2006
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this current report on Form 8-K 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 retail, national and
classified advertising and circulation generated by our various markets and
material increases in newsprint prices. 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, 2005. The
Company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE NEW YORK TIMES COMPANY
Date: October 19, 2006 By: /s/ Rhonda L. Brauer
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Rhonda L. Brauer
Secretary and
Corporate Governance Officer
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Exhibit List
Exhibit 99.1 The New York Times Company Earnings Press Release dated
October 19, 2006
Exhibit 99.2 The New York Times Company September Revenues Press Release
dated October 19, 2006
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