Outlook

Total 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.

Conference Call Information

The Company’s fourth-quarter 2012 earnings conference call will be held on Thursday, February 7, at 11:00 a.m. E.T. To access the call, dial 888-233-8011 (in the U.S.) and 913-312-1450 (international callers). Participants should dial into the conference call approximately 10 minutes before the start time. Online listeners can link to the live webcast at www.nytco.com/investors.

An archive of the webcast will be available beginning two hours after the call at www.nytco.com/investors. The archive will be available for approximately three months. An audio replay will be available at 888-203-1112 (in the U.S.) and 719-457-0820 (international callers) beginning approximately two hours after the call until 5 p.m. E.T. on Friday, February 8. The access code is 4856442 .

Except for the historical information contained herein, the matters discussed in this press release 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 national, retail and classified advertising and circulation generated by our various markets, material increases in newsprint prices and the development of our digital businesses. 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, 2011. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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