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TheStreet Open House

The New York Times Company Reports 2012 Third-Quarter Results

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 headquarters building

      250,000    
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.

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