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Exhibit 99.1
The New York Times Company Reports 2016 Fourth-Quarter and Full-Year Results
NEW YORK--(BUSINESS WIRE)--February 2, 2017--The New York Times Company (NYSE:NYT) announced today fourth-quarter 2016 diluted earnings per share from continuing operations of $.24 compared with diluted earnings per share of $.31 in the same period of 2015. Adjusted diluted earnings per share from continuing operations (defined below) were $.30 in the fourth quarter of 2016 compared with $.37 in the fourth quarter of 2015.
Operating profit decreased to $55.6 million in the fourth quarter of 2016 from $87.7 million in the same period of 2015. The decline was largely driven by a pension settlement charge, lower print advertising revenues and higher costs, which were partially offset by higher circulation revenues. Adjusted operating profit (defined below) was $95.7 million in the fourth quarter of 2016 compared with $117.7 million in the fourth quarter of 2015.
For the full year of 2016, the Company had an operating profit of $101.6 million compared with $136.6 million in 2015, with the decrease mainly driven by lower print advertising revenue and higher costs. Adjusted operating profit in 2016 was $240.9 million compared with $289.0 million in 2015.
“The continued excellence of our journalism and our consumer-first focus led to incredible strength in our circulation business, both in the fourth quarter and for the full year,” said Mark Thompson, president and chief executive officer, The New York Times Company. “As of today, we have passed the 3 million paid subscription mark (print and digital), a significant milestone.
“In Q4, we added 276,000 net new digital news subscriptions, the single best quarter since 2011, the year the pay model launched. With the rate of growth accelerating over the past year, we believe that there is further opportunity to significantly extend our subscription reach, both in the U.S. and around the world.
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New York Times Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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These indicators include: 1 current-period operating or cash flow declines combined with a history of operating or cash flow declines or a projectionforecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels, 2 a significant adverse change in the business climate, whether structural or technological, 3 significant impairments and 4 a decline in our stock price and market capitalization.
Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements.
Revenues from HelloSociety and Fake Love, digital marketing agencies acquired in 2016, also contributed favorably to this increase.
Depreciation and amortization costs decreased in 2015 compared with 2014 primarily due to the discontinued use of certain software products.
The margin on revenues from some of these newer advertising forms tends to be lower than the margin on revenues we generate from our print advertising and traditional digital display advertising.
The discounted cash flow analysis...Read more
Production costs decreased in 2015...Read more
Actual experience, including claim frequency...Read more
The DEC was frozen effective...Read more
Management considers special items, which...Read more
Non-operating retirement costs do not...Read more
Display advertising benefited strongly from...Read more
For further information and reconciliations...Read more
, total advertising revenues decreased...Read more
In 2015, total advertising revenues...Read more
Newsprint expense declined 6.6% in...Read more
Other revenues increased 3.2% in...Read more
We accrue the costs of...Read more
For a discussion of these...Read more
Print advertising revenues, which represented...Read more
We believe that, for the...Read more
Our plan assets had an...Read more
Reconciliations of non-GAAP financial measures...Read more
Competition from new content providers...Read more
, reflecting a 15.8% decrease...Read more
We self-insure for workers compensation...Read more
Classified advertising revenues decreased 5.8%...Read more
less transaction costs, for net...Read more
These plans provide participating employees...Read more
We also contribute to a...Read more
The components of operating costs...Read more
Non-operating retirement costs decreased to...Read more
Severance costs decreased as a...Read more
Employee-related costs and raw materials...Read more
In addition, management excludes severance...Read more
Reduction in reserve for uncertain...Read more
A one-percentage point change in...Read more
An impairment loss would be...Read more
primarily due to an increase...Read more
The benefit obligation of the...Read more
Cash from investing activities generally...Read more
Any changes in these estimates...Read more
Service costs and interest costs...Read more
Newsprint expense declined 20.3% in...Read more
Operating profit before depreciation, amortization,...Read more
We are focused on becoming...Read more
, pension expense would have...Read more
, pension expense would have...Read more
While we continue to focus...Read more
We provide health benefits to...Read more
Adjusted operating costs, which exclude...Read more
Among other things, we focused...Read more
The projected plan cash flow...Read more
We expect the sale of...Read more
Our qualified pension plans were...Read more
Since the quantities of newsprint...Read more
A one-percentage point change in...Read more
Distribution costs decreased primarily as...Read more
These audits can involve complex...Read more
Among other things, we streamlined...Read more
Classified advertising revenues decreased 13.4%...Read more
Other revenues increased 6.0% in...Read more
, circulation revenues increased 3.4%...Read more
Circulation revenues from our digital-only...Read more
, other revenues increased 6.0%...Read more
Other advertising revenues increased 33.1%...Read more
Total advertising revenues decreased 9.1%...Read more
, net cash used in...Read more
We believe our cash and...Read more
This involves the identification of...Read more
We have taken steps over...Read more
Intangible assets that are amortized...Read more
Our ability to compete effectively...Read more
Additionally, management believes that the...Read more
On January 14, 2015, entities...Read more
However, these measures should be...Read more
We have one reportable segment...Read more
We recognize the funded status...Read more
Intangible assets that are not...Read more
Total revenues decreased slightly in...Read more
In the fourth quarter of...Read more
All of our non-qualified plans,...Read more
Operating costs were as follows:...Read more
Specifically, we have referred to...Read more
The annual postretirement expense was...Read more
The components of operating costs...Read more
We believe our cash balance...Read more
Financial Statements, Disclosures and Schedules
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New York Times Co provided additional information to their SEC Filing as exhibits
Ticker: NYT
CIK: 71691
Form Type: 10-K Annual Report
Accession Number: 0000071691-17-000003
Submitted to the SEC: Wed Feb 22 2017 5:31:08 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Sunday, December 25, 2016
Industry: Newspapers Publishing Or Publishing And Printing