1、567891011121314151620212425282930323334353637414243444549505152555657586162636667686970717276777883848588899092939495969710010110210610710911011111211711811912012112212312712813113213513612345171819222326273138394046474853545960646566737475798081828687919298991001031041051081131141151161171241251261
2、29130133134229 West 43rd StreetNew York,NY 10036tel NationaLConvergenceBr a n dR e a d e r sThe New York Times Company Annual Report 2003Across1City _(center of localnews operation)5_ extension(additionalproducts sharing a name)10_ code growth plan(part of The Timessexpansion program)13Media _(selec
3、tion ofcampaign components)17Like some committees19Sentence summarizingan article20Blonde shade21Boxes beside the titleplate on page one22_ Park(Edison lab site)23“_ just get along?”24_ Herald Tribune(Florida paper owned by the Times Company)26_ life cycle(introductionthrough decline)28Very,in music
4、30Sidewalk stand quaff31Slaughter in baseball32A place to buy The Times38Brief summary41Org.that verifies publication sales44Hook henchman45“A Death in the Family”author46Go bad47Roth _49Aussie hopper50Org.52Dos Passos trilogy53Supermodel Carangi54Baton Rouge sch.55Longtime cable inits.56Take a load
5、 off57Make improvements to59Like candid photos61_ lane(carpoolers convenience)62Fraternity brother-to-be64Typesetters“leave it in”65Post-E.R.place67Psyche part69_ per copy(audience stat)73Stable worker:Var.76Same old same old77_ graph(paragraphafter the lead)78Bank acct.entry79Politico Landon82“Time
6、 _ My Side”(Stones hit)83Average _(demographic stat)84Sault _ Marie85“Make _ double”86Early edition88Top Untouchable90Center X91What sports statistics,financial tables and classified line ads are set in92NorthwesternUniversitys home96Sarges superior98Doesnt disturb100 Of the flock101 Literary collec
7、tion102 James _ Carter103 Mormons:Abbr.104 Lead _(main story)106 Pulls along farther108 Highlands hillside109 Part of a monogram113 i.e.or e.g.116 _ market(intended ad recipients)121 _ promotion(involving more than oneproperty or platform)123 A.K.A.,in the business world124 Headquarters of the Inter
8、national Herald Tribune126 Market _(percentageof all sales held by one brand)127 Mandlikova of tennis128 Corp.V.I.P.s129 Nickname of The Timess former publisher130 Spine-tingling131 Like some newspapertype:Abbr.132 Do road work133 Enjoy a claro134 Rose up,in dialect135 Soccer immortal136 Teachers de
9、g.Down1Stadium walkway2Baltic Sea feeder3“This cant be!”4Crumble to dust5Actress Arthur6Sofer of soaps7Times to call,in ads8“All the _ Thats Fit to Print”9De Matteo of“The Sopranos”10Italian pies,slangily11“Life _ beach”12Sentence parts13Euro preceder,in Spain14_-tzu15Prado display16Code-breaking or
10、g.18Optimization _(cost-analyzing teams)19Proofs of purchase:Abbr.25House _(papers own announcements)27Part of a meal29Those elected33_ alerts(NYTbreaking news service)34Many Wayne films35Flulike symptom36Broadcasters of Red Sox games37_ head(free employeecopy of The Times)38Petaluma _-Courier(the T
11、imes Companysonly weekly newspaper)39College _(Times printing plant in Queens)40Troop campsite41_ Sulzberger,Chairmanof The New York TimesCompany and publisherof The Times42U2s lead singer43All media platformsworking together,e.g.48Diary kept by selectedaudience members51Make invalid56_ advertising(
12、purchasesmade on a market-by-market basis)58Shirt tag abbr.60Prefix meaning“ear”63O.T.book66100 yrs.6820 Questions turn70Public _(responder to readers questions)71_ advertising(department store ads and such)72Ad _(area on the Webavailable for advertising)74Short section augment-ing a main article75G
13、eneral _s chicken79Have _(revel)80Raced at the Winter Olympics81Low shoes83“For want of _.”87O.C.S.grads89_-Banner(Ocala,Florida paper owned by the Times Company)92Yalie93Carpet cleaner,briefly94Page _(location ofmajor stories)95_ Expansion(programto increase The Timess availability throughoutthe U.
14、S.)96Russ _,C.E.O.of the Times Company97Malt-drying oven99Part of Q.E.D.105 _ campaign(curiosity arouser)107 Priced to move108 _ and click(ads thatappear both in print and online)110 Boston Globe weekendsection on literary issues111 Beyonds partner112 Emitted coherent light113 PC programs,for short1
15、14 Oz creator L.Frank _115 Czech city117 Grounded avian118 Teri of“Tootsie”119 Toledos lake120 _ off(angered)121 Shot from the apron122 _ cards(listings of ad costs by category)125 That ship128 Pricing for online advertising:Abbr.For answers,see inside back cover.Solve the annual report crossword on
16、line at New York Times Company Annual Report 2003922cvr 2/26/04 4:28 PM Page 1567891011121314151620212425282930323334353637414243444549505152555657586162636667686970717276777883848588899092939495969710010110210610710911011111211711811912012112212312712813113213513612345171819222326273138394046474853
17、54596064656673747579808182868791929899100103104105108113114115116117124125126129130133134229 West 43rd StreetNew York,NY 10036tel NationaLConvergenceBr a n dR e a d e r sThe New York Times Company Annual Report 2003Across1City _(center of localnews operation)5_ extension(additionalproducts sharing a
18、 name)10_ code growth plan(part of The Timessexpansion program)13Media _(selection ofcampaign components)17Like some committees19Sentence summarizingan article20Blonde shade21Boxes beside the titleplate on page one22_ Park(Edison lab site)23“_ just get along?”24_ Herald Tribune(Florida paper owned b
19、y the Times Company)26_ life cycle(introductionthrough decline)28Very,in music30Sidewalk stand quaff31Slaughter in baseball32A place to buy The Times38Brief summary41Org.that verifies publication sales44Hook henchman45“A Death in the Family”author46Go bad47Roth _49Aussie hopper50Org.52Dos Passos tri
20、logy53Supermodel Carangi54Baton Rouge sch.55Longtime cable inits.56Take a load off57Make improvements to59Like candid photos61_ lane(carpoolers convenience)62Fraternity brother-to-be64Typesetters“leave it in”65Post-E.R.place67Psyche part69_ per copy(audience stat)73Stable worker:Var.76Same old same
21、old77_ graph(paragraphafter the lead)78Bank acct.entry79Politico Landon82“Time _ My Side”(Stones hit)83Average _(demographic stat)84Sault _ Marie85“Make _ double”86Early edition88Top Untouchable90Center X91What sports statistics,financial tables and classified line ads are set in92NorthwesternUniver
22、sitys home96Sarges superior98Doesnt disturb100 Of the flock101 Literary collection102 James _ Carter103 Mormons:Abbr.104 Lead _(main story)106 Pulls along farther108 Highlands hillside109 Part of a monogram113 i.e.or e.g.116 _ market(intended ad recipients)121 _ promotion(involving more than oneprop
23、erty or platform)123 A.K.A.,in the business world124 Headquarters of the International Herald Tribune126 Market _(percentageof all sales held by one brand)127 Mandlikova of tennis128 Corp.V.I.P.s129 Nickname of The Timess former publisher130 Spine-tingling131 Like some newspapertype:Abbr.132 Do road
24、 work133 Enjoy a claro134 Rose up,in dialect135 Soccer immortal136 Teachers deg.Down1Stadium walkway2Baltic Sea feeder3“This cant be!”4Crumble to dust5Actress Arthur6Sofer of soaps7Times to call,in ads8“All the _ Thats Fit to Print”9De Matteo of“The Sopranos”10Italian pies,slangily11“Life _ beach”12
25、Sentence parts13Euro preceder,in Spain14_-tzu15Prado display16Code-breaking org.18Optimization _(cost-analyzing teams)19Proofs of purchase:Abbr.25House _(papers own announcements)27Part of a meal29Those elected33_ alerts(NYTbreaking news service)34Many Wayne films35Flulike symptom36Broadcasters of R
26、ed Sox games37_ head(free employeecopy of The Times)38Petaluma _-Courier(the Times Companysonly weekly newspaper)39College _(Times printing plant in Queens)40Troop campsite41_ Sulzberger,Chairmanof The New York TimesCompany and publisherof The Times42U2s lead singer43All media platformsworking toget
27、her,e.g.48Diary kept by selectedaudience members51Make invalid56_ advertising(purchasesmade on a market-by-market basis)58Shirt tag abbr.60Prefix meaning“ear”63O.T.book66100 yrs.6820 Questions turn70Public _(responder to readers questions)71_ advertising(department store ads and such)72Ad _(area on
28、the Webavailable for advertising)74Short section augment-ing a main article75General _s chicken79Have _(revel)80Raced at the Winter Olympics81Low shoes83“For want of _.”87O.C.S.grads89_-Banner(Ocala,Florida paper owned by the Times Company)92Yalie93Carpet cleaner,briefly94Page _(location ofmajor sto
29、ries)95_ Expansion(programto increase The Timess availability throughoutthe U.S.)96Russ _,C.E.O.of the Times Company97Malt-drying oven99Part of Q.E.D.105 _ campaign(curiosity arouser)107 Priced to move108 _ and click(ads thatappear both in print and online)110 Boston Globe weekendsection on literary
30、 issues111 Beyonds partner112 Emitted coherent light113 PC programs,for short114 Oz creator L.Frank _115 Czech city117 Grounded avian118 Teri of“Tootsie”119 Toledos lake120 _ off(angered)121 Shot from the apron122 _ cards(listings of ad costs by category)125 That ship128 Pricing for online advertisi
31、ng:Abbr.For answers,see inside back cover.Solve the annual report crossword online at New York Times Company Annual Report 2003922cvr 2/26/04 4:28 PM Page 1R O O MB R A N DZIPP L A NA D H O CR E E F E RA S HE A R SM E N L OC A N T W ES A R A S O T AP R O D U C TA S S AIA D EE N O SN E W S S T A N DA
32、 P E R C UA B CS M E EA G E ER O TIR AR O OA S S NU S AGIAL S UT N NSITE M E N DU N P O S E DH O VP L E D G ES T E TIC UE G OR E A D E R SO S TL E RR U TN U TD E PA LFIS O NA G ES T EIT AB U LL D O GN E S ST A CA G A T EE V A N S T O NL O OIEL E T S B EL AICA N AE A R LL D SA R TIC L ER E T O W SB R
33、 A EINITIA LA B B RT A R G E TC R O S SD B AP A RISS H A R EH A N AC E O SP U N C HE E RIEIT A LP A V ES M O K ER A R E DP E L EM S E DANSWER TO COVER PUZZLEShareholder InformationAnnual MeetingThe Annual Meeting of share-holders will be held on Tuesday,April 13,2004,at 10 a.m.It will take place at:
34、New Amsterdam Theatre214 West 42nd StreetNew York,NY 10036A Special Offer forBeing a Valued ShareholderNEW!Will Shortzs FavoriteSunday Crossword PuzzlesUltimate Crossword Omnibus,edited by Will ShortzTwo book offer for$23.70 A discount of 15%off the combined list price of$27.90.To order,please call(
35、800)671-4332 and mention code CRSWRD.Shareholder Information OVisit our Web site for informationabout the Company,including our Code of Ethics for our chairman,CEO,chief operatingofficer,vice chairman and senior financial officers and our Business Ethics Policy;a print copy is available upon request
36、.Office of the Secretary(212)556-7127Corporate Communications&Investor RelationsCatherine J.MathisVice PresidentCorporate Communications(212)556-4317Stock ListingThe New York Times CompanyClass A Common Stock is listedon the New York Stock Exchange.Ticker symbol:NYTAuditorsDeloitte&Touche LLPTwo Wor
37、ld Financial CenterNew York,NY 10281Registrar,Stock Transfer andDividend Disbursing AgentIf you are a registered shareholderand have a question about youraccount,or would like to report achange in your name or address,please contact:Mellon Investor Services LLCP.O.Box 3315South Hackensack,NJ 07606-1
38、915(800)851-9677For the hearing impaired:(800)231-5469(TTDY)Automatic Dividend Reinvestment PlanThe Company offers shareholdersa plan for automatic reinvestmentof dividends in its Class ACommon Stock for additionalshares.For information,currentshareholders should contactMellon Investor Services.The
39、New York Times CompanyFoundation,Inc.Jack Rosenthal,President229 West 43rd St.New York,NY 10036(212)556-1091In 2003,The New York TimesCompany Foundation made$4.6million in grants for education,culture,service,the environmentand journalism.These includedsix New York Times Institutes for journalists f
40、rom around thecountry,offering immersioncourses in news subjects like frontiers in brain research.It was the fifth year for The NewYork Times College ScholarshipProgram,which is funded by theFoundation and donations fromthe public.The program assiststalented but needy New York Citystudents who have
41、overcome great adversity.The New York Times NeediestCases Fund,administered by The Foundation,raised more than$8 million in its20032004 campaign.Responding to severe cuts in government-funded jobs,TheNeediest Fund created 1,000emergency summer jobs for low-income teenagers in New York City.The Found
42、ations annual report is available at or by mail on request.The Boston Globe FoundationAlfred S.Larkin,Jr.,PresidentP.O.Box 2378Boston,MA 01207-2378(617)929-2895In 2003,The Boston GlobeFoundation made grants totaling$1.3 million.The Foundationspriority funding areas includereaders and writers;arts an
43、d culture;civic participation,andsupport for organizations in itsimmediate neighborhood.Globe Santa,a holiday toy distribution program administeredby the Foundation,raised$1.2 million in donations from thepublic.More information can befound at the Globes Web site at OpportunitiesEmployment applicant
44、s should apply online is committed to a policy of providing equal employment opportunities without regard to race,color,religion,national origin,gender,age,marital status,sexual orientation or disability.Design:Taylor&Ives,Inc.,NYCCover Puzzle:Fred Piscop,edited by Will ShortzProduct Montage:Jim Bar
45、berExecutive Photography:Fred R.ConradThe New York TimesOther Photography:Dan Wilby PhotographyPrinting:Sandy AlexanderCopyright 2004The New York Times CompanyAll rights reserved922cvr 2/26/04 4:28 PM Page 2The New York Times Company includes The New YorkTimes newspaper,the International Herald Trib
46、une,The Boston Globe,16 other newspapers,eight network-affiliated television stations and two New York radio stations.It has more than 40 Web sites,includingNYT and B.Core PurposeThe core purpose of The New York Times Company is to enhancesociety by creating,collecting and distributing high-quality
47、news,information and entertainment.Core ValuesOur core values,those that are essential to the way we do business,are:content of the highest quality and integrity this is the basis for our reputation and the means by which we fulfill the public trust and our customers expectations;fair treatment of e
48、mployees based on respect,accountability and standards of excellence;creation of long-term shareholder value through investment and constancy of purpose;andgood corporate citizenship.922edit 2/26/04 6:00 PM Page 1P2Since its purchase in 1896 by Adolph Ochs,The NewYork Times,and the Company that bear
49、s its name,havealways strived to be exemplars of the high-quality journalism that is an essential element in our nationsdemocracy.Our ability to accomplish this important goal depends,in some measure,on the quality and continuity of our business leadership.At the beginningof 2004,we started a senior
50、 management transition thatwill serve us very well in that regard.In February,we began this process by appointing JanetRobinson to the new position of chief operating officer.At theend of this year,Janet,who guided The Timess nationalexpansion,will become president and chief executive officerwhen Ru
51、ss Lewis,one of the Times Companys most excep-tional leaders,retires.We are confident that Janet will pilotour Company through a new era of growth and expansion andhelp us fulfill our long-term business and journalistic goals.As part of this leadership transition,Scott Heekin-Canedysucceeded her as
52、president and general manager of The NewYork Times newspaper.At The New York Times Company,we have learned frommore than a century and a half of experience that a business enterprise must continually adapt,innovate and grow if it is toremain competitive and vibrant.This hard-earned wisdom wasparticu
53、larly helpful in 2003.Despite the continuing challengespresented by what we hope will be the final effects of amulti-year advertising recession,we managed to improve our net income and earnings per share(EPS)last year,while also taking significant strides in the implementation of ourlong-term busine
54、ss strategy.While we established an extraordinary record of reporting atall of our newspapers,broadcast outlets and Web sites in2003,we also adopted strong reforms to protect the integrityof our news coverage in response to a regrettable episode ofplagiarism and fabrication of stories.And by continu
55、ing to adhere to our core values,stayingfocused on the accomplishment of our long-term prioritiesand exercising cost discipline,we were able to strengthenour financial and journalistic foundation and enhanceshareholder value.While$3.2 billion in revenue and a diluted EPS of$1.98represented only mode
56、st gains over 2002,our many jour-nalistic,circulation,advertising,marketing and productionachievements in 2003 have set the stage for us to achievegreater gains in 2004 and beyond.An Effective Long-Term StrategyAs we havementioned in our previous annual letters,our long-termstrategy is to operate th
57、e leading news and advertisingmedia in each of the markets in which we compete bothnationally and locally.A National Omnipresence The centerpiece of thisstrategy is extending the reach of The New York Timesshigh-quality journalism into homes and businesses in everyTo Our Fellow Shareholders:922edit
58、2/26/04 6:00 PM Page 2P3THE NEW YORK TIMES COMPANYANNUAL REPORT 2003city,town,village and hamlet of this country.Toward thisend,in December we opened our 255th home-delivery market.Over the past year,our national expansion initiativehas achieved some other impressive milestones:The Times,in its Audi
59、t Bureau of Circulations statementfor the six-month period ended September 30,2003,reported increases in both its daily and Sunday circulation.This is the latest chapter in what has becomea very exciting growth story as nine of our last 10 ABCstatements have shown daily increases,and eight out ofthe
60、 last 10 have shown Sunday gains.As a result,we have been able to maintain the pace of our ambitious national circulation plan.By the end of2003,we were halfway toward reaching our 10-yeargoal,established in 1998,of increasing our national circulation outside the New York metropolitan area by 250,00
61、0 copies on weekdays and 300,000 copies on Sundays.This success is having a substantial impact on our financial results.In 2003,The Times reached almost$600 million in circulation revenue once again breakingthe previous years record.A Transformed Advertising BusinessThe Timessnational expansion driv
62、e is also transforming our advertis-ing business:In each of the last three years,The Times has been able toexceed$1 billion in advertising revenue the only news-paper or magazine in the country to achieve that feat.Over the past five years,we have grown our market share,at the expense of our nationa
63、l newspaper competitors,from 39%to nearly 50%.Since 62%of The Timess total ad revenue now comesfrom high-rate,high-yield national business,we are in astrong position to benefit from an improving economy.An Expanded Global PresenceAs we continue towin new subscribers throughout the United States and
64、attractmore national advertising,we are also fixing our sightsbeyond our own borders.The International Herald Tribune isthe centerpiece of these worldwide ambitions.Our efforts todeliver the most comprehensive,analyticaldaily journalismto a well-educated,affluent,influential global audience arebeing
65、 led by the IHTs new publisher,Michael Golden,whois also the Times Companys vice chairman.The Boston Globe won the Public Service Pulitzerfor its breakthrough investigation of the BostonArchdioceses sex abuse scandal.A courageousgroup of reporters and editors shed light on animportant issue and took
66、 a hard look at one of theworlds oldest and most important institutions.Times Company Executive Committee(seated,l-r):Russell T.Lewis,Arthur Sulzberger,Jr.,Michael Golden.(Standing,l-r):Solomon B.Watson IV,Janet L.Robinson,Leonard P.Forman,Martin A.Nisenholtz,Cynthia H.Augustine.922edit 2/26/04 6:00
67、 PM Page 3P4Michaels 27 years of publishing experience,as well as hisstature within our enterprise,is proving to be an importantasset as the IHT expands its journalistic impact by offeringexciting new editorial and design features,by extending its base of loyal readers and attracting more businesssu
68、bscribers,and by strengthening its position in the interna-tional advertising market.We expect to draw heavily on the many lessons we havelearned during The Timess national expansion initiative inorder to create a more profitable financial formula for theIHT that will enhance its circulation and adv
69、ertisingrevenue streams while creating new business opportunities.We will also be emulating our domestic success in offeringadvertisers the opportunity to buy ad packages acrossCompany properties.Already IHT/Times Global Buy initia-tives have yielded nearly$2 million in 2003,and we intendto exceed t
70、his number considerably in 2004.Record Digital ProfitsAnother cornerstone in ourexpansion strategy is New York Times Digital,whichachieved record revenues and operating profit in 2003.These financial results are due in large part to the success ofNYTDs flagship Web site,NYT,which nowattracts more th
71、an 1.4 million users daily and is the largestnewspaper-owned Web site in the world.NYT combines The Timess award-winning jour-nalism and breaking news coverage with deep databases ofcontent.It also features increasingly rich multimedia presen-tations aimed at its large and growing broadband user bas
72、e.At the beginning of 2004,the International Herald Tribune introduced significant editorial and design enhancements,which include an array of new writers,columns and features that provide its readers worldwide with a broadernews perspective through increased coverage of business,media and technolog
73、y.Multiple Online Revenue StreamsNYTsfinancial success is rooted in the diversity of its growth-oriented revenue streams.For example,we are helping to setthe online industry standard for display advertising.In 2003,we were the first to offer large format“half-page”ads,whilebehavioral targeting was a
74、lso added to complement our pioneering registration-based demographic targeting.A New Television PresenceThe Timess nationalexpansion has yet another component:television.Our newco-owned digital cable channel,Discovery Times,has beensuccessfully building its audience with award-winning programming.I
75、t is now available in 32 million homes thats an increase of more than 100%in the past 12 months.Advertisers have also noticed our new channel,with salesalmost tripling over the past year.We were also very active in creating award-winning programs for our own channel and for other outlets as well.922
76、edit 2/26/04 6:00 PM Page 4P5THE NEW YORK TIMES COMPANYANNUAL REPORT 2003New York Times Television,one of the nations leading producers of nonfiction programming,developed documen-taries on a wide range of subjects,including the roots ofIslamic terrorism,the standoff in the Middle East,an insideview
77、 of late-night television talk shows,and the killing andmaiming of employees by a major pipemaking company.Local Market DominanceThe second prong of ourstrategy,establishing our media businesses as the dominantsource of news and advertising in each local market theyserve,is also being carried out su
78、ccessfully.For example,our efforts in the New England market are being anchoredby The Boston Globe,which commands an 85%share of theBoston markets newspaper revenue./The Globes local market strength is complemented by astrong digital component,B,a leading portal.This Web site,which is also making a
79、significant contribu-tion to NYTDs growth,has been ranked as one of the Top20 news Web sites by Nielsen NetRatings.B is an integral component of our powerful port-folio of properties in the nations sixth-largest media market.The Globe,the Worcester Telegram&Gazette,B,NESN(the cable sports network of
80、 the Boston Red Sox andBoston Bruins owned by New England Sports Ventures inwhich we have an equity interest),and Globe SpecialtyProducts(a direct mail business),collectively reach over70%of the 4.7 million adults in the Greater Boston marketeach week.And we are following this multiple-media platfor
81、mapproach in all of the local markets served by our regional newspapers and broadcast stations.For example,in Sarasota,Fla.,we own the Sarasota Herald-Tribune,Sarasota News Now(a 24-hour cable news channel),HeraldT and Sarasota Style,a monthly magazine.In 2003 our regional newspapers also expanded t
82、heir revenue streams by launching five new magazines,alreadyprofitable or soon to be.These new publications have foundreceptive audiences who appreciate their thoughtful coverageof a wide array of local and regional issues.Our Broadcast Group is also implementing our local strategy by entering into
83、working partnership arrangementswith local newspaper,cable outlet and radio station coun-terparts.These new relationships are extending the reach of our television properties and helping to position ourbroadcast stations for growth during this election year.One cornerstone in our expansion strategy
84、is New York Times Digital,which achieved record revenues and operating profit in 2003.NYTDs reputation for innovation continued atNYT and B in 2003 with theintroduction of large format“half-page”ads,which were then adopted across the industry.Our employees from acrossthe Company:NewspaperGroup,Broad
85、cast Group,Digital and Corporate.922edit 2/26/04 6:00 PM Page 5P6The New York Times 10-year National Expansion:Progress Report at 2003 MidpointIncreased national advertising Grew the percentage of ads in the high-rate national category to 62%from 52%of total advertising revenuesIncreased the percent
86、age of advertising that runs nationwide to 88%from 82%Expanded color printing capacity,which enabled The Times to increase color advertising revenues 173%Grew color advertising,which now accounts for 23%of The Timess ad revenues,up from 9%When The New York Times newspaper embarked on its national ex
87、pansion strategy at the end of 1998,its goals were to increase circulation and high-rate national advertising.Heres a look at how we are doing five years into the plan.Increased national circulation Added116,000 daily and 162,000 Sundaycopies outside New York,midway to our copy goalsGrew the percent
88、age of circulation outside the New York metroarea to 47%from 38%on weekdays,and to 51%from 43%on SundaysIncreased home-delivery marketsto 255,up from 171 Expanded to 58,400 retail outlets nationwide,up from 38,000Contracted to print at 7 additional sites,for a total of 20 sites,and upgraded existing
89、 locations922edit 2/26/04 6:01 PM Page 6P7THE NEW YORK TIMES COMPANYANNUAL REPORT 2003Cost ControlThe effective accomplishment of our long-term strategy requires the exercise of consistent costdiscipline.We are continuing to do this by identifying thoseareas where we can perform more efficiently,str
90、eamline ourprocesses and make systemic cost reductions.For example,our use of newsprint,which accounts forapproximately 10%of our costs,is receiving intense focus.Thanks to the work of one of our“process optimizationteams,”we were able to reduce by 38%the number of cost-ly paper breaks as our newspr
91、int travels through the printingpress.This effort,in combination with other initiatives thatare decreasing newsprint consumption,is enabling us tosave$3 million annually.We also consistently achieve cost savings through technologyinvestments in such areas as our customer relationship management syst
92、em,The Timess online Ad Portal and ourcentralized purchasing and administrative functions.Enhancing Shareholder ValueThe successful emphasis on our long-term strategy and our continuingfocuson cost control are two of the most significant ways in which we demonstrate our commitment to enhancingshareh
93、older value.Two additional examples are our stockrepurchase program,in which we spent$205.8 million in2003 to repurchase 4.6 million shares,and our dividend,which has grown at an annual rate of 9%,almost double theaverage rate of our peer group over the past five years.Quality Print,Broadcast and On
94、line Content Asalways,our business achievements are anchored by our abilityto provide our millions of readers,viewers and listenerswith quality news and information.We can take particular pride in the performance of our correspondents and photographers who were embedded in combat units or on duty in
95、 Baghdad and throughout thesurrounding region.Tragically,one of them,our friend andcolleague,The Boston Globe staff reporter ElizabethNeuffer,was killed in an accident while reporting on whatcontinues to be a very dangerous story.We will always payhonor to her service in the cause of a free press.We
96、 are also proud of our staffs coverage of the many othermajor news events that occurred in 2003.As our readersundoubtedly remember,we extensively documented theAIDS pandemic,the world trade talks,the power blackout,The Timess national expansion has yet anothercomponent:television.Our new co-owned di
97、gital cable channel,Discovery Times,has beensuccessfully building its audience with award-winning programming,and it is now available in32 million homes thats an increase of morethan 100%in the past 12 months.922edit 2/26/04 6:01 PM Page 7P8the North Korean nuclear threat,the conflict between Indiaa
98、nd Pakistan,and the Columbia shuttle disaster.Our Board of DirectorsWe once again want to thankour extraordinary board of directors for guiding us as wemade our way through the myriad challenges of 2003.Theirsupport has helped us to remain focused on our long-termstrategy and ambitions,while also at
99、taining important short-term objectives.We would also like to welcome Thomas Middelhoff,the former chairman and CEO of Bertelsmann and now a partner at Investcorp.His background and experiencein the international media and Internet businesses willbe extraordinarily useful.Our Employees,Customers and
100、 ShareholdersAnd finally,we thank our staff,our customers and our share-holders for their dedication,support and loyalty.2004 and BeyondThis year brings with it the promiseof improved business conditions.The nationaleconomyappears to be entering another growth cycle,and despite allof its difficultie
101、s,Wall Street is rebounding.The nationalnewspaper advertising market also seems to be resuming its long-term secular growth trend.For our shareholders this means that because our Company has steadfastlypursued its successful long-term business strategy duringthe difficult economy of the past few yea
102、rs,we are nowvery well positioned to take disproportionate advantage ofa new,rising economic tide.One thing a company that has successfully endured for 152years knows is how to take full advantage when events turnits way and we plan to do exactly that.Sincerely,Arthur Sulzberger,Jr.Russ LewisChairma
103、nPresident and Chief Executive OfficerNow let me take a chairmans prerogative and offer a postscript to our annual letter:Russ is my partner and my friend.We have worked togetherfor more than 25 years and I will miss him when he retires.He is a brilliant and inspirational leader,who hascompiled a tr
104、uly outstanding record of achievement.Infact,he has frequently been cited as one of the countrysmost successful and respected chief executive officers.We,of course,know how well deserved such recognition is,for Russ is one of the wisest,one of the funniest and one of the most decent individuals to h
105、ave ever worked for The New York Times Company.This is saying something,since as we noted earlier,weve been aroundfor a very long time.On behalf of our 12,000 employees,I want to say thank you for all that he has contributed to our organization.922edit 2/26/04 6:01 PM Page 8Factors That Could Affect
106、 Operating ResultsExcept for the historical information,the matters discussedin this Annual Report are forward-looking statements thatinvolve risks and uncertainties that could cause actualresults to differ materially from those predicted by suchforward-looking statements.These risks and uncertainti
107、esinclude national and local conditions,as well as competi-tion,that could influence the levels(rate and volume)ofretail,national and classified advertising and circulationgenerated by the Companys various markets,and materialincreases in newsprint prices.They also include other risksdetailed from t
108、ime to time in the Companys publicly fileddocuments,including its Annual Report on Form 10-K forthe period ended December 28,2003,which is included in this Annual Report.The Company undertakes no obligation to publicly update any forward-looking statement,whether as a result of new information,futur
109、eevents,or otherwise.Form 10-K922.10k 2/26/04 5:57 PM Page 9SECURITIES AND EXCHANGE COMMISSIONWASHINGTON,DC 20549FORM 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 28,2003COMMISSION FILE NUMBER 1-5837The New York Times Compa
110、ny(Exact Name of Registrant as Specified in Its Charter)New York13-1102020(State or Other Jurisdiction of(I.R.S.EmployerIncorporation or Organization)Identification No.)229 West 43rd Street,New York,N.Y.10036(Address of Principal Executive Offices)(Zip Code)Registrants telephone number,including are
111、a code(212)556-1234Securities registered pursuant to Section 12(b)of the Act:Name of Each Exchange onTitle of Each ClassWhich RegisteredClass A Common Stock of$.10 par valueNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:Not Applicable(Title of class)Indicate by chec
112、k mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months and(2)has been subject to such filingrequirements for the past 90 days.Yes.?No.Indicate by check mark if disclosure of delinquent fil
113、ers pursuant to Item 405 of Regulation S-K is not containedherein,and will not be contained,to the best of registrants knowledge,in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.?Indicate by check mark whether the
114、 registrant is an accelerated filer(as defined in Exchange Act Rule 12b-2).Yes.?No.The aggregate market value of Class A Common Stock held by non-affiliates as of June 27,2003,wasapproximately$5.47 billion.As of such date,non-affiliates held 84,850 shares of Class B Common Stock.There isno active ma
115、rket for such stock.The number of outstanding shares of each class of the registrants common stock as of February 17,2004,was asfollows:149,415,182 shares of Class A Common Stock and 840,316 shares of Class B Common Stock.Document incorporated by referencePartProxy Statement for the 2004 Annual Meet
116、ing of Stockholders.IIIINDEX TO THE NEW YORK TIMES COMPANY2003 FORM 10-KPART IItem No.Page1.Business.1Introduction.1Newspapers.1Newspaper Group Advertising Revenue.2The New York Times Newspaper Group.2Circulation.2Advertising.2Production and Distribution.3Related Businesses.3New England Newspaper Gr
117、oup.3Circulation:Globe.3Circulation:Worcester Telegram&Gazette.4Advertising.4Production and Distribution.4Regional Newspapers.4Broadcasting.5New York Times Digital.5Forest Products Investments and Other Joint Ventures.6Forest Products Investments.6Other Joint Ventures.6Raw Materials.6Competition.7Em
118、ployees.8Labor Relations.82.Properties.93.Legal Proceedings.94.Submission of Matters to a Vote of Security Holders.10Executive Officers of the Registrant.10PART II5.Market for the Registrants Common Equity and Related Stockholder Matters.11Equity Compensation Plan Information.116.Selected Financial
119、Data.117.Managements Discussion and Analysis of Financial Condition and Results of Operations.117A.Quantitative and Qualitative Disclosure About Market Risk.118.Financial Statements and Supplementary Data.129.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.129A.C
120、ontrols and Procedures.12PART III10.Directors and Executive Officers of the Registrant.1211.Executive Compensation.1212.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters.1213.Certain Relationships and Related Transactions.1214.Principal Accountant Fees and
121、 Services.12PART IV15.Exhibits,Financial Statement Schedules and Reports on Form 8-K.131PART IITEM 1.Business.INTRODUCTIONThe New York Times Company(the Company)was incorporated on August 26,1896,under the laws of theState of New York.The Company is a diversified media company including newspapers,t
122、elevision and radiostations,Internet businesses,and forest products and other investments.Financial information about industrysegments is incorporated by reference to Note 16 to the Consolidated Financial Statements on pages F-47 to F-50of this report.The Companys Annual Report on Form 10-K,quarterl
123、y reports on Form 10-Q,current reports on Form 8-K andall amendments to those reports,and the Proxy Statement for its Annual Meeting of Stockholders are madeavailable,free of charge,on its Web site http:/,as soon as reasonably practicable after such reportshave been filed with or furnished to the Se
124、curities and Exchange Commission(the SEC).The Company currently classifies its businesses into the following segments:?Newspapers:The New York Times Newspaper Group,consisting of The New York Times(The Times)andthe International Herald Tribune(the IHT);the New England Newspaper Group,consisting of T
125、he BostonGlobe,a daily newspaper,the Boston Sunday Globe(both editions,the Globe)and the WorcesterTelegram&Gazette,in Worcester,Mass.(the T&G);15 newspapers in Alabama,California,Florida,Louisiana,North Carolina and South Carolina(the Regional Newspapers);a newspaper distributor in theNew York City
126、metropolitan area;news,photo and graphics services and news and features syndication;andlicensing of the trademarks and copyrights of The Times and the Globe.?Broadcasting:television stations WTKR-TV in Norfolk,Va.;WREG-TV in Memphis,Tenn.;KFOR-TV inOklahoma City,Okla.;WNEP-TV in Scranton,Penn.;WHO-
127、TV in Des Moines,Iowa;WHNT-TV inHuntsville,Ala.;WQAD-TV in Moline,Ill.;and KFSM-TV in Fort Smith,Ark.;and radio stationsWQXR(FM)and WQEW(AM)in New York City.?New York Times Digital:the Companys digital and business information division,including NYT(),B(),and the licensing of electronic databases th
128、rough itsDigital Archive Distribution business.Additionally,the Company owns minority equity interests in a Canadian newsprint company and asupercalendered paper manufacturing partnership in Maine.On January 1,2003,the Company purchased the remaining 50%interest in the IHT which it did not previousl
129、yown from The Washington Post Company.In 2002 the Company and Discovery Communications,Inc.entered into a joint venture to own and operateDiscovery Times Channel,(DTC),a digital cable television channel.The Company owns a 50%interest inDTC.The Company owns an interest of approximately 17%in New Engl
130、and Sports Ventures,LLC(NESV),whichowns the Boston Red Sox baseball club(including Fenway Park and approximately 80%of New England SportsNetwork,a regional cable sports network).Revenue from individual customers,and revenues,operating profit and identifiable assets of foreign operationsare not signi
131、ficant.NEWSPAPERSThe Newspaper Group segment consists of The New York Times Newspaper Group,the New England NewspaperGroup,15 Regional Newspapers,newspaper distributors,and certain related businesses.2Newspaper Group Advertising RevenueMuch of the Newspaper Groups revenues is derived from advertisin
132、g sold in its newspapers and otherpublications,as discussed below.The Company divides such advertising into three basic categories:national,retailand classified.Advertising revenue also includes preprints,which are advertising supplements.Below is abreakdown of 2003 newspaper advertising by category
133、:ClassifiedRetailOtherandHelpRealTotalAdvertisingNationalPreprintWantedEstateAutoOtherClassifiedRevenueTotalThe New York Times.62%15%6%9%4%3%22%1%100%New England Newspaper Group.29%31%9%11%11%4%35%5%100%Regional Newspapers.4%50%9%13%14%5%41%5%a100%Total Newspaper Group.43%25%7%10%8%3%28%4%b100%aPrim
134、arily includes advertising revenues from the Regional Newspapers magazines and Web sites.bAll advertising revenue of the IHT is included in Other Advertising Revenue for the Total Newspaper Group,but is not otherwise included in this chart.The New York Times Newspaper GroupThe Times is a standard-si
135、ze daily(Monday through Saturday)and Sunday newspaper,which commencedpublication in 1851.The IHT commenced publishing in Paris in 1887,is printed at 26 sites throughout the worldand is sold in more than 180 countries.CirculationThe Times is circulated in each of the 50 states,the District of Columbi
136、a and worldwide.Approximately 53%ofthe weekday(Monday through Friday)circulation is sold in the 31 counties that make up the greater New YorkCity area,which includes New York City,Westchester,Long Island,and parts of upstate New York,Connecticut,New Jersey and Pennsylvania;47%is sold elsewhere.On Su
137、ndays,approximately 49%of the circulation is sold inthe greater New York City area and 51%elsewhere.According to reports filed with the Audit Bureau ofCirculations(ABC),an independent agency that audits the circulation of most U.S.newspapers and magazines,for the six-month period ended September 30,
138、2003,The Times has the largest daily and Sunday circulation of allseven-day newspapers in the United States.The Timess average net paid weekday and Sunday circulations for each of the years ended December 28,2003,and December 29,2002,are shown in the table below:Weekday(Mon.-Fri.)Sunday(Thousands of
139、 copies)2003.1,132.01,682.12002.1,131.41,682.1Change.6Approximately 63%of both the weekday and the larger Sunday circulation were sold through home delivery in2003.An increase in the Sunday newsstand price in all areas was effective on March 30,2003.AdvertisingAdvertising revenue and volume informat
140、ion appears at page F-7 of this Form 10-K.Advertising rates for TheTimes increased an average of 7%in January 2003,and 6%in January 2004.Based on recent data provided by Competitive Media Reporting,Inc.,an independent agency that measuresadvertising sales volume and estimates advertising revenue,and
141、 The Timess internal analysis,The Times believes3that it ranks first by a substantial margin in advertising revenue in the general weekday and Sunday newspaperfield in the New York City metropolitan area.Production and DistributionThe Times is printed at its production and distribution facilities in
142、 Edison,N.J.,and Flushing,N.Y.,as well asunder contract at 18 remote print sites across the United States.The Times currently has agreements with various newspapers and other delivery agents located in the UnitedStates and Canada to deliver The Times in their respective markets and,in some cases,to
143、expand currentmarkets.The agreements include various arrangements for delivery to homes and newsstands.A subsidiary of the Company,City&Suburban Delivery Systems,Inc.(City&Suburban),operates a wholesalenewspaper distribution business that distributes The Times and other newspapers and periodicals in
144、 New YorkCity,Long Island(N.Y.),New Jersey and the counties of Westchester(N.Y.)and Fairfield(Conn.).Related BusinessesThe Groups other related businesses include The New York Times Index,which produces and licenses The NewYork Times Index,a print publication,and The New York Times News Services Div
145、ision.The New York TimesNews Services Division is made up of three primary units:Syndication Sales which transmits articles,graphics andphotographs from The Times,the Globe and other publications to approximately 650 newspapers and magazinesin the United States and in more than 50 countries worldwid
146、e,and markets other supplemental news services andfeature material,graphics and photographs from The Times and other leading news sources to newspapers andmagazines around the world;New York Times Television,which,using New York Times-branded and othercontent,creates television programming for a var
147、iety of commercial and public broadcast and cable televisionnetworks;and Business Development,which comprises Photo Archives,Times Agency,Book Development and asmall publication unit.New England Newspaper GroupThe Globe and the T&G constitute the Companys New England Newspaper Group.Circulation:Glob
148、eThe Globe is a daily(Monday through Saturday)and Sunday newspaper,which commenced publication in 1872.The Globe is distributed throughout New England,although its circulation is concentrated in the Bostonmetropolitan area.The Globes average net paid weekday and Sunday circulations for each of the y
149、ears ended December 28,2003,and December 29,2002,are shown below:Weekday(Mon-Fri)Sunday(Thousands of copies)2003.446.4695.52002.466.5700.1Change.(20.1)(4.6)The decrease in copies sold by the Globe in 2003 compared with 2002 was primarily due to the effects of theweak economy,a late 2002 single-copy
150、price increase(daily),a June 2003 single-copy price increase(Sunday),aSeptember 2003 home-delivery price increase(daily and Sunday),the implementation in April 2003 ofMassachusetts do-not-call legislation and high circulation in 2002 due to heightened reader interest in variousnews stories.Approxima
151、tely 80%of the Globes weekday circulation and 69%of its larger Sunday circulation are sold throughhome delivery;the remainder are sold primarily on newsstands.4Circulation:Worcester Telegram&GazetteThe T&G is a daily(Monday through Saturday)newspaper,which began publishing in 1866.Its Sundaycompanio
152、n,the Sunday Telegram,began in 1884.These newspapers and several Company-owned non-dailynewspapers,some published under the name of Coulter Press,circulate throughout Worcester County andnortheastern Connecticut.The T&Gs average net paid weekday and Sunday circulations,for each of the years ended De
153、cember 28,2003and December 29,2002,are shown below:Daily(Mon-Sat)Sunday(Thousands of copies)2003.102.6120.72002.103.0122.3Change.(.4)(1.6)The decrease in weekday and Sunday copies sold by the T&G in 2003 compared with 2002 was primarily due tothe weak economy,single-copy and home-delivery price incr
154、eases instituted in October and November 2003,aswell as the implementation of Massachusetts do-not-call legislation.Approximately 75%of its daily and Sundaycirculations are distributed by home delivery;the remainder is sold in stores or newsstands.AdvertisingAdvertising revenue and volume informatio
155、n appears at page F-7 of this Form 10-K.Both the Globe and theT&G increased advertising rates in each category of advertising in 2003.On January 1,2004,the Globe increased General and Classified rates by 4%to 10%and 4%to 5%,respectively,and the T&G increased all advertising rates by 3%to 5%.Based on
156、 information supplied by major daily newspapers published in New England and assembled by the NewEngland Newspaper Association,Inc.for the fiscal year ended December 28,2003,the Globe ranked first and theT&G ranked sixth in advertising inches among all newspapers published in New England.Production
157、and DistributionAll editions of the Globe are printed and prepared for delivery at its main Boston plant or its Billerica,Mass.satellite plant.All editions of the T&G are printed and prepared for delivery at its plant in Millbury,Mass.Virtually all of the Globes home-delivered circulation was delive
158、red in 2003 by a third-party service provider.Regional NewspapersThe Regional Newspapers include 14 daily newspapers,of which 12 publish on Sunday,and one weeklynewspaper.The average weekday and Sunday circulations for the fiscal year ended December 28,2003 for each of thesenewspapers are shown belo
159、w:DailySundayDailySundayDaily NewspapersCirculation Circulation Daily NewspapersCirculation CirculationThe Gadsden Times(Ala.)22,80024,000The Ledger(Lakeland,Fla.)70,20087,700The Tuscaloosa News(Ala.)34,00036,400The Courier(Houma,La.)18,90020,000TimesDaily(Florence,Ala.)30,70033,300Daily Comet(Thibo
160、daux,La.)11,200N/AThe Press Democrat(Santa Rosa,Calif.)88,60094,600The Dispatch(Lexington,N.C.)11,800N/ASarasota Herald-Tribune(Fla.)106,800131,800Times-News(Hendersonville,N.C.)19,10019,200Star-Banner(Ocala,Fla.)48,60051,200Wilmington Morning Star(N.C.)53,50060,700The Gainesville Sun(Fla.)47,20052,
161、600Herald-Journal(Spartanburg,S.C.)50,10058,200The Petaluma Argus-Courier,in Petaluma,Calif.,the Companys only weekly newspaper,had average weeklycirculation for the twelve-month period ended December 28,2003,of 7,316.5BROADCASTINGThe Companys television and radio stations are operated under license
162、s from the Federal CommunicationsCommission(FCC)and are subject to FCC regulations.Radio and television license renewals are now normallygranted for terms of eight years.MarketsNielsenNetworkStationLicense Expiration DateRanking1AffiliationBandWTKR-TV(Norfolk,Va.)October 1,200441CBSVHFWREG-TV(Memphi
163、s,Tenn.)August 1,200543CBSVHFKFOR-TV(Oklahoma City,Okla.)June 1,200645NBCVHFWNEP-TV(Scranton,Penn.)August 1,200753ABCUHF2WHO-TV(Des Moines,Iowa)February 1,200673NBCVHFWHNT-TV(Huntsville,Ala.)April 1,200583CBSUHF2WQAD-TV(Moline,Ill.)December 1,200594ABCVHFKFSM-TV(Ft.Smith,Ark.)June 1,2005108CBSVHFWQX
164、R(FM)(New York,N.Y.)June 1,2006WQEW(AM)(New York,N.Y.)June 1,2006The Company anticipates that its future applications for renewal of its station licenses will result in the licensesbeing renewed for eight-year periods.All of the television stations have three principal sources of revenue:local adver
165、tising(sold to advertisers in theimmediate geographic areas of the stations),national spot advertising(sold to national clients by individualstations rather than networks),and compensation paid by the networks for carrying commercial network programs.Network compensation has declined at all stations
166、 over the past several years.This industry trend is expected toresult in the eventual elimination of network compensation at all of the Companys television stations.In each market,the Company also operates a digital television station associated with its analog station.All of thedigital stations ope
167、rate in the UHF band and,at present,all simultaneously broadcast the same programs(exceptfor the digital format)as the corresponding analog stations.The Companys two radio stations serve the New York City metropolitan area.WQXR(FM)is currently the onlycommercial classical music station serving this
168、market.In December 1998,the Company entered into a TimeBrokerage Agreement with ABC,Inc.,under which ABC,Inc.is providing substantially all of the programming forWQEW(AM)for an eight-year period.Under a separate option agreement,ABC,Inc.has acquired the right topurchase WQEW(AM)at the end of the eig
169、ht-year period.NEW YORK TIMES DIGITALNew York Times Digital(NYTD)operates the Companys largest digital businesses.NYTD derives most of its revenue from the sale of advertising on its two Web sites,NYT andB.Advertising is sold to both national and local customers.The form of advertising is diverse,in
170、cludingWeb site display advertising(banners,half-page units,rich media),classified advertising(help-wanted,real estate,automobiles)and contextual advertising(links supplied by Google,an Internet search engine).Non-advertisingrevenue is primarily from the Companys Digital Archive Distribution busines
171、s,which licenses archivedinformation in databases to resellers of that information.NYT and B continue to reach wide audiences across the New York and Boston metropolitanregions,the nation and around the world.In the United States alone,according to Nielsen NetRatings,anInternet traffic measurement s
172、ervice,unique users visiting NYTDs Web sites reached over 12.1 million in the1According to Nielsen Media Research,a research company that measures audiences for television stations.2All other stations in this market are also in the UHF band.6month of December 2003 compared to 9.3 million in December
173、 2002.In addition,over 3.6 million people receiverequested newsletters from NYT each day.The reach of the Web sites is instrumental in creating asubstantial stream of newspaper subscription orders each year.In 2003,over 80,000 subscription orders for TheTimes or the Globe originated from these two W
174、eb sites.FOREST PRODUCTS INVESTMENTS AND OTHER JOINT VENTURESThe Company has ownership interests in one newsprint mill and one mill producing supercalendered paper,a highfinish paper used in some magazines and preprinted inserts,which is a higher-value grade than newsprint(theForest Products Investm
175、ents),as well as in DTC and NESV.Forest Products InvestmentsThe Company has a 49%equity interest in a Canadian newsprint company,Donohue Malbaie Inc.(Malbaie).The other 51%is owned by Abitibi-Consolidated(Abitibi),a global manufacturer of paper.Malbaie purchasespulp from Abitibi and manufactures new
176、sprint from this raw material on the paper machine it owns within theAbitibi paper mill at Clermont,Quebec.Malbaie is wholly dependent upon Abitibi for its pulp.In 2003 Malbaieproduced 230,000 metric tons of newsprint,94,000 tons of which were sold to the Company,with the balance soldto Abitibi for
177、resale.The Company has a 40%equity interest in a partnership operating a supercalendered paper mill in Madison,Maine,Madison Paper Industries(Madison).Madison purchases all of its wood from local suppliers,mostlyunder long-term contracts.In 2003 Madison produced 195,000 metric tons,12,000 tons of wh
178、ich were sold to theCompany.The debt of Malbaie and Madison is not guaranteed by the Company.Malbaie and Madison are subject to comprehensive environmental protection laws,regulations and orders ofprovincial,federal,state and local authorities of Canada or the United States(the Environmental Laws).T
179、heEnvironmental Laws impose effluent and emission limitations and require Malbaie and Madison to obtain,andoperate in compliance with the conditions of,permits and other governmental authorizations(GovernmentalAuthorizations).Malbaie and Madison follow policies and operate monitoring programs to ens
180、ure compliancewith applicable Environmental Laws and Governmental Authorizations and to minimize exposure toenvironmental liabilities.Various regulatory authorities periodically review the status of the operations of Malbaieand Madison.Based on the foregoing,the Company believes that Malbaie and Mad
181、ison are in substantialcompliance with such Environmental Laws and Governmental Authorizations.Other Joint VenturesThe Companys approximately 17%investment in NESV,which owns the Boston Red Sox,Fenway Park andapproximately 80%of New England Sports Network,a regional cable sports network,is categoriz
182、ed under OtherJoint Ventures.The Companys 50%interest in DTC,the digital cable channel co-owned with Discovery Communications,Inc.,isalso categorized under Other Joint Ventures.The above investments were accounted for under the equity method in 2003.RAW MATERIALSThe primary raw materials used by the
183、 Company are newsprint and supercalendered paper.The Companypurchases newsprint from a number of North American producers.A significant portion of such newsprint ispurchased from Abitibi,North Americas largest producer of newsprint.7In 2003 and 2002 the Company used the following types and quantitie
184、s of paper(all amounts in metric tons):Coated,Supercalendered andPublicationNewsprintOther Paper2003200220032002The Times1,2304,000298,00025,00024,300New England Newspaper Group1123,000133,0003,7003,700Regional Newspapers83,00084,000Total510,000515,00028,70028,000The paper used by The New York Times
185、 Newspaper Group,the New England Newspaper Group and theRegional Newspapers was purchased under contracts with unrelated suppliers and related suppliers in which theCompany holds equity interests(see Forest Products Investments).COMPETITIONThe Times competes for advertising and circulation with news
186、papers of general circulation in New York City andits suburbs,as well as with national publications such as The Wall Street Journal and USA Today.The Times alsocompetes with magazines,television,direct mail,radio,the Internet and other media.The IHTs key competitors include The Wall Street Journals
187、European and Asian Editions,the London-basedFinancial Times,Time,Newsweek International and The Economist.Satellite distribution of CNN,Fox News,CNBC and the BBC adds a broadcast component to the available global sources of English language news,andthe Internet provides additional sources of English
188、 language news.The Globe competes for advertising and circulation with other daily,weekly and national newspapers distributedin Boston,its neighboring suburbs and the greater New England region,including,among others,The BostonHerald(daily and Sunday).The Globe also competes with other communication
189、s media,such as direct mail,magazines,television,radio,the Internet and other media.The T&G competes with other daily and weeklynewspapers distributed in Worcester County,as well as with radio,television and direct mail.The Regional Newspapers compete for advertising and circulation with a variety o
190、f newspaper and otheradvertising media in their markets.All of the Companys television stations compete directly with other television stations in their respective marketsand with other video services,such as cable network programming carried on local cable systems,satellite-to-homesystems,and with
191、other local media and the Internet.WQXR(FM)competes for listeners primarily with two allnews commercial radio stations and with WNYC(FM),a non-commercial station,which features both news andclassical music.It competes for advertising revenues with many adult-audience commercial radio stations and ot
192、hermedia in New York City and surrounding suburbs.New York Times Digital primarily competes with other advertising-supported news and information Web sites,such as Yahoo!News and CNN.com,and classified advertising portals,such as M(help-wantedadvertising).DTC is a non-fiction channel that offers doc
193、umentary programming on recent history and newsworthy events.Itcompetes with cable channels like A&E and the History Channel.DTC also competes for viewers and advertiserswith all other broadcast and cable channels.1The Times and the Globe use coated,supercalendered or other paper for The New York Ti
194、mes Magazineand the Globes Sunday Magazine.2In 2003 The Times figure includes 8,000 tons of newsprint for the IHT.In 2002 newsprint costs associatedwith the IHT were not included in Raw Materials.8NESV competes in the Boston consumer entertainment market primarily with other professional sports team
195、s andother forms of live,film and broadcast entertainment.New England Sports Network competes for televisionaudiences with broadcast television stations and other cable television networks throughout most of New England.The Boston Red Sox,Fenway Park and the New England Sports Network compete for ad
196、vertising with all formsof local and national media including television(including cable),radio,newspapers,magazines,direct mail andoutdoor advertising.EMPLOYEESAs of December 28,2003,the Company had approximately 12,400 full-time equivalent employees.The New York Times Newspaper Group.4,880New Engl
197、and Newspaper Group.3,050Regional Newspapers.2,960Broadcast Group.920New York Times Digital.240Corporate/Shared Services.350Total Company.12,400Labor RelationsApproximately 3,300 full-time equivalent employees of The Times and City&Suburban are represented by 14unions with 18 labor agreements.Approx
198、imately 2,300 full-time equivalent employees of the Globe arerepresented by 10 unions with 12 labor agreements.Collective bargaining agreements,covering the followingcategories of employees,with the expiration dates noted below,are either in effect or have expired andnegotiations for new contracts a
199、re ongoing:CompanyEmployee CategoryExpiration DateThe TimesOperating engineersMay 31,2003PressmanMarch 30,2005Mailers,typographers,electricians,March 30,2006paperhandlers and machinistsStereotypersMarch 30,2007DriversMarch 30,2008New York Newspaper Guild(representing non-March 30,2011production empl
200、oyees)City&SuburbanBuilding maintenance employeesMay 31,2006Four groups of mechanicsJanuary 1,2003May 31,2003September 30,2003October 31,2003DriversMarch 30,2008The GlobeBoston Newspaper Guild(representing non-December 31,2000production employees)Boston Mailers UnionDecember 31,2001Drivers,engravers
201、,paperhandlers,machinistsDecember 31,2004and garage mechanicsTechnical services group and electriciansDecember 31,2005TypographersDecember 31,2006Warehouse employeesDecember 31,2007PressmenDecember 31,2010The IHT has approximately 320 employees worldwide,including approximately 220 located in France
202、,whose termsand conditions of employment are established by a combination of French National Labor Law,industrywide9collective agreements and company-specific agreements.The IHT is in the process of negotiating a new company-specific agreement with its journalists.Approximately one-third of the 700
203、employees of the T&G are represented by four unions.Labor agreementswith three production unions expire on October 8,2004,August 31,2006 and November 30,2006,respectively.The Providence Newspaper Guild was certified as the bargaining agent for the newsroom employees in 1993 andfor the circulation em
204、ployees in 2000.Negotiations with this union are ongoing.Approximately 150 of the 400 employees at the Press Democrat are represented by four unions.The laboragreements with the Newspaper Guild,Pressmen,and Typographical unions expire in 2008.Negotiations toachieve a new labor agreement are currentl
205、y underway with the Teamsters,who represent certain employees in thecirculation department.NYTD,New York Times Television and WQXR(FM)also have unions representing some of their employees.The Company cannot predict the timing or the outcome of the various negotiations described above.ITEM 2.Properti
206、es.The general character,location,terms of occupancy and approximate size of the Companys principal plants andother materially important properties at December 28,2003,are listed below.Approximate Area inApproximate Area inGeneral Character of PropertySquare Feet(Owned)Square Feet(Leased)Newspaper P
207、ublishingPrinting plants,business and editorial offices,garages and warehousespace located in:New York,N.Y.714,00097,800Flushing,N.Y.515,0001Edison,N.J.1,300,0002Boston,Mass.652,000Billerica,Mass.290,000Other locations1,600,600449,150New York Times Digital102,800BroadcastingBusiness offices,studios
208、and transmitters at various locations325,35030,400Total3,581,9502,495,150The Company plans to build a new headquarters,which will be located in New York City,in the Times Squarearea.The building will contain approximately 1.54 million gross square feet of space,of which 825,000 grosssquare feet will
209、 be occupied by the Company.On December 13,2001,the Company announced the execution of a99-year ground lease for the building site by the Company and the Forest City Ratner Companies Inc.(itsdevelopment partner)with a New York State agency.The lease gives the Company the option to purchase the sitea
210、fter 29 years.The Company is targeting occupancy for 2007.ITEM 3.Legal Proceedings.There are various legal actions that have arisen in the ordinary course of business and are now pending againstthe Company.Such actions are usually for amounts greatly in excess of the payments,if any,that may be requ
211、iredto be made.It is the opinion of management after reviewing such actions with legal counsel to the Company thatthe ultimate liability which might result from such actions will not have a material adverse effect on theconsolidated financial statements.1The Company is leasing a 31-acre site in Flus
212、hing,N.Y.,where its printing and distribution plant is located,and has the option topurchase the property at any time prior to the end of the lease in 2019.2The Edison production and distribution facility is occupied pursuant to a long-term lease with renewal and purchase options.10ITEM 4.Submission
213、 of Matters to a Vote of Security Holders.Not applicable.Executive Officers of the RegistrantEmployed ByRecent Position(s)Held As OfNameAgeRegistrant SinceFebruary 20,2004Corporate OfficersArthur Sulzberger,Jr.521978Chairman(since 1997)and Publisher of The Times(since1992)Russell T.Lewis5619661Presi
214、dent(since 1996)and Chief Executive Officer(since1997);Chief Operating Officer(1996 to 1997);Presidentand General Manager of The Times(1993 to 1996)Janet L.Robinson531983Executive Vice President and Chief Operating Officer(since 2004);Senior Vice President,Newspaper Operations(2001 to 2004);Presiden
215、t and General Manager of TheTimes(1996 to 2004);Senior Vice President,Advertising ofThe Times(1995 to 1996)Michael Golden541984Vice Chairman(since 1997);Publisher of the IHT(since2003);Senior Vice President(1997-2004);Vice President,Operations Development(1996 to 1997)Leonard P.Forman5819743Executiv
216、e Vice President(since 2004)and Chief FinancialOfficer(since 2002);Senior Vice President(2001 to 2004);President and Chief Executive Officer,The New YorkTimes Company Magazine Group,Inc.(1998 to 2001);Senior Vice President,Corporate Development,NewVentures and Electronic Businesses(1996 to 1998)Cynt
217、hia H.Augustine4619862Senior Vice President,Human Resources(since 1998)andBroadcasting(since 2000);President,The New York TimesCompany Broadcast Group(since 2000)Solomon B.Watson IV591974Senior Vice President(since 1996);Vice President(1990 to1996);General Counsel(since 1989);Secretary(2000 to2002)J
218、ames C.Lessersohn481987Vice President,Finance and Corporate Development(since2001);Vice President and Treasurer(1999 to 2001);VicePresident,Corporate Planning(1997 to 1999);ManagingDirector,Corporate Planning(1994 to 1997)Stuart Stoller481996Vice President and Corporate Controller(since 1996)Michael
219、 G.Williams471998Vice President,Chief Information Officer(since 2000);Vice President,Chief Information Officer,The Times(since 1998)R.Anthony Benten401989Vice President(since 2003);Treasurer(since 2001);Assistant Treasurer(1997 to 2001);Director of Treasury(1997)1Mr.Lewis left the Company in 1973 an
220、d returned in 1977.2Ms.Augustine left the Company in 1993 and returned in 1998.3Mr.Forman left the Company in 1986 and returned in 1996.11Employed ByNameAgeRegistrant SinceRecent Position(s)Held As Of February 20,2004Operating Unit ExecutivesP.Steven Ainsley511982President and Chief Operating Office
221、r,RegionalNewspaper Group(since 2003);Senior Vice President,Regional Newspaper Group(1999 to 2002);Publisher,TheSanta Barbara News-Press(1993 to 1999)Richard H.Gilman531983Publisher of The Globe(since 1999);Senior Vice President,Operations(1993 to 1998)and Circulation(1998 to 1999)of The TimesScott
222、H.Heekin-Canedy5219871President and General Manager of The Times(since 2004);Senior Vice President,Circulation of The Times(1999 to2004);Vice President,Strategic Planning of The Times(1997 to 1999)Martin A.Nisenholtz481995Chief Executive Officer,New York Times Digital(since1999);President,The New Yo
223、rk Times Electronic MediaCompany(1995 to 1999)PART IIITEM 5.Market for the Registrants Common Equity and Related Stockholder Matters.The additional information required by this item appears at pages F-1 and F-53 of this Form 10-K.Equity Compensation Plan InformationNumber of securities remainingavai
224、lable for future issuance underNumber of securities to be issuedWeighted average exercise price ofequity compensation plansupon exercise of outstandingoutstanding options,warrants and(excluding securities reflected inPlan categoryoptions,warrants and rightsrightscolumn(a)(a)(b)(c)Equity compensation
225、 plansapproved by security holdersStock Options30,803,0002$408,273,0003Employee Stock Purchase Plan8,946,0004Stock Awards118,00051,680,0006Total30,921,00018,899,000Equity compensation plans notapproved by security holdersNoneNoneNoneITEM 6.Selected Financial Data.The information required by this ite
226、m appears at pages F-1 to F-2 of this Form 10-K.ITEM 7.Managements Discussion and Analysis of Financial Condition and Results of Operations.The information required by this item appears at pages F-3 to F-21 of this Form 10-K.ITEM 7A.Quantitative and Qualitative Disclosure About Market Risk.The infor
227、mation required by this item appears at page F-21 of this Form 10-K.1Mr.Heekin-Canedy left the Company in 1989 and returned in 1992.2Includes shares of Class A Common Stock to be issued upon exercise of stock options granted under the 1991 Executive Stock IncentivePlan(the 1991 Plan)and the Non-Empl
228、oyee Directors Stock Option Plan.3Includes shares of Class A Common Stock available for future stock options to be granted under the 1991 Plan and the Non-EmployeeDirectors Stock Option Plan.4Includes shares of Class A Common Stock available for future issuance under the Employee Stock Purchase Plan
229、.5Includes shares of Class A Common Stock to be issued upon conversion of stock awards under the 1991 Plan.6Includes shares of Class A Common Stock available for stock awards under the 1991 Plan.12ITEM 8.Financial Statements and Supplementary Data.The information required by this item appears at pag
230、es F-22 to F-53 and pages F-55 to F-56 of this Form 10-K.ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.Not applicable.ITEM 9A.Controls and ProceduresRussell T.Lewis,the Companys Chief Executive Officer,and Leonard P.Forman,the Companys Chief FinancialOff
231、icer,have evaluated the effectiveness of the Companys disclosure controls and procedures as of December 28,2003.Based on such evaluation,each of Messrs.Lewis and Forman concluded that the Companys disclosurecontrols and procedures were effective to ensure that the material information required to be
232、 disclosed by theCompany in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded,processed,summarized and reported within the time periods specified in the rules and forms of the SEC.There have beenno changes in the Companys internal control over financial repor
233、ting during the period covered by this reportthat have materially affected or are reasonably likely to materially affect,the Companys internal control overfinancial reporting.PART IIIITEM 10.Directors and Executive Officers of the Registrant.In addition to the information set forth under the caption
234、 Executive Officers of the Registrant in Part I of thisForm 10-K,the information required by this item is incorporated by reference to the sections entitledSection 16(a)Beneficial Ownership Reporting Compliance,Proposal Number 1Election of Directors,andInterest of Directors in Certain Transactions o
235、f the Company,but only up to and not including the sectionentitled Board of Directors and Corporate Governance,of the Companys Proxy Statement for the 2004 AnnualMeeting of Stockholders.The Board has adopted a code of ethics that applies not only to the Companys CEO and senior financial officers,as
236、required by the SEC,but also to its Chairman and Vice Chairman.The current version of such code of ethicscan be found on the Corporate Governance section of our Web site,http:/ 11.Executive Compensation.The information required by this item is incorporated by reference to the sections entitled Direc
237、torsCompensation,Directors and Officers Liability Insurance and Compensation of Executive Officers,but onlyup to and not including the section entitled Performance Presentation,of the Companys Proxy Statement forthe 2004 Annual Meeting of Stockholders.See Item 5 of this Annual Report on Form 10-K fo
238、r informationconcerning the Companys equity compensation plans.ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.The information required by this item is incorporated by reference to the sections entitled Voting On MattersBefore The Annual Meeting
239、,Principal Holders of Common Stock,Security Ownership of Management andDirectors,Section 16(a)Beneficial Ownership Reporting Compliance,and The 1997 Trust,of the CompanysProxy Statement for the 2004 Annual Meeting of Stockholders.ITEM 13.Certain Relationships and Related Transactions.The information
240、 required by this item is incorporated by reference to the sections entitled Interest of Directorsin Certain Transactions of the Company,and Compensation of Executive Officers,but only up to and notincluding the section entitled Performance Presentation,of the Companys Proxy Statement for the 2004 A
241、nnualMeeting of Stockholders.ITEM 14.Principal Accountant Fees and Services.The information required by this item is incorporated by reference to the section entitled Proposal Number 3Selection of Auditors,beginning with the section entitled Audit and Other Fees,but only up to and notincluding the s
242、ection entitled Recommendation and Vote Required of the Companys Proxy Statement for the2004 Annual Meeting of Stockholders.13PART IVITEM 15.Exhibits,Financial Statement Schedules and Reports on Form 8-K.(A)DOCUMENTS FILED AS PART OF THIS REPORT(1)Financial Statements and Supplemental Schedules(a)Th
243、e Consolidated Financial Statements of the Company are filed as part of this Form 10-K and are set forthon pages F-22 to F-53.The report of Deloitte&Touche LLP,Independent Auditors,dated February 19,2004,is set forth on page F-54 of this Form 10-K.(b)The following additional consolidated financial i
244、nformation is filed as part of this Form 10-K and should beread in conjunction with the Consolidated Financial Statements set forth on pages F-22 to F-53.Schedulesnot included with this additional consolidated financial information have been omitted either because they arenot applicable or because t
245、he required information is shown in the Consolidated Financial Statements on theaforementioned pages.PageRatio of Earnings to Fixed Charges.Exhibit 12Independent Auditors Consent.Exhibit 23Consolidated Schedules for the Three Years Ended December 28,2003:IIValuation and Qualifying Accounts.S-1Separa
246、te financial statements and supplemental schedules of associated companies accounted for by the equitymethod are omitted in accordance with the provisions of Rule 3-09 of Regulation S-X.(2)Exhibits(3.1)Certificate of Incorporation as amended and restated to reflect amendments effective June 19,1998(
247、filed as an Exhibit to the Companys Form 10-Q dated August 11,1998,and incorporated by referenceherein).(3.2)By-laws as amended through December 20,2001(filed as an Exhibit to the Companys Form 10-K,dated February 22,2002 and incorporated by reference herein).(4)The Company agrees to furnish to the
248、Commission upon request a copy of any instrument with respectto long-term debt of the Company and any subsidiary for which consolidated or unconsolidated financialstatements are required to be filed,and for which the amount of securities authorized thereunder doesnot exceed 10%of the total assets of
249、 the Company and its subsidiaries on a consolidated basis.(10.1)The Companys 1991 Executive Stock Incentive Plan,as amended through September 20,2001(filed asan Exhibit to the Companys Form 10-Q dated November 8,2001,and incorporated by referenceherein).(10.2)The Companys 1991 Executive Cash Bonus P
250、lan,as amended through May 23,2000(filed as an Exhibitto the Companys Form 10-Q dated November 8,2000,and incorporated by reference herein).(10.3)The Companys Non-Employee Directors Stock Option Plan,as amended through September 21,2000(filed as an Exhibit to the Companys Form 10-Q dated November 8,
251、2000,and incorporated byreference herein).(10.4)The Companys Supplemental Executive Retirement Plan,as amended and restated through January 1,1993(filed as an Exhibit to the Companys Form 10-K dated March 11,1996,and incorporated byreference herein).14(10.5)Amendment No.1,dated May 1,1997,to the Com
252、panys Supplemental Executive Retirement Plan(filedas an Exhibit to the Companys Form 10-Q dated March 30,1997,and incorporated by referenceherein).(10.6)Lease(short form)between the Company and Z Edison Limited Partnership,dated April 8,1987(filedas an Exhibit to the Companys Form 10-K dated March 2
253、7,1988,and incorporated by referenceherein).(10.6.1)Amendment to Lease between the Company and Z Edison Limited Partnership,dated May 14,1997(filed as an Exhibit to the Companys Form 10-Q dated November 10,1998,and incorporated byreference herein).(10.6.2)Second Amendment to Lease between the Compan
254、y and Z Edison Limited Partnership,dated June 30,1998(filed as an Exhibit to the Companys Form 10-Q dated November 10,1998,and incorporated byreference herein).(10.7)Agreement of Lease,dated as of December 15,1993,between The City of New York,Landlord,and theCompany,Tenant(as successor to New York C
255、ity Economic Development Corporation(the EDC),pursuant to an Assignment and Assumption of Lease With Consent,made as of December 15,1993,between the EDC,as Assignor,to the Company,as Assignee)(filed as an Exhibit to the CompanysForm 10-K dated March 21,1994,and incorporated by reference herein).(10.
256、8)Funding Agreement#1,dated as of December 15,1993,between the EDC and the Company(filed asan Exhibit to the Companys Form 10-K dated March 21,1994,and incorporated by reference herein).(10.9)Funding Agreement#2,dated as of December 15,1993,between the EDC and the Company(filed asan Exhibit to the C
257、ompanys Form 10-K dated March 21,1994,and incorporated by reference herein).(10.10)Funding Agreement#3,dated as of December 15,1993,between the EDC and the Company(filed asan Exhibit to the Companys Form 10-K dated March 21,1994,and incorporated by reference herein).(10.11)Funding Agreement#4,dated
258、as of December 15,1993,between the EDC and the Company(filed asan Exhibit to the Companys Form 10-K dated March 21,1994,and incorporated by reference herein).(10.12)New York City Public Utility Service Power Service Agreement,made as of May 3,1993,between TheCity of New York,acting by and through it
259、s Public Utility Service,and The New York Times NewspaperDivision of the Company(filed as an Exhibit to the Companys Form 10-K dated March 21,1994,andincorporated by reference herein).(10.13)Globe Newspaper Company,Inc.Supplemental Executive Retirement Plan,as amended effectiveDecember 16,1998(filed
260、 as an Exhibit to the Companys Form 10-K dated February 26,1999,andincorporated by reference herein).(10.14)The Companys Deferred Executive Compensation Plan,as amended effective December 20,2002(filedas an Exhibit to the Companys Form S-8 dated December 20,2002,and incorporated by referenceherein).
261、(10.15)The Companys Non-Employee Directors Deferral Plan(filed as an Exhibit to the CompanysForm 10-Q dated November 12,1997,and incorporated by reference herein).(10.16)Distribution Agreement,dated as of September 17,2002,by and among the Company,J.P.MorganSecurities Inc.,Banc of America Securities
262、 LLC,and Banc One Markets,Inc.(filed as an Exhibit to theCompanys Form 8-K dated September 18,2002,and incorporated by reference herein).(10.17)Calculation Agent Agreement,dated as of September 17,2002,by and between the Company andJPMorgan Chase Bank(filed as an Exhibit to the Companys Form 8-K dat
263、ed September 18,2002,andincorporated by reference herein).15(10.18)Employment Agreement,dated as of September 1,1999,between the Company and Martin Nisenholtz(filed as an Exhibit to the Companys Form 10-K dated March 14,2000,and incorporated by referenceherein).(10.19)Agreement of Lease,dated Decemb
264、er 12,2001,between the 42nd St.Development Project,Inc.,asLandlord,and The New York Times Building LLC,as Tenant(filed as an Exhibit to the CompanysForm 10-K dated February 22,2002,and incorporated by reference herein).(12)Ratio of Earnings to Fixed Charges.(14)Code of Ethics for the Chairman,Chief
265、Executive Officer,Vice Chairman and Senior Financial Officers.(21)Subsidiaries of the Company.(23)Consent of Deloitte&Touche LLP.(31.1)Certification pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(31.2)Certification pursuant to 18 U.S.C.Section
266、 1350,as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(32.1)Certification pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(32.2)Certification pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarban
267、es-Oxley Act of 2002.(B)REPORTS ON FORM 8-KThe Company furnished a Form 8-K on October 16,2003,to report(1)the Companys earnings for thequarter ended September 28,2003,and(2)the Companys newspaper advertising revenue for the quarter endedSeptember 28,2003.16SIGNATURESPursuant to the requirements of
268、Section 13 or 15(d)of the Securities Exchange Act of 1934,the registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.Date:February 20,2004(Registrant)THE NEW YORK TIMES COMPANYBy:/s/RHONDA L.BRAUERRhonda L.Brauer,SecretaryPursuant to the require
269、ments of the Securities Exchange Act of 1934,this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on the dates indicated.SignatureTitleDateARTHUR SULZBERGER,JR.Chairman,DirectorFebruary 20,2004RUSSELL T.LEWISChief Executive Officer,President
270、 andFebruary 20,2004Director(Principal Executive Officer)MICHAEL GOLDENVice Chairman,Senior Vice President andFebruary 20,2004DirectorJOHN F.AKERSDirectorFebruary 20,2004BRENDA C.BARNESDirectorFebruary 20,2004RAUL E.CESANDirectorFebruary 20,2004JACQUELINE H.DRYFOOSDirectorFebruary 20,2004LEONARD P.F
271、ORMANExecutive Vice President and ChiefFebruary 20,2004Financial Officer(Principal FinancialOfficer)WILLIAM E.KENNARDDirectorFebruary 20,2004DAVID E.LIDDLEDirectorFebruary 20,2004ELLEN R.MARRAMDirectorFebruary 20,2004THOMAS MIDDELHOFFDirectorFebruary 20,2004HENRY B.SCHACHTDirectorFebruary 20,2004DON
272、ALD M.STEWARTDirectorFebruary 20,2004STUART STOLLERVice President,Corporate ControllerFebruary 20,2004(Principal Accounting Officer)CATHY J.SULZBERGERDirectorFebruary 20,2004THE NEW YORK TIMES COMPANY2003 FINANCIAL REPORTContentsPageSelected Financial Data.F-1Managements Discussion and Analysis of F
273、inancial Condition and Results of Operations.F-3Executive Overview.F-3Results of Operations.F-6Liquidity and Capital Resources.F-11Critical Accounting Policies.F-14Pension and Postretirement Benefits.F-15Recent Accounting Pronouncements.F-17Factors That Could Affect Operating Results.F-19Market Risk
274、.F-21Audited Financial StatementsConsolidated Statements of Income.F-22Consolidated Balance Sheets.F-23Consolidated Statements of Cash Flows.F-24Consolidated Statements of Stockholders Equity.F-26Notes to the Consolidated Financial Statements.F-27Independent Auditors Report.F-54Managements Responsib
275、ilities Report.F-54Quarterly Information(unaudited).F-55Market Information.F-56F-1SELECTED FINANCIAL DATAYears EndedDecember 28,December 29,December 30,December 31,December 26,(In thousands,except per share and employee data)20032002200120001999REVENUES AND INCOMERevenues$3,227,200$3,079,007$3,015,9
276、58$3,374,017$3,046,190Operating profit539,550544,868374,403616,579552,630Income from continuing operations beforeincome taxes and minority interest499,847492,103339,676655,588522,318Income from continuing operations302,655299,747202,222386,240299,433Discontinued operations,net of incometaxes Magazin
277、e Group242,45011,29610,744Net income302,655299,747444,672397,536310,177FINANCIAL POSITIONProperty,plant and equipment net$1,187,313$1,197,368$1,166,863$1,207,160$1,218,396Total assets3,804,7393,633,8423,438,6843,606,6793,495,802Long-term debt and capital lease obligations725,725728,789598,703636,866
278、598,327Common stockholders equity1,392,2421,269,3071,149,6531,281,1631,448,658PER SHARE OF COMMON STOCKBasic earnings per shareIncome from continuing operations$2.01$1.98$1.29$2.30$1.71Discontinued operations,net of incometaxes Magazine Group1.54.07.06Net income$2.01$1.98$2.83$2.37$1.77Diluted earni
279、ngs per shareIncome from continuing operations$1.98$1.94$1.26$2.25$1.67Discontinued operations,net of incometaxes Magazine Group1.52.07.06Net income$1.98$1.94$2.78$2.32$1.73Dividends per share$.57$.53$.49$.45$.41Common stockholders equity per share$9.11$8.20$7.18$7.47$8.08KEY RATIOSOperating profit
280、to revenues17%18%12%18%18%Return on average common stockholdersequity23%25%37%29%21%Return on average total assets8%8%13%11%9%Long-term debt and capital lease obligationsto total capitalization34%36%34%33%29%Current assets to current liabilities.79.77.66.70.92Ratio of earnings to fixed charges9.249.
281、266.379.139.13FULL-TIME EQUIVALENT EMPLOYEES12,40012,15012,05014,00013,400?The Selected Financial Data should be read in conjunction with the Consolidated Financial Statements included in thisForm 10-K.?See page F-2 for certain items included in Selected Financial Data.All earnings per share amounts
282、 for the items on page F-2 areon a diluted basis.?For comparability,certain prior year amounts have been reclassed to conform with the 2003 presentation.?All fiscal years presented above comprise 52 weeks except fiscal year 2000 which comprises 53 weeks.F-2The items below are included in the Selecte
283、d Financial?$5.0 million in income on a pre-tax basis($2.9 millionData.after tax,or$.02 per share)related to the non-competeagreement.2003?$42.8 million in amortization expense($36.9 millionThe items below amount to a net$8.7 million in income onafter tax,or$.23 per share)which would not have beena
284、pre-tax basis($5.2 million after tax,or$.03 per share).expensed if Statement of Financial AccountingStandards(FAS)No.142,Goodwill and Other?an$8.3 million pre-tax gain($5.0 million after tax,orIntangible Assets,had been adopted at the beginning of$.03 per share)related to a credit for advertising is
285、sued2001(see Note 2 of the Notes to the Consolidatedby the Company,which was not used within the allottedFinancial Statements).time by the advertiser(see Note 6 of the Notes to theConsolidated Financial Statements).2000?a$4.6 million pre-tax charge($2.8 million after tax,orThe items below amount to
286、a net$10.1 million in income on$.02 per share)associated with the closing of a smalla pre-tax basis(a charge of$3.2 million after tax,or$.01 perjob fair business(see Note 6 of the Notes to theshare).Consolidated Financial Statements).?an$85.3 million pre-tax net gain($61.1 million after?$5.0 million
287、 in income on a pre-tax basis($3.0 milliontax,or$.36 per share).This resulted from a gain ofafter tax,or$.02 per share)related to a$25.0 million$132.1 million($91.6 million after tax)in connectionnon-compete agreement(the non-competewith the sale of seven newspapers and nine telephoneagreement)enter
288、ed into in connection with the sale ofdirectory operations as well as the amortization ofthe Santa Barbara News-Press in 2000.The totalincome related to the non-compete agreement,partiallyamount of the non-compete agreement is recognized asoffset by a disposition loss and write-downs for certaininco
289、me on a straight-line basis over the life of theof the Companys equity investments in online venturesagreement.in the aggregate amount of$46.8 million($30.5 millionafter tax).2002?a$22.7 million pre-tax noncash charge($20.4 millionThe items below amount to a net$7.6 million pre-tax chargeafter tax,o
290、r$.12 per share)for a write-down of($4.7 million after tax,or$.03 per share).intangible assets related to an acquisition made in 1999.?a$12.6 million pre-tax charge($7.7 million after tax,orThis charge is included in amortization expense.$.05 per share)for work force reduction expenses?a$5.3 million
291、 pre-tax charge($3.1 million after tax,or(Buyouts)(see Notes 6 and 16 of the Notes to the$.02 per share)for Buyouts.Consolidated Financial Statements).?$47.2 million in amortization expense($40.8 million?$5.0 million in income on a pre-tax basis,($3.0 millionafter tax,or$.23 per share)which would no
292、t have beenafter tax,or$.02 per share)related to the non-competeexpensed if FAS 142 had been adopted at the beginningagreement.of 2000.20011999The items below amount to a net$283.8 million in incomeThe items below amount to a net$54.8 million pre-taxon a pre-tax basis($153.5 million after tax,or$.96
293、 percharge($43.8 million after tax,or$.24 per share).share).?a$15.5 million pre-tax charge($8.9 million after tax,or?a$412.0 million pre-tax gain($241.3 million after tax,$.05 per share)for Buyouts.or$1.51 per share)resulting from the sale of GolfDigest,Golf Digest Woman,Golf World and Golf?$39.3 mi
294、llion in amortization expense($34.9 millionWorld Business(Magazine Group)(see Note 3 of theafter tax,or$.19 per share)which would not have beenNotes to the Consolidated Financial Statements).expensed if FAS 142 had been adopted at the beginningof 1999.?a$90.4 million pre-tax charge($53.8 million aft
295、er tax,or$.34 per share)for Buyouts(see Notes 6 and 16 ofthe Notes to the Consolidated Financial Statements).F-3MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSoperating results of the IHT are included within TheEXECUTIVE OVERVIEWNew York Times Newspaper Group.Alth
296、ough theOur Businessacquisition has not had a material impact on theThe core purpose of The New York Times CompanyCompanys results of operations,as discussed in more(the Company)is to enhance society by creating,detail below,the inclusion of the IHTs 2003 resultscollecting and distributing high-qual
297、ity news,has affected year-to-year comparisons of certain items.information and entertainment.In order to fulfill itsmission the Company must create value for all of theBroadcast Group(consisting of eight network-affiliatedconstituents it serves,including its customers,television stations and two ra
298、dio stations).Theemployees and shareholders and the communities inBroadcast Group derives almost all of its revenues which it operates.The Company creates value by95%in 2003 from the sale of commercial time toexecuting its long-term strategy,which is to operateadvertisers.The Broadcast Groups main o
299、peratingleading news and advertising media in the national/expenses are employee-related costs and programmingglobal market and in each of the local markets itcosts.serves.In addition,the Company enhances value byNYTD(consisting of NYT,B andcontrolling costs and implementing processDigital Archive D
300、istribution(DAD),which licensesimprovement initiatives.archive databases of The Times and the Globe toThe Companys long-term strategy is pursued with aelectronic information providers).Access to NYTDsportfolio of properties that serves its customers inWeb sites is offered without subscription fees.N
301、YTDprint,in broadcast and online.In 2003 newspaperderives most of its revenues from the sale ofproperties contributed 93%of the Companysadvertisements.In 2003 approximately 43%of$3.2 billion of revenues,broadcasting accounted forrevenues was from display advertisements and 30%4%and New York Times Di
302、gital(NYTD),thewas from classified ads,such as help-wanted,realCompanys digital and business information division,estate and automotive listings.NYTD benefits fromaccounted for 3%.The business model of each of thethe exclusive online distribution rights for theCompanys segments is summarized below.c
303、lassified listings of The Times and the Globe.Non-advertising revenues in 2003,which accounted forNewspaper Group(consisting of The New York Times27%of revenues,were primarily from DAD.NYTDsNewspaper Group,which includes The New York Timesmain operating expenses are employee-related costs(The Times)
304、and the International Herald Tribuneand royalties paid to The Times and the Globe for(the IHT),the New England Newspaper Group,whichcontent.includes The Boston Globe(the Globe)and theWorcester Telegram&Gazette,15 other newspapersThe Companys long-term strategy is also pursued(Regional Newspapers),ne
305、wspaper distributors andthrough its 50%interest in the Discovery Timescertain related businesses).The Newspaper GroupChannel,(DTC),a digital cable television channel,derives the majority of its revenues from offeringand its 16.9%interest in New England Sportsadvertisers a means to promote their bran
306、ds,productsVentures(NESV),which owns the Boston Red Sox,and services to the buying public.In 2003Fenway Park and approximately 80%of the Newapproximately 64%of the Newspaper GroupsEngland Sports Network,a regional cable sportsrevenues was from advertising.The Newspaper Groupnetwork.also derives reve
307、nues from offering the public asource of timely news and editorial materials,as well2003 Highlightsas information on products sold by advertisers.In?Despite the dampened U.S.economy and the soft2003 approximately 29%of the Newspaper Groupsadvertising market,the Companys advertisingrevenues was from
308、circulation.The Newspaperrevenues showed continued improvement andGroups main operating expenses are employee-ended 2003 up approximately 2%over the priorrelated costs,which include compensation andyear,excluding the IHT.Including the IHT,benefits,and raw materials,primarily newsprint.Inadvertising
309、revenues were up approximately 4%.January 2003 the Company purchased the remainingThe economy and the advertising market in 200350%interest in the IHT that it did not previously ownreflected a period of political and economicfor approximately$65 million.Beginning in 2003,theturmoil caused by terrori
310、sm at home and abroad,F-4the war in Iraq,SARS,continuing unemploymentconsumer confidence,the rate of unemployment,and other factors.interest rates and housing starts.?The Companys circulation revenues rose to aIn 2003,national newspaper advertising,which therecord level in 2003 primarily due to the
311、strengthCompany expects to grow faster than its otherof higher daily and Sunday newsstand prices foradvertising categories,accounted for approximatelyThe Times.43%of the Newspaper Groups advertising revenuesand approximately 26%of the Companys revenues.?Expense growth for 2003(excluding the IHT)wasT
312、his is significantly higher than the average in theapproximately 3%,despite significantly highernewspaper industry where,according to thebenefit costs,investments in properties and higherNewspaper Association of America,nationalnewsprint costs.Including the IHT,expenses grewadvertising accounts for
313、approximately 17%ofapproximately 6%.advertising revenues.As a result,the Company can be?Earnings per share(on a diluted basis)for 2003disproportionately affected by national economicincreased approximately 2%over the prior year.conditions.Retail and classified newspaper advertisingtogether accounted
314、 for approximately 45%of the?The Companys businesses continued to be strongNewspaper Groups advertising revenues andcash generators in 2003 and the Companys debtapproximately 27%of the Companys revenues inlevels remained at approximately the same levels2003.Retail and classified newspaper advertisin
315、g areas in the prior year.The Company utilized itsalso affected by the national economy,but more so bystrong liquidity position to invest in capitalthe local economies in which the Group operates,inprojects intended to improve its operations,toparticular New York and Boston.These localmake strategic
316、 investments to enhance itseconomies can sometimes lag or lead trends in theproperties,to increase the dividend rate bynational economy.approximately 8%,and to repurchase shares of itsstock.Raw materials,of which newsprint is the primarycomponent,represented approximately 10%of the?The Companys crit
317、ical accounting policiesCompanys costs and expenses in 2003.Newsprint is aincluded its accounting for long-lived assets,basic commodity and its price is sensitive to theretirement benefits,income taxes,self-insurancebalance of supply and demand.The Companys costsand accounts receivable.Management ha
318、sand expenses are affected by the cyclical increases anddiscussed and will continue to discuss its criticaldecreases in the price of newsprint.Newsprint marketaccounting policies with the Audit Committee ofprices published by Resource Informationthe Companys Board of Directors.Systems,Inc.(a company
319、 that provides economicanalysis of the printing and writing paper markets)Trends and Uncertaintieshave ranged from$423/ton to$740/ton over the pastThe Companys advertising volume and the price often years.Consolidation in the North Americannewsprint are the key uncertainties whose fluctuationsnewspr
320、int industry has reduced the number ofcan have a material effect on the Companyssuppliers.This has led to paper mill closures andoperating results.The Companys cash flow fromconversions to other grades of paper,which in turnoperating activities,its primary source of liquidity,ishave decreased overal
321、l newsprint capacity andadversely affected when the advertising market isincreased the likelihood of price increases in theweak or newsprint prices are high.One of thefuture.Companys key management priorities is to anticipatethe level of advertising volume and newsprint pricesTo manage the uncertain
322、ties inherent in its businesses,while it manages its businesses to maximize operatingthe Company prepares monthly forecasts ofprofit during expanding and contracting economicanticipated results of operations,including expectedcycles.advertising volume and newsprint prices.Actualresults are closely a
323、nalyzed to determine if measuresThe Companys advertising revenues,which accountare required to maximize operating profit,such asfor approximately 66%of revenues,are susceptible toimplementing pricing increases,delaying capitaleconomic swings and are difficult to predict.Inprojects or limiting expens
324、es.managing its operations,the Company closelymonitors economic indicators such as the level ofF-52004 GuidanceThe Company ended 2003 with higher fourth-quarter earnings than it anticipated,mainly because ofhigher-than-expected newspaper advertising in December.Continuing signs that the economy has
325、returned to anupward growth trend encourage the Company that an improving advertising market will follow in 2004.TheCompany will continue to make investments in two of its most significant growth initiatives,the national expansionof The Times and the relaunch of the IHT.These investments,coupled wit
326、h increased newsprint and employee-related costs,are likely to result in higher expense growth.Depending on the speed and strength of the advertisingrecovery,management believes the Companys earnings per share,or EPS,growth rate in 2004 will range from thelow-to mid-single digits.References to EPS r
327、efer to diluted earnings per share as computed under accountingprinciples generally accepted in the United States of America(GAAP).The key financial measures discussed inthe table below are also GAAP measures.A summary of guidance on key financial measures for 2004,on a GAAP basis,is shown below.The
328、re have beenno changes in the guidance for 2004 since the Company released its fourth-quarter earnings on January 27,2004.Item2004 GuidanceTotal Company Advertising Revenues(a)Growth rate expected to be in the mid-single digitsNewspaper Group Circulation RevenuesGrowth rate expected to be in the low
329、-single digitsNewsprint Cost Per TonGrowth rate expected to be in the low teensTotal Company Expenses(a)Growth rate expected to be in the mid-single digitsDepreciation&Amortization$145 to$150 millionCapital Expenditures(b)$220 to$250 millionNet Loss from Joint VenturesBreakeven to a loss of$5 millio
330、nInterest Expense$47 to$52 millionTax Rate39.5%Diluted Earning Per Share GrowthGrowth rate expected to be in the low-to mid-singledigits over 2003 EPS of$1.98(a)The 2004 growth rates for total Company advertising revenues and expenses are each expected to be in the mid-single digits but the growth r
331、atefor total Company advertising revenues is expected to be higher than that of expenses.(b)Includes costs of$110 to$120 million in 2004 related to the Companys interest in its new headquarters in New York City,which the Companyexpects to occupy in 2007.F-6RESULTS OF OPERATIONSOverviewThe following
332、table presents the Companys consolidated financial results for the three years ended December 28,2003,on a GAAP basis.The results set forth in the table and discussed in this section include the items discussedin this report on page F-2,immediately after the table of Selected Financial Data.%Change(
333、In thousands,except per share data)20032002200103-02 02-01REVENUESAdvertising$2,120,814$2,048,815$2,042,2113.50.3Circulation885,767825,208759,6747.38.6Other220,619204,984214,0737.6(4.2)Total3,227,2003,079,0073,015,9584.82.1COSTS AND EXPENSESProduction costsRaw materials274,147262,292321,2044.5(18.3)Wages and benefits671,040619,652594,1978.34.3Other483,608470,688477,6752.7(1.5)Total1,428,7951,352,6
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共50套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
