OutlookTotal 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.